News - Markets & trends

Climate change-related litigation is a truly global phenomenon

A new report that provides an analysis of the climate change litigation landscape, aiming to better define the boundaries of this growing global phenomenon and further understand its development and impact has been issued by The Geneva Association, in collaboration with leading legal experts.

Swiss Re: global insured losses in 2020 were USD 89 billion, sigma reveals

Natural catastrophes in 2020 caused global economic losses of USD 190 billion. In GDP normalised terms, losses rose 1.6% between 1970-2020 on a 10-year moving average basis. For insurance, the losses in 2020 were USD 89 billion, making it the fifth-costliest year on sigma records since 1970.

Insurance is instrumental in the fight against cancer

By Michael Haas, Head Client Management L&H ACEE, Swiss Re

World Cancer Day is marked on 4 February. With COVID-19 dominating the headlines at present, there is a risk that the threat of cancer will fade into the background. The figures speak for themselves in terms of how urgent the issue truly is: The risk of developing cancer before the age of 75 year is 20%, i.e. one in 5 people worldwide develop cancer during their lifetime, and one in 10 people die from the disease. Although Europe contains only 9% of the world population it has a 25% share of the global cancer burden (European Journal of Cancer). According to the WHO within the next 20 years, the number of new cancer diagnoses is projected to increase by 56% and the number of deaths to increase even by 63%

Munich Re: Major risks of our time - Better preparation needed

The systemic nature of very large losses has increased as a result of globalisation and digitalisation. The greater interconnectedness has also heightened interdependencies. Yet a variety of solutions are conceivable for the three major risks of our time - pandemics, cyber and climate change, Munich Re's analysts said recently.

Swiss Re: Global insurance premium volumes will recover to pre COVID-19 crisis levels in 2021

The insurance industry is set to overcome this year's COVID-19-induced global economic recession, the latest Swiss Re Institute's sigma says, estimating that total premium volumes in advanced markets (life and non-life) will shrink by 4% this year and return to positive growth of more than 2% in 2021. In the emerging markets, premium growth will remain in positive territory in both years, up 1% in 2020 and 7% in 2021.

Allianz Global Insurance Report: 2020 will be "A Lost Year" for the global insurance industry, but 2021 may be the rebound year

Global premium income is expected to shrink by -3.8% in 2020 (life: -4.4%, P&C: -2.9%), three times the pace witnessed during the Global Financial Crisis, the Allianz Global Insurance Report latest edition shows. Compared to the pre-Covid-19 growth trend, the pandemic will shave around EUR 358 billion from the global premium pool (life: EUR 249 billion, P&C: EUR 109 billion)