In 2020, the 13thyear of the World Insurance Report, let’s add global, cross-generational digital adoption – as well as the impact of pandemic – to the list of compelling reasons why established insurers must transform their modus operandi, now! Once the world recovers in 2021, global premiums growth should settle at 4.4 percent over the next decade. About the EY Insurance Outlooks 02 2020 Asia-Pacific Insurance Outlook However, the magnitude of the pullback will be similar to that seen during the global financial crisis of 2008-09, even though this year's economic contraction will be much more severe. But the company was also in the middle of a core operations transformation process. Underwriters will also have to make clients aware of ESG-related risks and help them find adequate solutions. Annual premiums for employer-sponsored family health coverage … Annual Report 2019–2020 Insurance Europe is the European insurance and reinsurance federation. '�=l��k�g�n6fK�� ��X����!A�θY8���cV6�oLcKn^�e����k��L*���6R[NL�5Rٍ������8�> 1 R޽�0�>�rw��l^A#��r���&λ-l�v�f��*�}�]�����f�$��͝�%�c�r�弃He1|��ܾtT`0� ���f�k�sJ̜1��2Y�V����6�k�n(]�����0nֵ5�K�i1ߖ��r��04��ޛ��˦�'d�����ȼ�p)�����)��XD}�"���B5��d�_�Yu-TM�. This year’s report draws on research insights from two primary sources – surveys and interviews with traditional insurance firms and InsurTech firms. Most importantly, it will accelerate digitalization in the industry, make sustainability a key factor, and speed up the shift of insurance power to Asia from the West. Meanwhile, the share of North America and Western Europe is forecast to shrink to 30 percent and 21 percent, respectively, from 34 percent and 27 percent now. While it is too early to assess the full spectrum of its impact on the insurance industry, we will be monitoring the situation as it evolves. As in all walks of life, the pandemic will change insurance too. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group. The Complex Insurance Coverage Reporter – December 2020. The efforts could be well worth it: ESG could open up new market opportunities. Insurance Report. December 17, 2020 thecicr Feature Article, Insurance. How Are Insurers And Policyholders Faring in COVID-19 Business Interruption Coverage Litigation? Top four takeaways from the report Cyber losses are increasing in number and severity. In addition to a rising frequency of claims across the US insurance market, the severity of claims has increased. In Western Europe, the ‘Big 4’ – the UK, France, Germany and Italy – cornered nearly three-quarters of the premiums of 1.063 trillion euros written in the region. Emerging markets once again will likely lead the way while advanced markets continue to struggle (figure 2). However, 2021 might be better. As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements: warns the latest Allianz Global Insurance Report, 3rd millennium BC, Chinese traders used risk transfer and distribution methods, Information on Investment Strategy and Engagement Policy, Allianz Global Corporate & Specialty partners with Google Cloud and Munich Re to provide cyber risk management solution for cloud customers, Euler Hermes announces an extension to the protective shield scheme, Euler Hermes: Successful extension of supply chain protection. ^x���ƬQ�U5v ��j1��0�u���� �E�S���8!Z�����8�?�XB�3Xp"D��!J�� 7+-�.�. �d?�58��m%����Z��}��tO�oZ�X�C��>%�\@�jb��;g����CF� ��"��6 report: 5 liability risk trends: 2020 and beyond.  The global insurance industry entered 2020 in good shape: In 2019, premiums increa- sed by +4.4%, the strongest growth since 2015. Going forward, underwriting decisions could take into account corporate clients’ behaviors related to environment, such as resource depletion, climate change, waste and pollution; to people – employees and local communities; and to corporate policies and governance including tax, corruption, structure, remuneration. *Including non-consolidated entities with Allianz customers. This is why insurance exists. The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million* private and corporate customers in more than 70 countries. %PDF-1.6 %���� “For the next couple of years, we expect double-digit increases in premiums in the Middle Kingdom,” says Michaela. We’d be delighted to hear from you about other topics that are top of mind or of growing concern. The average severity of claims reported by Coalition policyholders increased by 65% from 2019 to 2020, in large part driven by the rising costs of ransomware (more details on page 8 of this report). And this disruption is not just digital. 