MARKETS & TRENDS

Lloyd's: Cyber-crime, interstate conflicts or market crashes yearly costs may reach USD 320.1 billion

Man-made risks like cyber-crime, interstate conflicts or market crashes are a bigger threat to economic output than natural disasters, putting an estimated USD 320.1 billion of global GDP at risk on average each year, according to Lloyd's City Risk Index. Built in collaboration with Cambridge University, the study measures the impact of 22 threats on 279 cities' projected economic output.

HOPE DIES LAST

Such a reading is also the most recent report of the GENEVA Association (details on them, HERE), suggestively titled "Understanding and Addressing Global Insurance Protection Gaps". Summarily, the material analyzes and seeks solutions for the so-called insurance protection gap. The phenomenon of under-insurance, on a global scale.

Swiss Re's 2018 SONAR Report: re-emerging or new risks - mostly related to new technologies or lifestyle trends - pose the largest challenges for the re/insurance industry

"While our trust in assistance systems remains unbroken, and their usage increases, humans are still held accountable and are expected to be able "take over the wheel" any time. While the law treats drivers mainly as it used to, actual driving practice and alertness are decreasing. The consequent widening skills gap not only impacts insurance risk, but also operational risks." This is just one of the risk evolving trends identified by the Swiss Re's 2018 SONAR report.

Challenges and opportunities of agricultural risks transfer

Despite the rapid movement of the modern world towards digitalization, high technology and process sophistication, the longtime existing agricultural industry remains important for satisfying the primary needs of humanity in food and basic material. In parallel with all technological development people are returning to forgotten principles of sustainable nutrition. Can agricultural industry support this trend? Which challenges agricultural industry experience itself in the era of climate change? We have discussed these and other questions with Olena SOSENKO - International expert in agricultural risk management.
The CEE insurance market saw a 11.5% y-o-y growth in 2017, statistical data gathered by XPRIMM show. Overall, GWP amounted to EUR 36.12 billion. With a similar increase, paid claims reached almost EUR 22 billion. The forthcoming issue of the XPRIMM Insurance Report for FY2017, to be launched on May 14, will present in depth information in this regard.

SERBIA: New Law on Compulsory Traffic Insurance announced

By 2020, Serbia should adopt new regulation in the field of insurance, which would follow the requirements in the process of European integration. The biggest challenge will be the adoption of the new Law on Compulsory Traffic Insurance, to replace the current Law adopted in 2009.

Europe's future may lie in its pensions

The EU is set to introduce an entirely new class of pension products, according to a proposal by the European Commission currently under debate. Here comes the... PEPPs.

Allianz Risk Barometer 2018 - Business Interruption and cyber-related incident, top threats for companies globally; NatCat risks return on the top risk agenda

Evolving nature of risk, and rise in cyber-related incidents, means business interruption ranks as top threat for companies globally, according to 1,900+ risk experts from 80 countries, the latest Allianz Risk Barometer shows. On the other hand, while the economic state of the global economy seems to arouse less concern, the strong wave of Nat Cat events brought by the second half of 2017 has placed once again natural catastrophes and climate change up on the risk agenda.

S&P's: Introducing compulsory cessions could support Russia's domestic reinsurance market, or undermine it

In a recently published report S&P Global Ratings said that operating conditions for Russian reinsurers have become considerably more complex over the past few years In the agency's view, the market has become more concentrated, in part because of an increase in minimal capital requirements since 2012. The Russian reinsurance market lacks internal capacity and remains heavily dependent on reinsurance protection from developed markets.