MARKETS & TRENDS

Insurance, a key player in building resilience

"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.

The Insurance Business in Transition to the Cyber-Physical Market

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 our preparedness.

Hail and windstorms cause multi-billion global economic loss in June; draught may be this summer's nightmare for European farmers

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.

Swiss Re's sigma: The global insurance market slowed down in 2017; emerging markets and the US strengthening economy will lead future growth

Global insurance premiums increased 1.5% in real terms1 to nearly USD 5 trillion in 2017, after rising 2.2% in 2016, the latest sigma report reads. Growth in both the life and non-life sectors slowed. According to Swiss Re Institute next years will see the life insurance segment's premiums improving driven by the strong growth in the emerging markets, especially China, while the strengthening economy of the US will lead the non-life global market's development.

Are GDPR non-compliance fines insurable or not?

Complying to the EU General Data Protection Regulation (GDPR), effective from 25 of May 2018, is currently one of the most challenging issues for many organizations. Even in the absence of a personal data breach incident, companies may face regulatory assessments resulting in fines and penalties. Moreover, companies operating on several territories, including the EU, may encounter situations interesting several jurisdictions with different legislation. How much can insurance help organization to manage this kind of operational risks?