Societal benefits would arise from the integration of climate science into catastrophe risk modelling
Catastrophe risk modelling has revolutionised the way insurers assess, price and manage disaster risks. Its usefulness to society could be even further enhanced by integrating the latest climate science, observational capabilities and emerging technologies.
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Managing physical climate risk
There is much more that could be done to extend the value of catastrophe (Cat) risk models for the (re)insurance industry and wider society, but this requires a collective endeavour across (re)insurers, brokers, model vendors and other key stakeholders, says Maryam Golnaraghi, Director Extreme Events and Climate Risk
Joint GA/IIF response to the IAIS consultation on overall ComFrame
The Geneva Association and the Institute of International Finance urge the IAIS to address the disconnect between the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) and the Insurance Capital Standard.
Joint GA/IIF response to the IAIS consultation on Global Insurance Capital Standard Version 2.0
The Geneva Association and the Institute of International Finance express strong concerns that the design and calibration of the ICS will impact negatively on the possibility of insurers to continue to provide certain long-term products and product features in some jurisdictions.
Digitalization is widening the role of insurance in society
As the economy becomes more digitalized, the role of insurance in society is changing from one concerned primarily with loss indemnification to a broader advisory service for customers on how to prevent, mitigate and manage their risks.
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Insurance is key to mobilising long-term capital for climate risk-resilient infrastructure
The insurance industry plays a key role in de-risking infrastructure and mobilising long-term private capital to climate risk-resilient projects, agreed a group of decision makers and international experts summoned in Toronto by The Geneva Association.
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Insurance in the Digital Age
A view on key implications for the economy and society
Technology and new data sources are changing our economy and society fundamentally, and promise to transform the insurance industry as well. Digitalization is changing the role of insurance, from pure risk protection towards predicting and preventing risks. The risks insurers cover and the ways they underwrite, distribute, and manage claims are also changing.
Infographic: Enhanced insurance capabilities to handle cyber accumulation risk
The unique characteristics of cyber risk imply that exposure measurement and modelling approaches that have been developed for other perils cannot easily be transferred to cyber risk. The insurance industry has made progress in developing the technical capabilities to handle these distinct characteristics of cyber risk, but there is still some way to go.
Growth of cyber insurance market should not be taken for granted; accumulation risk a key concern
Cyber insurance offerings and premium volumes have expanded sizeably. Keeping up with demand is challenging and sustainable growth in the cyber insurance market should not be taken for granted, as accumulation risks need to be addressed in the context of a hyperconnected digital world.
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