On April 6, Italy has commemorated 10 years since the 6.3 magnitude earthquake that destroyed the medieval town of L'Aquila, in central Italy. According to Swiss Re's sigma, the measures taken since 2017 by the Italian government are encouraging uptake of earthquake insurance and retrofitting to make buildings more earthquake resilient.
A recent survey by Accenture of 47,000 participants across 28 markets shows that more than three-quarters of all respondents are willing to share personal data to insurance companies and banks to receive benefits, such as personalized offers and discounts.
Europeans with a motor, health or travel insurance policy may be affected by a no-deal Brexit. Insurance Europe analyzed possible outcomes for the insurance domain and published a guide to help insurance consumers prepare for travelling to the UK.
A New Financial analysis found that 275 firms are moving or have already moved their businesses, staff and assets from Britain to the EU because of Brexit. The report shows Dublin, Luxembourg and Paris were the common choice, while Frankfurt was preferred by banks or investment banks.
Emerging markets will remain the growth engine for the global economy and insurance industry over the next decade, the latest sigma report from Swiss Re Institute shows.
With the Royal Assent being given to the Counter-Terrorism and Border Security Bill 2018 - allowing Pool Re to cover non-physical losses incurred following a terrorist attack -, the British market has set a precedent at global level, by finding solving a challenging issue born by the changed character of the terrorist attacks of the recent years.
67% of the insurance peers agree that Machine Learning & AI will have huge impacts on how product innovation is shaped. How is your organisation set to take advantage of this, and become market leader?
Technology has become so ubiquitous, it is hard to live without it. It comes with huge advantages, but also risks - and there is an increasing role for insurers to play in protecting customers in the face of cyber threats, reads the latest Swiss Re white paper on cyber risks.
Rising geopolitical and geo-economic tensions are the most urgent risk
in 2019, while environmental degradation is the long-term risk that
defines our age, with four of the top five most impactful global risks
in 2019 related to climate. Rapidly evolving cyber and technological
threats are the most significant potential blind spots; we still do not
fully appreciate the vulnerability of networked societies. These are
some of the main conclusions of the World Economic Forum's Global Risks Report 2019.
Top three classes of threats putting at risk large shares of the global GDP in 2019 are Natural Catastrophes, Financial, Economics & Trade and Geopolitics & Security, shows the 2018 Global Risk Index, also emphasizing for the first time of the threats considered are increasing.
Global premiums are forecast to grow by around 3% annually in 2019 and 2020, mostly driven by the high growth rates in emerging Asia which may be as by three times more than the global average. The economic power shift from west to east will drive insurance sector development to 2020 and beyond. Expanding the boundaries of insurability for corporate intangible assets will be another main growth area for insurers
"The frequency of natural disasters is increasing, and the damage they cause will be greater as the world population becomes more urban and concentrated in areas prone to catastrophe," one of the latest analysis published by Aon under the Global Insurance Market Opportunities titles sates.
Consolidation of the global reinsurance industry will continue, as intense market competition and capital levels drive M&A, while smaller players lacking scale and diversification confront further pressure in regard to growth and profitability, Fitch Ratings says.
Global economic losses from natural catastrophes and man-made disasters in 1H2018 were USD 36 billion, well below the ten-year average of USD 125 billion in economic losses and significantly lower y-o-y. USD 20 billion of the total were covered by insurance, Swiss Re Institute's preliminary sigma estimates show.
FITCH Ratings has revised on 4 September 2018 its outlook for the global reinsurance sector to stable from negative, on the belief that earnings have settled at a "new normal", with return on capital likely to be more modest but less volatile than before.
Global commercial insurance pricing increased for the third consecutive quarter in Q2 2018, largely driven by insurance pricing for property lines, which continued to be affected by 2017 catastrophe losses, and by increases in financial and professional lines, the latest data published by Marsh show.
Five insurance entities are listed among the largest public companies by
their market capitalization in USD as at 31 March 2018, according to
the latest edition of the PwC's Global Top 100: the US domiciled
Berkshire Hathaway, the Chinese Ping An Insurance, China Life Insurance
and AIA Group and the German Allianz.
What we generically call "Cyber risk" is, in fact, a family of risks and
it is worth observing if there is a commonality in the perception -
thus management - of the risk in the academic, risk management,
insurance and policymaking communities. The present study found that
cyber breach is perceived as "critical" due in part to its own nature
and, importantly, in part to the weak understanding of its impact and
Natural disasters across the world caused significantly lower losses in 1H 2018 than usual. According to provisional figures, overall losses were around USD 33 billion, the lowest level since 2005 (USD 29 billion after adjustment for inflation), MUNICH Re said today.
Overall, extreme weather events led to a multi-billion dollar economic toll, of which insurers have to pay more than USD 3 billion in claims for US losses alone, the latest edition of Aon's monthly Global Catastrophe Recap report shows. Economic losses in the Central and South-Eastern Europe amounted some hundred million USD, but weather continued also in July, adding extra costs which may also amount to significant sums.