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

  • Chinese Vacuum Pumps Industry to Grow at a CAGR of 5.5% to 2018
    A vacuum pump is used in most of the activities we do in our every day life. Some of its regular application are air conditioning, automobiles, CDs andDVDs, television tubes, etc. It is also used in hi-tech companies for creating process like coating of microchips and also manufacturing of optical glass or analytical instruments. The [...]
  • Overcoming Obesity
    In today’s world where there are countries struggling to overcome famine and shortage of food there are others who are increasingly getting populated with obese people. Obesity is one of the key problem many are facing across the world. It is a result of either improper lifestyle and food habits or is completely hereditary. In [...]
  • The Booming Market of Carbon Fibre
    The speed at which the Carbon Fibre Industry is growing it is sure to be one of the most profitable industry in the years to come. The sales of carbon fibre tow is expected to increase from $1.6 billion in 2011 to $4.5 billion in 2020. The overall The global demand for carbon fibre tow [...]
  • Incentivising Research & Development Activities
    Research and Development (R&D) is the base of innovation, competitiveness and economic performance. Any company or a country that seeks to be ahead of its competitors need to invest heavily in setting up an active R&D wing. In today’s world everything is technology oriented.  People are coming up with new ideas, products and newer ways [...]
  • Global Cystic Fibrosis Market Propelled by Technological Advancement
    With increasing prevalence of cystic fibrosis and its growing awareness among people, the global market for cystic fibrosis is expected to grow at a steady pace. Cystic fibrosis is a genetic condition where the lungs and digestive system becomes clogged with excess mucus. This condition is more common among Caucasian population than people of Asian [...]
  • The Boom In Women Infertility Market
  • Infertility is an abnormality in the regular functioning of the human reproductive system. Anyone of male or female might be suffering from this issue. Infertility in woman is caused by either a genetical factor or factors such as aging or …

  • Retaining the Hard-Won Consumers
  • With the increase in mobile phone usage different operators are coming up with different plan in order to cater to users of all age-group with various data plan to choose from. With the maturing mobile market operators are coming up …

  • To bring in Photography to the Real World Visual Supply Co Acquires Artifact Uprising
  • Visual Supply Co, VSCO has brought a Denver-based startup, Artifact Uprising, which is focused on bringing photographers’ work from the digital hubs on regular basis by modern creatives to the real world as prints and tangible books. Artifact Uprising is …

  • Graft-Versus-Host Disease (GVHD) Treatment Market worth $407 million by 2018
  • The graft-versus-host disease (GVHD) treatment market value will increase from $297 million in 2013 to $407 million by 2018, at a Compound Annual Growth Rate (CAGR) of 6.59%, according to research and consulting firm GlobalData. The company’s latest report* states …

  • Poland Pharmaceutical Industry Growing at 8.3% CAGR to 2020
  • Factors such as the growing elderly population, increasing availability of affordable medicines, and transparent regulatory guidelines will provide the necessary impetus for the growth of the Polish pharmaceutical market, but a decrease in mark-up prices and the country’s stringent drug …

  • Personal Accident and Health Insurance in Uruguay, Key Trends and Opportunities to 2018
    Published: 30-Mar-2015        Price: US $1950 Onwards        Pages: 197
    Synopsis Timetric's 'Personal Accident and Health Insurance in the Uruguay, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the Uruguayan personal accident and health insurance segment. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2009-2013) an......
  • Life Insurance in Japan, Key Trends and Opportunities to 2018
    Published: 29-Mar-2015        Price: US $1950 Onwards        Pages: 274
    Synopsis Timetric's Life Insurance in Japan, Key Trends and Opportunities to 2018 report provides detailed analysis of the market trends, drivers, challenges in the Japanese life insurance segment. It provides values of a number of Key Performance Indicators (KPI) such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2009-2013) and forecast period (2014-2018)......
  • Non-Life Insurance in Uruguay, Key Trends and Opportunities to 2018
    Published: 29-Mar-2015        Price: US $1950 Onwards        Pages: 259
    Synopsis Timetric's 'Non-Life Insurance in the Uruguay, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the Uruguayan non-life insurance segment. It provides values of a number of Key Performance Indicators (KPI) such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2009-2013) and forecast p......
  • Ultra HNWIs in Germany 2015
    Published: 28-Mar-2015        Price: US $1995 Onwards        Pages: 114
    Synopsis This report reviews the performance and asset allocations of Ultra HNWIs in Germany, and highlights top-performing cities. It also includes an evaluation of the local wealth management industry. Summary This report is the result of WealthInsight's extensive research covering the high net worth individual (HNWI) population and wealth management market in Germany. The report focuses on HNWI performance between the end of 2010 and the end of 2014. This enables us to determine h......
  • Life Insurance in Uruguay, Key Trends and Opportunities to 2018
    Published: 28-Mar-2015        Price: US $1950 Onwards        Pages: 213
    Synopsis Timetric's 'Life Insurance in Uruguay, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the Uruguayan life insurance segment. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2009-2013) and forecast period (2013-2018). The report also analy......
  • Taiwan’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape
    Published: 28-Mar-2015        Price: US $3995 Onwards        Pages: 83
    Synopsis Timetric’s 'Taiwan’s Cards and Payments Industry, Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape' report provides detailed analysis of market trends in Taiwan’s cards and payments industry. It provides values and volumes of a number of key performance indicators (KPIs) operating in the industry, including credit transfers, check payments, cash transactions, payment cards and direct debits during the review period (2009-2013). Th......
  • HNWI Asset Allocation in the Netherlands 2015
    Published: 28-Mar-2015        Price: US $1995 Onwards        Pages: 65
    Synopsis This report provides the latest asset allocations of the Netherlands HNWIs across 13 asset classes. The report also includes projections of the volume, wealth and asset allocations of the Netherlands HNWIs to 2019 and a comprehensive and robust background of the local economy. Summary This report is the result of WealthInsight's extensive research covering the high net worth individual (HNWI) population and wealth management market in the Netherlands. The report focuses on H......
  • Oman’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape
    Published: 27-Mar-2015        Price: US $3995 Onwards        Pages: 73
    Synopsis Timetric's "Oman's Cards and Payments Industry, Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape" report provides detailed analysis of market trends in Oman's cards and payments industry. It provides values and volumes of a number of Key Performance Indicators (KPIs) operating in the industry, including check payments, credit transfers and payment cards during the review period (2009-2013). The report also analyses various payment card ma......
  • High Net Worth trends in Switzerland 2015
    Published: 27-Mar-2015        Price: US $1995 Onwards        Pages: 85
    Synopsis This report provides projections of the volume and wealth of Switzerland HNWIs. This includes demographic trends (2010-2014) and findings of the proprietary Wealth Insight HNWI Database. Summary This report is the result of WealthInsight's extensive research covering the high net worth individual (HNWI) population and wealth management market in Switzerland. The report focuses on HNWI performance between the end of 2010 and the end of 2014. This enables us to determine how w......
  • 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 - [email protected] / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs