Global Industry

Southeast Asian Insurance Markets: A Market Review

On 25 February, 2010, A.M. Best's international panel discussed growth opportunities, the expansion of Takaful and re-Takaful insurance, the use of microinsurance and insurance pools and the changing distribution systems. The webinar was based on a new report authored by Yvette Essen, head of market analysis for A.M. Best's global financial services division.

Virtual Roundtable: Profiting in Emerging Markets

Emerging markets such as China and India continue to see growth in the financial services sector, providing opportunities for insurance companies based in more mature markets. What are the key opportunities and challenges that insurers face in doing business in emerging markets?

Global Insurance: Getting The Balance Right

In June 2009, KPMG International launched A Glimmer of Hope, the first of a two part global insurance survey series which it commissioned the Economist Intelligence Unit (EIU) to undertake on its behalf. This follow-up report analyzes the findings of the second survey undertaken in August 2009, examining how the financial crisis is changing the attitude of the global insurance indstry to risk and capital management.

Also, see Glimmer of Hope — Growth Prospects in the Global Insurance Industry and the Escalation of Risk and Capital Management.

Contingencies: Healthcare Reform - Learning From Others: Germany

Compared to Americans, German citizens enjoy broader health care benefits at lower cost. Could such a system work in the US?

2010 European Insurance Outlook (Ernst & Young)

Although insurers fared better than the banks during the global  nancial crisis and resulting recession, premiums for 2008 declined by 6% to just under €1,060b with no improvement in 2009. Overall, life insurance companies fared better from the crisis than banks; however, they were shaken by investment losses, as were their customers with market-linked products. General insurance companies suffered from capital base erosion and by the continuation of soft rates. European Union (EU) insurers’ efforts to rebuild capital may be complicated in 2010 by a changing accounting and regulatory environment and the impending implementation of Solvency II, with many commentators forecasting a need to increase capital levels.

Dynamic Policyholder Behaviour Survey

This 2009 Milliman survey examines European life insurance companies’ modeling of dynamic policyholder behaviour, which is the influence that external factors can have over policyholders’ propensity to exercise the options available in a life insurance policy.

Global Financial Regulation Overhaul Seen In 2010

Global financial regulation has changed little since the 2008 banking crisis, but that won't be the case much longer.

U.S. and EU authorities are expected to hammer out the final shape of a new regulatory order in 2010 that will fundamentally change how world banks and markets operate.

Swiss Re predicts a continued but fragile global economic recovery in 2010

Swiss Re’s economists predict that insurance and reinsurance will continue their recoveries in 2010, based on the assumption of a “U-shaped” recovery. Balance sheets will further strengthen and profits will increase. Growth will be positive but quite sluggish both in life and non-life insurance. This outlook could be muted by looming regulatory challenges, along with the trend for higher claims for catastrophic events, increasingly driven by climate change.

Swiss Re: Updated data appendix of the world insurance sigma 3/2009

Swiss Re has updated the data appendix of its World Insurance 2008 Sigma report released earlier this year to incorporate the latest available data.

The main findings of the sigma have been confirmed.

The global life and non-life insurance premium volume for 2008 has been revised. The large revision is mainly due to the UK life sector. For the rest of the regions the changes are described as minor.

Parallax: Striving for a More Resilient International Financial Architecture

The Insurance & Finance Programme of The Geneva Association examines the interface of financial research with insurance and risk management. The programme makes original contributions to the progress of insurance through different initiatives in the field of insurance finance, such as detecting new and promising developments or discussing the relevance of financial concepts to the industry, and promotes the study of the function and nature of finance in insurance.

In this special contribution, Patrick M. Liedtke, Secretary General and Managing Director of The Geneva Association, looks at the common misperceptions about insurance’s involvement in the credit crisis and highlights the need for insurance involvement in the restructuring of the world’s financial architecture.

