2020 Foresight Report: Trends in Non-Life Insurance Underwriting

Publisher Name :
Date: 19-Apr-2013
No. of pages: 54

Synopsis

The report provides in depth market analysis, information and insights into underwriting industry trends for non-life insurance globally, including:


  • Comprehensive assessment of non-life underwriting market dynamics

  • Analysis of the effect of changes in regulations on underwriting

  • Analysis of the underwriting cycles

  • Detailed analysis of the technological trends impacting underwriting

  • Detailed analysis of the effect of natural and man-made disasters on underwriting


Summary

The insurance underwriting industry has undergone a paradigm shift over the last decade due to the introduction of new technology, which has revolutionized processes and business practice. Insurance companies are augmenting their processes to maintain a social media presence and also to help combat fraud. With the advent of Solvency II and other risk-based capital (RBC) approaches, underwriting has become increasingly dependent on movements in the regulatory environment. Several natural disasters resulted in substantial losses and an exceptionally high number of fatalities during the review period (2008–2012). Telemetric, predictive analytics, automated software programs and the use of social networking sites has transformed the way in which insurance underwriting operates.

Scope


  • This report provides a global snapshot of the key performance indicators impacting underwriting including combined ratio, loss ratio and expense ratio and underwriting profit/loss trends

  • It studies the impact of regulatory trends on underwriting including Solvency II and EU gender neutral insurance

  • It provides detailed analysis of the different underwriting cycles

  • It provides detailed analysis of the relationship between economic growth and the insurance industry's growth in key markets

  • It provides detailed analysis of the impact of technological trends in underwriting

  • It provides detailed analysis of the impact of natural and man-made disasters on underwriting


Reasons To Buy

  • Make strategic business decisions using detailed assessment of the key challenges and opportunities that non-life insurance underwriting presents currently

  • Understand directives of new regulations and the necessary changes required in the current business structure of an underwriting firm

  • Assess underwriting profit or loss trends in key markets

  • Assess the impact of economic growth on the insurance industry

  • Assess the adoption of technology trends in different companies across different geographies

  • Find out how underwriting has evolved due to the impact of natural disasters


Key Highlights

  • The insurance underwriting industry has undergone a paradigm shift over the last decade due to the introduction of new technology, which has revolutionized processes and business practice.

  • Several natural disasters resulted in substantial losses and an exceptionally high number of fatalities during the review period (2008–2012).

  • While, mature markets such as the US, the UK, France and Italy are recording stagnant growth, emerging economies are driving premiums.

  • The US non-life insurance segment registered the highest underwriting loss in 2012, while, Japan recorded the highest underwriting profit.

  • The growth in telematics users in Europe will be driven by the UK and Italy.

  • Predictive analytics has revolutionized the world of premiums and claims management in the insurance industry.

2020 Foresight Report: Trends in Non-Life Insurance Underwriting

Table of Contents

1 Executive Summary

2 Global Snapshot: Assessment of Non-life Underwriting Market Dynamics
2.1 Underwriting Profits and Loss Trends
2.2 Analysis of Key Performance Indicators Impacting Underwriting
2.2.1 Developed economies
2.2.2 Emerging economies

3 The Effect of Regulations on Underwriting
3.1 Overview
3.2 EU Ruling on Gender Neutral Insurance to Affect Underwriting
3.3 Impact of Solvency II on Underwriting
3.4 Solvency II Risk Assessment and Challenges

4 Market Dynamics Related to Economic Risk
4.1 Economic Risk on Non-life Insurance Underwriting
4.2 Market Risk on Non-life Insurance Underwriting
4.2.1 Developed economies
4.2.2 Emerging economies

5 Technological Trends in Underwriting
5.1 Process automation
5.2 Telematics and real-time data in underwriting risk
5.2.1 Insurance telematics in developed countries
5.2.2 Insurance telematics in developing countries
5.2.3 Companies tying up with telematics suppliers to augment insurance telematics offerings
5.2.4 Snapshot of different telematics-based insurance schemes
5.3 Predictive analytics and Big data
5.4 Social Media

6 Natural Disasters and their Impact on Underwriting
6.1 Catastrophe Insurance and Pricing
6.2 Case Studies
6.2.1 Swiss Re – Use of advanced underwriting modelling following the Japanese earthquake
6.2.2 Hurricane Katrina’s effect on property and casualty underwriting industry
6.2.3 2011 Thai Floods and their Subsequent Effect on Underwriting
6.3 Impact of Man-made Disasters

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables

Table 1: Non-life Insurance Segment, Underwriting Profitability (US$ Million), 2008–2017
Table 2: Estimated Losses Due to Natural Disasters in The US, 2008–2011
Table 3: Catastrophic Damage Across Various Countries, 2000–2013
Table 4: Estimated Road Traffic Death Rate (Per 100 000 Population), 2010 and 2013
Table 5: Impact of EU Gender Neutral Insurance Ruling on the UK Motor Insurance Policy Prices
Table 6: Non-life Insurance Segment, Emerging Economies, Insurance Frauds (US$ Billion), 2008–2017
Table 7: Non-life Insurance Segment, Emerging Economies, Commissions and Expenses (US$ Billion), 2008–2017
Table 8: Snapshot of Insurance Companies Automating Underwriting
Table 9: Snapshot of Various Telematics-Based Insurance Products
Table 10: Key Natural Disasters to have Impacted the Global Insurance Industry, 2008–2012
Table 11: Insurance Losses Emanating from the Japanese Earthquake/ Tsunami, 2011
Table 12: Insurance Losses Emanating from Thai Floods, 2011

