Year 2021 will see an above-trend global premium growth of 3.3%, while for 2022 a 3.9% growth rate may be expected, the latest annual world insurance premium sigma released by the Swiss Re Institute. As such, global premiums may reach USD 6.9 trillion.

The pathway to tackle climate change is clear: Reducing CO2 emissions is the priority and then any unavoidable emissions need to be removed from the atmosphere and stored permanently, the latest Swiss Re Institute report "The insurance rationale for carbon removal solutions" shows.

"From a cyber perspective, only two types of companies exist: those that have been hacked and those that will be hacked," reads a recent Hiscox report which also calls ransomware attacks a "digital pandemic" with which 2020/21 will be for ever associated, as well as with the Covid-19 pandemics.

The Covid-19 pandemic not only caused millions of premature deaths, but it had also an impact on the number of births. This trend, especially if lasting for several years, will increase the demographic imbalance, exacerbating the challenges of an ageing population.

A new report released by The Geneva Association offers a comprehensive projection of the risk landscape in the post-pandemic world, or 'New Normal', expounding the four most consequential shifts for insurers: accelerated digitalization, 'Big Government', pivot to resilience and sustainability, and more remote working.

Authored by Isabelle Fluckiger and Matteo Carbone, a new report from The Geneva Association explores how IoT applications are driving the shift from traditional risk transfer to technology-enabled risk mitigation and prevention services in the insurance industry.

Zurich has issued a report containing fresh insights about national economic responses to the pandemic and how the future of the world of work and social protection have in many ways already arrived.

Successful insurers will connect channels and empower their distribution network with emerging technologies, to overcome COVID-19's impact on customer acquisition and retention, the recently published Capgemini and EFMA's World Insurance Report 2021 shows.

Throughout 2020, a significant change in how people are using their cars has developed, driven by the lockdown and the subsequent travel restrictions, as well as by the new remote working stile or the avoidance of using public transportation means.

The second report in The Geneva Association's research series on pandemics and insurance explores four exemplary and generic types of public-private pandemic risk solutions - direct insurance, reinsurance, social insurance and post-event protection - and compares the benefits of each against seven public policy objectives.

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.

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.

The Big Four European reinsurers (Hannover Re, Munich Re, SCOR and Swiss Re), accounting together for about one third of global P&C reinsurance premiums, have each took advantage of firmer pricing to grow selectively in the 1 January 2021 P&C reinsurance renewals, Litmus Analysis' annual survey has found.

"The year 2020 continued a multiyear trend in which global insurers are streamlining their businesses by simplifying operations and redefining themselves with a narrower scope and stronger core." Reads the latest Bain's M&A Report for 2021.

More than half (52%) of financial institutions say they expect to have more gig-based employees over the next three to five years, according to PwC's report, "Productivity 2021 and beyond: Upskilling the workforce of the future to create a competitive advantage in financial services."

Insurers and reinsurers are likely to sharpen climate-risk focus as the US rejoins Paris Agreement. Am Best expects US (re)insurers' engagement with environmental, social and governance (ESG) factors to accelerate amid an increasing green focus from the US government.

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%

A Covid-19 related trio of risks - business interruption, pandemic outbreak and cyber incidents - top the Allianz Risk Barometer 2021, the latest edition of the annual survey of risk management experts by corporate insurer Allianz Global Corporate & Specialty. 

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).

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.