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Worldwide natural disasters toll stood at USD 210 billion in 2020, with less than 40% covered by insurance
Worldwide losses from natural disasters in 2020 came to USD 210 billion, of which some USD 82 billion was insured. Both overall losses and insured losses were significantly higher than in the previous year (2019: USD 166 billion and USD 57 billion respectively).
7 January 2021KPMG: insurers maintained customers' trust throughout COVID-19, but needs to better adapt to the shifting customer demands
The insurance sector performs the best at maintaining net trust throughout COVID-19, a new report from KPMG International, "Responding to consumer trends in the new reality" shows. Nevertheless, the industry players need to better understand what is driving their customer and adapt to keep pace with shifting customer demands.
10 December 2020Swiss Re, sigma 7/2020: China will remain the fastest growing market with premiums up an estimated 10% annually over 2021/22
Swiss Re Institute has released its latest "sigma" report, consisting in a global economic and insurance market outlook for 2021-2022. The research branch of the reinsurer mentions a world economy contraction of 4.1% for year 2020 with a recovery to 4.7% global growth in 2021.
12 November 2020Munich 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.
10 September 2020Insurance M&A deals expected to decline in the second half of 2020 under the pandemics impact
Mergers and acquisitions will remain an attractive strategy to deliver growth. In the first 1H2020, completed M&A in the global insurance industry held steady with 201 completed deals worldwide, up from 197 in 1H2019, Clyde & Co's 'Insurance Growth Report 2020' mid-year update shows.
18 August 2020Swiss 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.
14 July 2020Allianz 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)
2 July 2020SONAR 2020: COVID-19 crisis shouldn't overshadow the need to move to low-carbon future
New risks and trends accentuated by the COVID-19 pandemic are emerging, but the current crisis shouldn't overshadow the need for the world to transition to a more sustainable economy and a low-carbon future, the new Swiss Re Institute's SONAR report says.
4 June 2020EIOPA: Risk exposures for the European insurance sector increased due to COVID-19 outbreak
European Insurance and Occupational Pensions Authority (EIOPA) published its April 2020 Risk Dashboard. COVID-19 outbreak created high uncertainty in the insurance market, affecting the other financial industries as well.
21 May 2020Swiss Re, sigma: Socio-economic developments and climate-change effects to drive rising losses from severe weather events
Insured losses from disaster events totaled USD 60 billion, while global economic losses reached USD 146 billion, the latest sigma report shows. Population growth, urbanization and economic development have triggered a rise in losses from weather events, masking the impact of climate change in a dynamic risk landscape.
8 April 2020Allianz Risk Barometer: Cyber incidents increased in importance, being the top business risk for year 2020
In January 2020, Allianz Global Corporate & Specialty (AGCS) has published its ninth Allianz Risk Barometer survey, the biggest one yet, including 2,718 respondents from 102 countries and territories.
14 January 2020Marsh: Global commercial insurance pricing went up 7.8% in 3Q2019
Global commercial insurance prices increased by 7.8% year-over-year at the end of the third quarter of 2019, according to Marsh's quarterly Global Insurance Market Index
19 December 2019WTW: 2 out of 3 big companies faced political risk losses in 2019
In a recent political risk report for the year 2019, Willis Towers Watson (WTW) and Oxford Analytica found that 61% of 41 global corporations believe political risk levels increased in 2019. Disruption of international trade was considered the most significant risk in the majority of regions.
10 December 2019MARKETS & TRENDS: "Climate of risk"- polish case study how to communicate the need of weather risk management and insurance
Has the global warming affected all weather phenomena in the world? Is it behind each storm or hurricane? That dispute is irrelevant to insurers. The changing climate does influence the insurance industry. We have to face a bigger exposure, bigger number of people and higher value of the property exposed to damage caused by weather phenomena. We have to educate people how climate risk affects their lives and property.
7 November 2019TECHNOLOGY: The Growth of Fintech: From the First Wire Transfer to Blockchain Technology & Beyond
84% of insurers will increase Fintech partnerships over the next 3-5 years, CARASURANCE researchers have found. Get to know the most fascinating numbers and facts about Fintech, one of the most booming industries of our days in the infographic prepared by CARASURANCE.
24 October 2019Insurance Europe: EUR 3.6 billion premiums written and EUR 2.9 billion paid claims every day by European insurers in 2018
European insurers wrote a total amount of EUR 1,311 billion in premiums and paid EUR 1,069 billion in claims and benefits during 2018, shows one of the latest Insurance Europe analysis.
9 October 2019World Economic Forum: Cyberattacks and Fiscal Crises top list of business risks in 2019
In a survey of nearly 13,000 business leaders in over 130 countries, respondents ranked "fiscal crises" as the leading risk to doing business at a global scale, World Economic Forum reports.
7 October 2019Guy Carpenter: InsurTech is advancing at an ever-increasing pace
Fear of disruption was pervasive early in the "InsurTech" era, stemming from indications that major technology companies were entering the sector, such as "Googlezilla", Apple and Amazon.
11 September 2019Guy Carpenter: IFRS 17 and the Value of Reinsurance
International Financial Reporting Standard (IFRS) 17 will impact the insurance value chain far beyond the areas of actuarial modeling and financial reporting, Vasilka BANGEOVA, Managing Director, Strategic Advisory, EMEA, Guy Carpenter, says.
9 September 2019The Four Waves of Insurtech
In a thorough analysis of the current Insurtech scenery, Roger PEVERELLI and Reggy de FENIKS, DIA founders, analyze the evolution of the companies activating in the field. The article, included below, presents a 'history' of the Insurtech start-ups, underlining the way things changed in a short period of time.
19 July 2019XPRIMM Newsletter
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