BestWeek: Competition Among Insurance Domiciles Heats Up

Competition among domiciles is heating up as many countries and U.S. states vie to host insurance companies and their related business, according to the Nov. 2 BestWeek U.S./Canada. Regulating insurers is a good business for governments. Insurance business brings jobs without pollution and boosts tax revenue.

Arbitrating Disputes In The Retakaful World (Dewey & LeBoeuf)

The remarkable economic growth that the Muslim world has experienced in recent years, together with a substantial increase in the availability of Shari’a compliant financing, has created a burgeoning demand for insurance products that are compatible with Islamic principles (commonly referred to as “takaful”). The market for takaful has grown at a precipitous rate and is expected to continue trending upwards. One estimate of the global takaful market anticipates an $11 billion industry by 2015.

A.M. Best Special Report: Thawing Markets Reducing Pressure on U.K. Life Insurers

The global credit crisis led to a decline in life insurers’ economic capital positions in 2008, although the industry as a whole managed to maintain compliance with minimum regulatory capital requirements.

Editorial: Insurance and the Crisis Resolution (The Geneva Association)

Patrick M. Liedtke examines the proposals for reform in the post-crisis environment in four specific areas: financial stability and insurance, supervision and regulation, risk management and accounting and value measurement.

Emerging from the Storm: The Day after Tomorrow for Insurance (The Geneva Association)

This report examines how the financial crisis is set to reshape the industry as a whole, along with some of the key developments that are likely to affect particular segments and geographical markets.

Milliman: The rise and risks of medical tourism

The term 'medical tourism' seems to be cropping up everywhere these days. From trade and business journals to the popular press, traveling to another country specifically to obtain medical care is a significant new trend. In this challenging economy, where the cost of healthcare continues to spiral up and hundreds of thousands have lost their health insurance along with their jobs, it's not surprising to see keen interest in less expensive resources, especially because the savings are often substantial.

Globalisation of Collective Redress | Swiss Re

Swiss Re’s new Focus Report: “The Globalisation of Collective Redress: Consequences for the Insurance Industry” provides an update on the global spread of collective actions and assesses both the risks and the opportunities that this development carries for insurers.

International Experience Study

The International Experience Survey (IES) is a pilot study being sponsored by the International Section to provide actuaries with practical information on experience in emerging and other markets outside of the United States and Canada. A working group has been established to define the project, variables and countries to be studied, review the research results and methodology and report its findings to the membership. The IES report is continuously updated as new information becomes available.

Fitch: Brazilian Insurance Companies Prepare to Face Market Challenges

The Brazilian insurance market continues to be the largest in Latin America, with a total of BRL96.2 billion in premiums written in 2008, followed by Mexico, Argentina and Colombia. Despite its low participation in GDP (only 3.5% at first-quarter 2009), a time of regulatory transition and deterioration in the macroeconomic environment in the short term, it still presents significant potential for greater development once a consistent recovery in economic growth is observed, according to Fitch Ratings.

World insurance in 2008: life premiums fall in the industrialised countries - strong growth in the emerging economies

World insurance premium volume rose slightly to USD 4270 billion in 2008. However, adjusted for inflation, premiums declined by 2%. Global life premiums fell by 3.5% in 2008, mainly driven by a sharp fall in the sale of unit-linked and single premium life insurance products in the industrialised countries. Non-life premiums decreased by 0.8%.

2009 Global Terror Update - Guy Carpenter

Summarizes terror insurance market developments in 34 countries across six continents. According to the report, developments on a country-by-country basis are being shaped largely by events, including new or evolving threats and local developments in the insurance and reinsurance markets. The update also addresses the impact of terror insurance on the aviation market and looks at recent developments in terror modeling.

The London G20 Summit: Governments' Response to the Economic Crisis and Global Financial Regulatory Reforms

To position for growth and high performance, financial institutions must anticipate regulatory reforms and devise their own strategies for success in the emerging environment, says this Accenture white paper.

