News - Markets & trends

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)

WTW: 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.

MARKETS & 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.