List of Figures

Figure 1: Japanese Non-Life Insurance Segment – Earned Premiums and Gross Claims (US$ Billion), 2008–2012
Figure 2: EU Motor Insurance – Loss Ratio (%), 2008–2017
Figure 3: BRIC Motor Insurance – Loss Ratio (%), 2008–2017
Figure 4: Non-life Insurance Segment in Developed Economies - Loss Ratios (%), Expense Ratios (%) and Combined Ratios (%), 2012
Figure 5: Non-life Insurance Segment in Developed Economies – Loss Ratio (%), 2008–2017
Figure 6: Non-life Insurance Segment in Developed Economies – Expense Ratio (%), 2008–2017
Figure 7: Non-life Insurance Segment in Developed Economies – Combined Ratio (%), 2008–2017
Figure 8: Non-life Insurance Segment in Emerging Economies - Loss Ratios (%), Expense Ratios (%) and Combined Ratios (%), 2012
Figure 9: Non-life Insurance Segment in Emerging Economies – Loss Ratio (%), 2008–2017
Figure 10: Non-life Insurance Segment in Emerging Economies – Expense Ratio (%), 2008–2017
Figure 11: Non-life Insurance Segment in Emerging Economies – Combined Ratio (%), 2008–2017
Figure 12: Regulatory Trends Affecting Insurance Underwriting
Figure 13: Impact of Solvency II on Assets
Figure 14: Why Telematics? – The Value Proposition
Figure 15: Impact of Santam’s New Software Installation in Various Channels
Figure 16: Use of Various Social Media Channels in Insurance Underwriting
Figure 17: Areas In Non-Life Insurance With Maximum Fraud Cases, US, 2012
Figure 18: Outcome of Public Unrests in 2011 for Insurance Underwriting

  • Non-Life Insurance in Israel, Key Trends and Opportunities to 2019
    Published: 26-May-2016        Price: US 1450 Onwards        Pages: 106
    Synopsis Timetric's 'Non-Life Insurance in Israel, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Israeli non-life insurance segment, and a comparison of the Israeli insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retenti......
  • High Net Worth Home Insurance 2016
    Published: 13-May-2016        Price: US 3450 Onwards        Pages: 51
    Summary Wealthy individuals require specialist mid net worth (MNW) and high net worth (HNW) insurance policies that offer wider coverage, higher limits, and better service compared to standard products. This is due to the higher value of their assets, which may include multiple homes, luxury cars, yachts, antiques, jewelry, wine, and fine art. Home insurance is generally provided on a global all-risk cover basis, often with an element of legal protection and travel in......
  • Non-Life Insurance in Lebanon, Key Trends and Opportunities to 2019
    Published: 30-Apr-2016        Price: US 1450 Onwards        Pages: 118
    Synopsis Timetric's 'Non-Life Insurance in Lebanon, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Lebanese non-life insurance segment, and a comparison of the Lebanese insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and rete......
  • Non-Life Insurance in Lithuania, Key Trends and Opportunities to 2019
    Published: 30-Apr-2016        Price: US 1450 Onwards        Pages: 127
    Synopsis Timetric's 'Non-Life Insurance in Lithuania, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Lithuanian non-life insurance segment, and a comparison of the Lithuanian insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income an......
  • Non-Life Insurance in Slovenia, Key Trends and Opportunities to 2019
    Published: 30-Apr-2016        Price: US 1450 Onwards        Pages: 125
    Synopsis Timetric's 'Non-Life Insurance in Slovenia, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Slovenian non-life insurance segment, and a comparison of the Slovenian insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and r......
  • Non-Life Insurance in Luxembourg, Key Trends and Opportunities to 2019
    Published: 21-Apr-2016        Price: US 1450 Onwards        Pages: 119
    Synopsis Timetric's 'Non-Life Insurance in Luxembourg, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Luxembourg non-life insurance segment, and a comparison of the Luxembourg insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income a......
  • Non-Life Insurance in Australia, Key Trends and Opportunities to 2020
    Published: 15-Apr-2016        Price: US 1450 Onwards        Pages: 136
    Synopsis Timetric's 'Non-Life Insurance in Australia, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Australian non-life insurance segment, and a comparison of the Australian insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income an......
  • Non-Life Insurance in Romania, Key Trends and Opportunities to 2019
    Published: 31-Mar-2016        Price: US 1450 Onwards        Pages: 119
    Synopsis Timetric's 'Non-Life Insurance in Romania, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Romanian non-life insurance segment, and a comparison of the Romanian insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and rete......
  • Non-Life Insurance in France, Key Trends and Opportunities to 2019
    Published: 31-Mar-2016        Price: US 1450 Onwards        Pages: 133
    Synopsis Timetric's 'Non-Life Insurance in France, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the French non-life insurance segment, and a comparison of the French insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retention......
  • SERVICES
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - sales@rnrmarketresearch.com / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs