"Despite significant efforts to modernize privacy rules, the GDPR and the guidelines adopted by the European Data Protection Board (EDPB) are not entirely innovation-friendly or fit for a digital age. Certain rules seem at odds with fast evolving technology and may slow the pace of insurers' digital innovation," is one the conclusions of the insight briefing published by Insurance Europe.
It is estimated that about 5.3 million households in the UK are at the risk of flooding. The resulted costs from this highly damaging natural hazard have made UK insurers unable to take the risk of vulnerable households without significant losses or without charging a very expensive insurance premium. There is a solution to this problem and it comes from Flood Re.
To mark Global Road Safety Week, data from WHO has revealed that each day, 3,700 people die in road crashes, meaning that 1,350,000 fatalities occur every year on the world's roads. Moreover, according to data revealed by WHO, India, China and Brazil are the top 3 most dangerous places to travel by road.
On 8 May 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published an in-depth review of Big Data Analytics (BDA) use inside 28 European insurance markets. The aim of the study was to gather further empirical evidence over the benefits and risks arising from BDA tools in motor and health insurance business lines.
10 years after the earthquake that has destroyed the medieval heart of the Italian city of L'Aquila, Swiss Re promotes, together with the Italian Association of Insurers - ANIA, the idea of increasing the Italian cities' resilience by adopting country wide insurance solutions to mitigate earthquake risk and protect communities, by providing the financial means to recovery.
In 2018, more than 25,000 people lost their lives on EU roads, European Commission data shows. Last year the number of fatalities at EU level decreased by 21% compared to 2010. On April 2019, EU has initiated new programs to be introduced, to further reduce the number of accidents and improve road safety.
Populism, protectionism and the changing face of terrorism are all phenomena that are currently shown more often in Europe and around the world. Aon, a leading global professional services firm, specialized in risk, retirement and health consulting, published a detailed analysis over this topic.
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.