Data-driven personalisation in insurance offers considerable advantages to customers, such as increased affordability, improved access and better personal well-being due to enhanced loss prevention. It also presents a range of challenges, including pricing out of customers with higher loss expectations and issues around data security and privacy. This issue brief examines how insurers can responsibly capitalise on the benefits of increased data availability to better serve their customers, without compromising on trust.

A series of drivers are reshaping financial risks, particularly in the area of retirement. A rise in health expenditures, ageing populations and low interest rates are contributing to retirement insecurity around the world.

Over the past few decades, the economies of many emerging markets have grown rapidly, lifting millions out of poverty and creating a growing middle class.

By Rachel Anne Carter

Twenty years today, the world watched in shock as tragedy unfolded – as events that were previously unfathomable during peacetime, generated by human actors, occurred. Nearly 3,000 people lost their lives and 6,000 were injured, many severely, in the 9/11 terrorist attacks. In fact, the death toll continues to rise today, with almost 20,000 civilians or first responders diagnosed with a 9/11-related cancer, according to the World Trade Centre Health Program.

By Adrita Bhattacharya-Craven

By:

Adrita Bhattacharya-Craven, The Geneva Association

David Tordrup and Rebekka Aarsand, Triangulate Health Ltd, UK

By Maryam Golnaraghi

Director Climate Change and Environment

The highly anticipated 26th session of the Conference of Parties (COP) meeting in Glasgow, known as COP26, was the largest United Nations (UN)-convened gathering of private-sector leaders, including from insurance and finance, technology and engineering. Delegates from over 192 governments participated, ultimately negotiating the official outcome document, The Glasgow Climate Pact.¹

Improving coverage for virtual threats such as ransomware and supply chain attacks is one of the most pressing and thorny issues facing the insurance industry today. It has become even more urgent since the onset of the COVID-19 pandemic because the resulting changes in the way the world works and does business mean such incidents have become more frequent and varied in character. The costs of their potential harm have also grown exponentially, with the worst-case scenarios estimated to generate economic disruption running into billions of dollars.

Insurance regulators and standard-setting bodies are increasingly focused on devising methodologies for climate risk assessment and scenario analysis to support the insurance industry in dealing with the potential impacts of climate change. This issue brief produced by the Geneva Association Task Force on Climate Change Risk Assessment for the Insurance Industry, offers a review of the activities of 12 international, regional, national and sub-national financial services regulatory bodies and their associated strengths and challenges. 

COVID-19 initiated or accelerated major changes in 2020 and 2021 – social, economic, political and technological. As societies begin to emerge from the pandemic, it is important for insurers to understand which trends will stick and how their businesses will be impacted. Our report sheds new light.

The study draws on 25 interviews with experts and industry executives and on a global customer survey of 8,000 insurance customers – both retail and commercial – across eight countries (Brazil, China, France, Germany, Italy, Japan, the U.K., and the U.S.).