Press Releases

Growing geopolitical tensions and the use of digital technologies are amplifying cyber risks, with cyberattacks increasing by 38% in 2022 compared to 2021, globally.^[1] Although the dedicated cyber insurance market has grown rapidly over recent years, a huge protection gap persists, especially if an unprecedented, extreme cyber incident – striking multiple, large segments of the global economy – were to occur.

WASHINGTON – The American Property Casualty Insurance Association (APCIA) and The Geneva Association yesterday hosted a virtual policy event, entitled “Changing Climate: Mitigation and Insurers’ Role in the Energy Transition” to emphasize the active role insurers play through investment strategies and product development to support responsible transition pathways.

Industries across a variety of sectors are embracing artificial intelligence (AI) for improved services, efficiency and costs. In insurance, AI is reshaping business processes, from underwriting to claims management and customer engagement. AI also has the potential to enhance the value of insurance to society by enabling protection and mitigation services.  

ZURICH, 5 June 2023 – This year, 2023, marks 50 years that The Geneva Association has existed as the insurance industry’s platform for research and dialogue.

Much has changed in the world – and in insurance – since the organisation was founded in 1973. Globalisation, climate change, demographic trends, technology and more have transformed the major risks people face. Yet, the core principle of insurance remains the same: to protect individuals and businesses against those risks and build societal resilience towards them.

Large-scale nature degradation and biodiversity loss are some of the most threatening risks facing the world, carrying grave consequences for societies and economies.

Amid growing stakeholder expectations for businesses to have more social impact, a new Geneva Association report, The Role of Insurance in Promoting Social Sustainability, highlights insurance’s abundant, inherent social benefit in providing financial stability and peace of mind to people and businesses.

The Geneva Association has become a supporting institution of the UN-convened Net-Zero Asset Owner Alliance (NZAOA), an alliance of institutional investors committed to transitioning their investment portfolios to net-zero carbon emissions by 2050.

MAPFRE and The Geneva Association organize a global conference in Madrid on the effects of increased life expectancy

“The accelerated aging of the population pyramid is undoubtedly a great challenge that our societies face in the coming decades, but it also represents a great opportunity in economic and social terms.”

• New Geneva Association report highlights the important role of private re/insurers, alongside governments, in boosting society’s resilience to ransomware and ensuring the full benefits of digitalisation can be realised.

• The report explores the significant value add of cyber insurance beyond risk transfer, amid ongoing debate on whether to ban ransom payments or associated insurance coverage.

• Governments should do more t