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Growth in the global economy was little changed in 2016 from the previous year with real gross domestic product (GDP) up 2.5%. Advanced economies’ GDP remained below the pre-financial crisis average, but was slightly above the annual average of the previous 10 years. Emerging market growth picked up only marginally, and was still far below the 10-year average.
Cyber threats are evolving rapidly due to the growing digital transformation of society, the widespread use of internet-enabled devices and processes, and the changing profile of hackers. Recent high-profile cyber attacks demonstrate that the extent of associated possible losses is also broadening, increasingly comprising both physical and financial damage relating to data privacy breaches and to companies’ tangible and intangible assets, and also business interruption costs. As a result, the issue of cyber protection is rising up the corporate agenda, at both large and small companies.
In terms of devastation wreaked, there were a number of large-scale disasters across the world in 2016, including earthquakes in Japan, Ecuador, Tanzania, Italy and New Zealand. There were also a number of severe floods in the US and across Europe and Asia, and a record high number of weather events in the US. The strongest was Hurricane Matthew, which became the first Category 5 storm to form over the North Atlantic since 2007, and which caused the largest loss of life – more than 700 victims, mostly in Haiti – of a single event in the year. Another expansive, and expensive, disaster was the wildfire that spread through Alberta and Saskatchewan in Canada from May to July.
Revenue insurance can be an effective product to protect farmer's revenue (combination of volume and price). Certain boundary conditions need to be met for the product to operate successfully in the market. Swiss Re as leading global agricultural reinsurer likes to engage in the discussions leading up to a wider launch of revenue products in China.
Forests are a vital resource for life on our planet but remain largely uninsured today. Swiss Re believes the re/insurance industry can make a big difference for forestry stakeholders by helping them close the protection gap with viable forest management solutions.
Reinsurance and insurance markets are changing rapidly. Insurers around the world have become increasingly sophisticated in managing their capital and risks. Consolidation, evolving solvency regulation and the spread of enterprise risk management are driving a trend of centralized re/insurance buying by insurance companies and large corporations, tailored to enable growth and steer group-wide risk appetite across all types of risks.
The Chinese economy has expanded rapidly over the last 30 years, with annual gross domestic product (GDP) growth averaging about 10%. Growth has slowed in more recent years due to weaker demand globally. China remains vulnerable to external shocks because of its reliance on investment and net exports, and this has prompted the government to try rebalance the economy to a more domesticconsumption growth model.
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