2 PwC Insurance 2020: Turning change into opportunity, January 2012 We have explored the five STEEP drivers to identify 32 factors that we believe will have an impact on the insurance industry (see Figure 2). The German government, Euler Hermes and other German credit insurers have jointly decided to extend their protective shield for the German economy by six months until June 30, 2021. 0 2020 had begun, full of hopes and cheer. Sign In We are pleased to hear that so many clients and industry stakeholders value our reports. “While Asian players lead in technology, European peers are ahead with ESG,” he says. Gross premiums in 2019 grew 4.4 percent from the previous year to 3.906 trillion euros, driven by recovery in China and the United States. The insurance industry posted more merger and acquisition activity in 2020 than anticipated, despite Covid-19 related uncertainty, reveals the latest Deloitte 2021 Insurance … endstream endobj startxref Ask most insurance companies, and they will agree that it typically takes between 18-24 months to get a new product to market – already a longer period than Nationwide could normally afford. Premiums are expected to decline 0.7 percent, with life insurance shrinking 1.8 percent. Fast development and a growing middle class, coupled with relatively low insurance density, make China a lucrative market. In 2019, total premiums in Asia (excluding Japan) totaled 947 billion euros, half of which were in China. Sitting atop the list of reasons is Covid-19. Our H1 2020 Cyber Insurance Claims Report explores top cybersecurity trends and threats facing organizations at this moment, in addition to data showing the impact of COVID-19 on cyber insurance claims. They complement the NextWave series, which takes a longer-term perspective (five years and beyond) and examines specific market scenarios that will shape the future of the industry. The coronavirus crisis has shown that sustainability and resilience go hand-in-hand. Paris, May 14, 2020 – Capgemini Efma World Insurance Report 2020, published today, reveals that consumers of all ages are adopting a ‘millennial mindset’, and increasingly trusting their own research through various channels to source information and purchase insurance products themselves. The World InsurTech Report (WITR) 2020 covers all three broad insurance segments: life, non-life, and health insurance. Startseite; Über diesen Blog; Ihre Ansprechpartner; Mehr PwC Blogs ; Karriere; EIOPA veröffentlicht den Consumer Trends Report 2020. Listen to the podcast: Social inflation in the U.S. 607 0 obj <>stream So, last week’s announced extension of the protective shield is a welcome boost for businesses and welcome news for the German economy. However, this year won’t be pretty in Asia either. China and Asia will emerge even stronger than before from today’s crisis.”. Insurance Innovation Report: December 2020 . “After the challenging decade following the great financial crisis, a battle-tested European insurance industry proved remarkably resilient during Covid-19,” says Allianz economist Patricia Pelayo Romero. Allianz Global Corporate & Specialty (AGCS) experts highlight five trends which may impact risk managers and their broker partners, and provide a reflection of the current state of the liability insurance market. Incorporated in risk evaluation, it is becoming a decider for customers, suppliers, employees, regulators, analysts, and other stakeholders. This video is loaded through YouTube. GLOBAL INSURANCE REPORT 2020 Insurers see the future 360 senior insurance executives across the globe share their insights into how the pandemic is fundamentally reshaping the industry and their investment approach. According to the J.D. Non-life insurers are being left behind by the rapid changes in customer expectations. Expectedly, 2020 will have no such positive energy. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. “Up to 2030, China’s premium pool will grow by a whopping 777 billion euros – the market size of the UK, France, Germany and Italy combined. Global premiums income is seen shrinking by 3.8 percent. P&C will grow slightly, by 1.9 percent. Since then, however, the trend has been shifting East. The non-life sector will be … The four trends that define insurance in 2020 The insurance industry stands on the precipice of profound change. These assessments are, as always, subject to the disclaimer provided below. “The outlook, however, is less encouraging. As in other fields, Europe is falling further behind the U.S. and particularly, Asia.”