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
3.2 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
7.2 Contact Us
7.3 About Timetric
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 South Korea, Key Trends and Opportunities to 2018
Published: 4-Mar-2015 Price: US $1950 Onwards Pages: 284
In terms of gross written premium, the South Korean non-life segment grew from KRW22.7 trillion (US$17.8 billion) in 2009 to KRW31.1 trillion (US$28.3 billion) in 2013, at a compound annual growth rate (CAGR) of 8.1% during the review period (2009-2013). The strong performance of the property and liability categories - which posted respective CAGRs of 12.5% and 18.1% - supported the segment's growth. Rising automobiles sales and growing disposable income were among the segment's othe......
Life Insurance in South Korea, Key Trends and Opportunities to 2018
Published: 3-Mar-2015 Price: US $1950 Onwards Pages: 290
The South Korean life insurance market was the third-largest in Asia in terms of gross written premium in 2013, after Japan and China. The segment plays a key role in the development of the country's financial services sector and recorded growth during the review period (2009-2013). Its gross written premium increased from KRW88.8 trillion (US$69.6 billion) in 2009 to KRW124.0 trillion (US$113.2 billion) in 2013, at a compound annual growth rate (CAGR) of 8.7%. A high consumer prefer......
Income Protection and Critical Illness Insurance in the UK, Key Trends and Opportunities to 2018
Published: 2-Mar-2015 Price: US $2795 Onwards Pages: 73
The report provides market analysis and insights into the UK income protection and critical illness insurance business
It also provides a snapshot of market size and market dynamics
Furthermore, the report discusses key drivers, distribution channels and the outlook for the market
It also summarises deals, news and regulatory developments in the category
This report is the result of extensive research into the income protection and critical illness insurance mark......
Personal Accident and Health Insurance in Denmark, Key Trends and Opportunities to 2018
Published: 28-Feb-2015 Price: US $1950 Onwards Pages: 246
The Danish personal accident and health insurance segment accounted for the lowest premium share in the industry during the review period (2009?2013). The segment posted a review-period compound annual growth rate (CAGR) of 2.8% and growth was supported by the rising healthcare expenses and the presence of mandatory workplace accident cover. An inadequate public healthcare services and the unavailability of specialized treatment supported the health insurance category to register pos......
Reinsurance in Taiwan, Key Trends and Opportunities to 2018
Published: 28-Feb-2015 Price: US $1950 Onwards Pages: 72
In terms of gross written premium, the Taiwanese reinsurance segment increased at a review-period (2009-2013) compound annual growth rate (CAGR) of 1.7%. The treaty reinsurance category accounted for 55.5% of the total reinsurance premium accepted in 2013, while facultative reinsurance accounted for the remaining 44.5%. The premium accepted by the Taiwanese reinsurance segment is projected to record a CAGR of 4.9% over the forecast period (2013-2018). The Taiwanese reinsurance segmen......
Employee Benefits in Romania
Published: 28-Feb-2015 Price: US $1950 Onwards Pages: 67
Romania has a well-established social security system. In order to provide its citizens with decent living conditions, the Romanian government provides various social security schemes in close association with private institutions. The Romanian pension system is divided into three pillars - the first is a mandatory public pension system, which functions as a pay-as-you-go (PAYG) system. Privately administered pension fund schemes form the second pillar and voluntary occupational pens......
Employee Benefits in Indonesia
Published: 28-Feb-2015 Price: US $1950 Onwards Pages: 51
The Indonesian social security system comprises the provident fund system and social insurance system. Social security in Indonesia covers a small proportion of the population with minimal benefits. The employment-linked systems of contributory social insurance only cover 17% of employed persons, while more than 80% of people employed in the informal economy are not covered under the social security system. With effect from January 1, 2014, a new regime of national social security ha......
Life Insurance in Taiwan, Key Trends and Opportunities to 2018
Published: 28-Feb-2015 Price: US $1950 Onwards Pages: 245
The Taiwanese life insurance segment grew at a compound annual growth rate (CAGR) of 6.6% during the review period (2009-2013), due to the strong regulatory environment, aging population and economic recovery. The individual life insurance sub-segment performed strongly among the life insurance categories and registered a review-period CAGR of 9.2%, although the segment's growth slowed due to Taiwan's low interest rates. Short-term annuity products were preferred by Taiwanese custome......
Personal Accident and Health Insurance in Taiwan, Key Trends and Opportunities to 2018
Published: 27-Feb-2015 Price: US $1950 Onwards Pages: 211
The Taiwanese personal accident and health insurance segment grew at a review-period (2009-2013) compound annual growth (CAGR) of 6.2%. The growth of the aging population, improved economic development and rising healthcare expenses supported the segment's growth during the review period. Health insurance was the segment's largest category, followed by personal accident and travel insurance. The personal accident and health gross written premium increased in 2013, at a review-period ......
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