2017 is an anniversary year. A hundred years after a series of key
events in the history of our country and in one separate segment of the
Russian economy such as insurance there will be also revolutionary
events, after which the insurance market, apparently, will never be the
Whether it's buying the best airline ticket or finding the best travel insurance, people want an easy way to understand and compare products online. But, when it comes to submitting a (flight delay compensation) claim, people will find it difficult, time-consuming and complicated. Would a legally eligible claim need to be covered under a travel insurance policy or would a traveller seek to file a complaint to the airline carrier him-/herself? Would there be a strong support for travellers, who are eligibly entitled to compensation, with customer-friendly travel insurance benefits?
Total economic losses and global insured losses from natural catastrophes and man-made disasters in 2016 were the highest since 2012, reversing the downtrend of the previous four years, Swiss Re sigma says. Globally there were 327 disaster events in 2016, of which 191 were natural catastrophes and 136 were man-made. In total, the disasters resulted in economic losses of USD 175 billion, almost double the level in 2015.
Initial projections by ALLIANZ Research suggest that total global premium income rose to a new record high of eur 3,650 billion last year (excluding health insurance). In a y-o-y comparison, the nominal increase - after adjustments to reflect foreign currency translation effects - comes to an estimated 4.4%.
Cyber risk is a growing concern for businesses, with recent attacks
demonstrating that the costs of a cyber breach can escalate well beyond
managing the fallout of lost or corrupted data. Swiss Re's latest sigma
report "Cyber: getting to grips with a complex risk", says businesses
need to do much more to integrate cyber security into their risk
management programmes. Initiatives to boost cyber resilience are
Following the 2016 earthquake sequences, ANIA - the Italian insurers' association is working to a project on household insurance for catastrophic risks. According to ANIA's President, Marina Bianca FARINA, implementing a solution for a better management of the cat risks is a must for Italia and should provide for a public-private partnership.
The motor insurance market in Central and Eastern Europe (CEE) has been
extremely competitive in recent years, with players across the board
adjusting their business models to optimize costs. Less diversified
insurers that have failed to build scale are struggling with
profitability, reads a recent report by Standard & Poor's, "CEE Motor Third-Party Liability Insurance Profitability: The Good, The Bad, And The Ugly"
"Rapidly changing risks and increasing compliance requirements mean corporate leaders are under scrutiny over alleged wrongdoing as never before. There are a growing number of areas that can result in a company and its directors being sued," states the recently issued D&O Insurance Insights - Management liability today: What executives need to know report by ALLIANZ.
Despite the regulatory authority's efforts the Ukrainian insurance market continued to be confronted with a systemic crisis, which was noticed not only in insurance business. One after another, foreign insurance companies' which were active on the Ukrainian insurance market have decided to give up their business.
The global economy is expected to grow moderately over the next two years, supporting continued growth in insurance premium volumes, Swiss Re's publication Global insurance review and outlook for 2017/18 shows. Growth in global non-life premiums is forecast to fall slightly from 2.4% in 2016 in real terms to 2.2% in 2017, and accelerate to 3.0% in 2018. In the life sector, global premiums are expected to grow by 4.8% in 2017 and 4.2% in 2018. The emerging markets, in particular emerging Asia, will be the main driver of premium growth in both the non-life and life sectors.