. Adding to its attractiveness is the fact that the Chinese market is a frontrunner in the application of Artificial Intelligence (AI) and data analytics. Yet, there’s light at the end of tunnel. There’s much potential still to be tapped. %%EOF {����l����Z7� Allianz Global Corporate & Specialty, the corporate insurer of Allianz SE, and Munich Re have jointly developed a new commercial cyber risk insurance solution called “Cloud Protection +.” This collaboration provides state-of the-art insurance exclusively designed for customers of Google Cloud enrolled in Google’s new “Risk Protection Program.”. As this report goes to press, the entire world is facing the deadly spread of COVID-19. 445 0 obj <> endobj Annual Report on the Insurance Industry (September 2020) _____ FEDERAL INSURANCE OFFICE, U.S. DEPARTMENT OF THE TREASURY iv . As companies increasingly implement ESG strategies, the demand for related products and services could rise. The agreement is still subject to approval by the EU Commission. Am 15. Despite having started 2020 on a solid footing – 2019 premiums growth was the strongest in four years - it now looks to a somber year ahead. Januar 2020 veröffentlichte das Weltwirtschaftsforum (World Economic Forum – WEF) die 15.Ausgabe des Global Risks Reports.. Der Bericht ist Bestandteil der WEF-Initiative „Global Risks“ mit dem Ziel, die Erneuerung und die Verbesserung der vorherrschenden ökonomischen und ökologischen sowie geopolitischen, gesellschaftlichen und technologischen Architektur und … As economic activity slows in the aftermath of the coronavirus pandemic, premiums income is expected to shrink by 3.8 percent globally and by 4.7 percent in Western Europe, warns the latest Allianz Global Insurance Report. Here, Europe has an advantage, points out Ludovic. The unfolding human tragedy will have massive short and long-term social, economic, and geopolitical implications. The UK motor insurance market is expected to record an underwriting profit in 2020, according to EY’s UK Motor Insurance Results, due to the COVID-19 lockdowns and resultant reduction in motor claims with costs expected to fall by 12%. Should these forecasts materialize, the hit would be thrice as big as that after the global financial crisis of 2008, when global premiums shrank 1 percent. 8 Meanwhile, annuity sales also took a big hit. 022020 Global Insurance Outlook The annual EY Insurance Outlooks represent a perspective on key issues shaping the industry in the near term (three years). After reviewing our claims data, a few things became clear about cyber risk. For a more detailed look into the expectations for the insurance industry and the opportunities, click here click here to read the Allianz Global Insurance Report. World Insurance Report 2020 from Capgemini and Efma explores the changing trust equation between insurers and customers, and how insurance companies can use hyper-personalization to address it When the clock struck midnight on December 31, 2019 there were the usual celebrations that accompany the arrival of a new year. Allianz economists forecast next year’s growth returning to the 2019 levels of 4.4 percent, driven by Asia. “Higher risk awareness and pent-up demand for social protection will drive growth in the coming years, with China in the lead.”. Insurance Outlook 2020: A Lost Year Coronavirus will keep the insurance industry in weak health this year. 8. TROY, Mich.: 13 Oct. 2020 — Even as deaths associated with COVID-19 eclipse 200,000 in the United States, consumers don’t seem motivated to buy life insurance and life insurance customers are largely apathetic toward their insurer despite some standout performances. Over the long term, average growth in Asia is seen at 8.1 percent until 2030. Global life premium volumes are forecast to shrink by 6% in 2020, with most weakness in savings products. KPMG’s Life Insurance Insights 2020 dashboard provides analysis and insights based on financial results up to 30 June 2020 for the Australian life insurance market. In this context, the World Insurance Report 2020 from Capgemini and Efma explores the impact of digitally social behavior on the policyholders of today and tomorrow and examines the changing trust equation between insurers and customers. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. Life insurance premiums may decline 6% globally through the end of 2020 and by 8% in advanced economies, while a recovery of 3% growth is projected overall for 2021. Insurance. “Asia was the region first hit by Covid-19; it will also be the region that recovers first,” says Allianz economist Michaela Grimm. Bringing life as we know it to a standstill, it took and continues to take lives and livelihoods. WATERLOO, ON, November 5, 2020 — Economical Insurance today announced consolidated financial results for the three and nine-month periods ended September 30, 2020.