Majority of Insurers Plan to Expand Internationally in Next 12 Months, Accenture Survey Finds

Despite the turmoil in the global economy, nearly two-thirds (62 percent) of insurers plan to grow outside of their home market in the next 12 months, according to findings of a global survey released today by Accenture.

Health and Ageing

The Geneva Association's April 2009 Information Newsletter spotlights long-term care and aging issues from a global perspective. The guest editorial by Christopher Ball and Ross Campbell discusses instruments that produce the right information for underwriters and claim managers to better insure long-term care risks. Housing, Medicare and long-term care insurance are also examined.

CDC - Influenza (Flu) U.S. Map, Summary

Weekly update on seasonal influenza. For H1N1 related news, visit http://www.cdc.gov/swineflu/.

WHO | World Health Organization

You can check out the latest on the global spread of influenza here.

Swiss Re reveals modest growth in UK group death benefits and income protection, and substantial growth in critical illness in 2008

(23 Apr 2009) Today, Swiss Re launches a new report covering the latest trends in group risk business in the UK. Based on data contributed to Swiss Re by the UK’s leading group risk providers, Group Watch 2009 provides an authoritative snapshot of the level of group risk business in the market. The survey points to a modest rise in the UK group death benefits and income protection market and a more substantial growth in critical illness business in 2008.

Swiss Re: Swine flu and pandemics

The swine flu outbreak in Mexico and other parts of the world is clearly cause for concern, not least for those communities already directly affected. According to the World Health Organisation (WHO) there is a significant increase in risk of a pandemic, but this does not necessarily mean that a pandemic is a foregone conclusion."

Aon Announces Top 10 Global Risks

E&Y: Takaful Market to Grow Significantly

Takaful insurance is growing 35% faster than conventional insurance worldwide, and is poised to become an $11 billion market by 2015. This information comes from Ahmed Al Janahi, managing director of Noor Takaful, at the 4th Annual World Takaful Conference in Dubai.

Solvency II: A competitive advantage for European insurers?

Despite the fact Solvency II in its current form will apply only to the European Union, North American insurers are encouraged to pay attention to the factors underlying its development. If, as anticipated, Solvency II leads to markedly lower capital charges for EU-based companies, then the Europeans will have a significant competitive advantage over North American companies.

2009 Insurance outlook Far East: Ernst & Young

The expansion of western European and US insurance companies into Asia will continue but at a slower pace. Read more.

Term Assurance for HIV Positive (HIV+)

Hannover Life Re believes that we should all be looking to offer cover to as many individuals as we can and that as far as possible insurance should strive to be inclusive. The company also feels it is right to challenge ourselves to continue to change cultural attitudes and encourage inclusive behaviour.

CI Cover for Children in Different Parts of the World - from Individual Policy to Automatic Inclusion

From the March 2009 issue of Gen Re's Risk Insights.

Health Insurance in France

From the March 2009 issue of Gen Re's Risk Insights.

In shifting sands: UK Life and Pensions outlook 2009: Ernst & Young

This paper seeks to leverage our knowledge, insight and industry experience to identify the key challenges for the insurance sector in 2009.

2009 Insurance outlook Europe: Ernst & Young

Financial services and insurance companies face enormous challenges in 2009 as they manage through the economic downturn and respond to market shifts and consumer expectations.

Capturing opportunities in a period of transition: How multinational insurers can compete in China

After rapid growth in recent years, the insurance industry in China is pausing to catch its breath. Mei Dong, Wendy Lai, and Xiaokai Shi describe the changes in the industry, at regulators, and in the Chinese workforce, and suggest how foreign insurers can meet the challenges and take advantage of the opportunities in this time of transition.

Life and Health Trends in the 21st Century

Around 70 representatives of primary insurance companies from all over Europe, and some from further afield, came together on 23 – 24 June 2008 at the Swiss Re Centre for Global Dialogue for a packed agenda of presentations, discussions and networking. Leading expert key note speakers addressed delegates, together with senior management from Swiss Re. All were focused on a single theme – growth opportunities, together with their accompanying risks, for life and health insurance markets in Europe.

