Data from Internet of Things (IoT) devices are providing insurers with new approaches to insuring existing risks, as well as the opportunity to extend coverage to new risks. This report examines the shift towards IoT-enabled risk prevention and mitigation services in the insurance industry. Using a series of case studies to highlight the key components of successful services, the report aims to support the industry in its transformation and in promoting a healthier and safer society.

Risk prevention is inherent to insurance.

Pandemic business interruption risk is uninsurable by insurers alone, as it cannot be modelled and priced, it is systemic in nature, and maximum losses are not manageable from the insurer’s solvency point of view.

As evidence of climate change mounts and the world transitions to net zero, climate liability risks are evolving, too, with climate-related litigation cases increasing in number and ex

Businesses, governments and societies increasingly depend on interconnected online systems, making them vulnerable to viral cyber events and large-scale disruption and destruction.

Author: Dennis Noordhoek

The COVID-19 pandemic has forced many insurers to accelerate their transition to digital business models. Though this has been remarkably successful in many countries, the crisis has also highlighted the critical role played by national regulatory frameworks in both facilitating and hindering the shift to digitalisation in the insurance industry.

This first report by the Geneva Association Task Force on Climate Change Risk Assessment for the Insurance Industry offers a decision-making framework for climate risk assessment and scenario analysis for P&C and life re/insurers. The analysis considers all physical and transition climate change risks for the liability and asset sides of the balance sheet, by line of business and over distinct time horizons and serves as a foundation for the Task Force’s work to drive future developments in this space.

In recent years, the number of liability claims pursued has been increasing along with the amount of compensation awarded to plaintiffs. This is most acute in the U.S. but starting to spread to other jurisdictions as well.

The digital health market has grown sharply and significantly in the space of a few years, and its growth is projected to continue at an increasing rate going forward. Despite this, our research indicates that it still has some way to go in terms of delivering quantifiable benefits on a larger scale. We offer recommendations for insurers on how they can shape the digital health market to optimise its societal benefits alongside realising new business opportunities.

Also of interest:

Part of a comprehensive review of flood risk management in five mature economies, this report reveals many successes in the Australian system, including high-quality national and state guidelines and frameworks for FRM activities, climate change adaptation efforts, a commitment to building back better and high levels of insurance penetration.

Part of a comprehensive review of flood risk management (FRM) in five mature economies, this report looks at the system in Canada.