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Japan’s commercial insurance market is the fourth largest in the world with total premiums of USD 38 billion in 2016. Penetration (premiums as a percentage of gross domestic product (GDP)) has been rising in recent years, but is still low relative to other advanced markets. Commercial insurance penetration in Japan was 0.8% of GDP in 2016, compared to 1.6% in the US and 2.4% in the UK. By line of business, motor accounted for close to 42% of commercial insurance premiums in 2016. The next biggest lines were property (17.5% of premiums) and liability (17.2%).
Technology and the availability of new data sources are increasingly having an impact on insurance. Information, once digitalised, is being used to improve processes all along the insurance value chain. The rapid spread of internet-enabled sensors and ubiquitous connectivity are enabling new ways of communicating, information sharing, and insuring.
The latest Expertise Publication from the Swiss Re Institute assesses the insurance opportunity presented by the countries taking part in the China-led Belt & Road (B&R) Initiative. B&R will support economic activity across all countries involved in the Initiative, mainly through investment in infrastructure, increased trade, financial services sector growth and job creation. And this will also present many opportunities for global insurers.
Commercial insurance helps firms mitigate their exposure to losses and is an essential component of risk management. In Japan as elsewhere, changing dynamics in the economic, business, regulatory, socio-political and technological conditions reshape the risk landscape, driving companies in all sectors to constantly reassess their risk exposures.
The global economy is expected to grow moderately over the next two years, supporting continued growth in insurance premium volumes, Swiss Re's publication Global insurance review and outlook for 2017/18 shows. Growth in global non-life premiums is forecast to fall slightly from 2.4% in 2016 in real terms to 2.2% in 2017, and accelerate to 3.0% in 2018. In the life sector, global premiums are expected to grow by 4.8% in 2017 and 4.2% in 2018. The emerging markets, in particular emerging Asia, will be the main driver of premium growth in both the non-life and life sectors.
Reinsurance is one of the main risk and capital management tools available to primary insurance companies. However, it is not well known outside the insurance sector. This paper explains the essentials of reinsurance in terms understandable to a broad audience. It describes the principles of life and non-life reinsurance, why insurers benefit from buying reinsurance cover, and how reinsurers deal with risk.
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.
Commercial insurance helps firms mitigate their exposure to losses and is an essential component of corporate risk management. In Australia as elsewhere, changing economic, business, regulatory, socio-political and technological conditions reshape the risk landscape, driving companies in all sectors to constantly reassess their risk exposures.
Agricultural insurance is one of a number of risk management strategies used to confront the perils of agricultural production. It helps manage risks in the agricultural food value chain, stabilize farming income and promote investment in agriculture. In Latin America, agricultural insurance systems include formal and informal risk sharing and transfer arrangements, private insurance and post-disaster government relief. They span the spectrum of predominantly market-based systems where private insurers compete for business, to more state-directed programs.
Underinsurance of property risks is a global challenge. Much of the protection gap is due to uninsured global natural catastrophe risk, which has been rising over the past 40 years. This report focuses on the property protection gap in Latin America. The protection gap is defined as the difference between total economic losses and insured losses. With economic development and ongoing urbanisation, the value of property at risk has outpaced the purchase of insurance in many countries.
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