Swiss Re Facts & Figures

Downloadable charts and data on a wide variety of topics. Some examples:

- Top ten countries in life and non-life insurance
- Age distribution of Asia, Europe and North America, in %, 1950-2050
- US long-term care insurance: in-force premiums
- Life business development by region
- Life insurance growth, penetration and density by region
- The world's top health underwriters by net premiums earned, 2006
- Securitization - new opportunities for insurers and investors

UPDATED: World insurance in 2007: emerging markets leading the way

According to the latest Swiss Re sigma study, world insurance premium income grew 3.3% in real terms in 2007, reaching USD 4 061bn. This growth was primarily driven by the life business in industrialised and emerging markets and to a lesser extent by the non-life business in the emerging markets.

UPDATE: The statistical appendix updates premium volumes from the world insurance sigma published earlier this year.

Insurance in emerging markets: overview and prospects for Islamic insurance

Swiss Re’s new sigma study explores the latest developments in the insurance sector of the emerging market economies, with a special focus on the growing market for takaful, a form of Islamic insurance.

Insurance: Indian and Foreign Firms Test Positive for Growth Steroid

Driving through India's financial capital Mumbai, some of the brightest billboards that catch your eye promote insurance companies. Most of them represent big brands like New York Life, MetLife, Aviva and AIG. For the last five years, they have been working hard to make their presence felt in a under-insured market.

Life in the Future

Life cover is the cornerstone of the protection industry. But with premium rates having fallen so low, what lies ahead for this market: expansion or stagnation?

Islamic insurance: A competitively priced, ethical product with potentially widespread appeal

Takaful (Islamic insurance) is one of the fastest growing types of insurance worldwide and has potentially significant appeal beyond just Muslim populations. Writing in PricewaterhouseCoopers' Insurance Digest, the authors describe takaful’s attributes and attractions, and offer suggestions on how insurers can market it.

Risk Talk on pandemic preparedness in the 21st century

January 2008 – Infectious disease specialists agree that it cannot be predicted when the next influenza pandemic will occur. However, since documentation began in the 16th century, the world has witnessed an average of three global outbreaks of influenza per century. The 20th century has seen three such pandemics. The first and most devastating pandemic, known as ‘Spanish Flu’

Life and health trends in the 21st century

June 2008 – Around 70 representatives of primary insurance companies from all over Europe, and some from further afield, came together on 23 – 24 June 2008 at the Swiss Re Centre for Global Dialogue for a packed agenda of presentations, discussions and networking. Leading expert key note speakers addressed delegates, together with senior management from Swiss Re. All were focused on a single theme – growth opportunities, together with their accompanying risks, for life and health insurance markets in Europe.

Emphasis: Brazil's Reinsurance Transformation - Thought Leadership - Towers Perrin

De-monopolization of the reinsurance market offers the promise of new business opportunities for insurers, reinsurers and customers.

Changing Life Insurance in Japan - Thought Leadership - Towers Perrin

For years, Japan has earned respect as a giant in global insurance markets. It's the second largest market in the world, after the U.S. According to Swiss Re, total premium income in 2006 reached $363 billion, representing approximately one-sixth of total world life insurance premium income. Japanese life insurers are among the largest in the world, including the largest of all, Japan Post Insurance.

China and India -- Becoming Giants in Life - Thought Leadership - Towers Perrin

Life markets in China and India are developing quickly in parallel. It's tough for new entrants, but market conditions favor continued rapid expansion.

FS Islamic finance programme: Takaful: Growth opportunities in a dynamic market

The world’s youngest and most dynamic insurance market in reality traces its origins back more than 1,400 years. Takaful, the name for Islamic-compliant insurance, can be translated as “shared responsibility” and refers to the co-operative risk sharing beginnings of takaful – not unlike the birth of insurance within different communities in Europe and the US.

For more on Takaful, check out Takaful -- Islamic Insurance Stands Test of Time.

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