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Swiss Re uses its proprietary economic valuation and performance measurement framework (Economic Value Management, EVM) for its business steering with the objective to maximise shareholder value and allocate capital to the most attractive risk pools from an economic risk/return perspective.
The current product structure of the standalone, fully-guaranteed individual critical illness insurance product was launched in Canada more than 20 years ago. Yet penetration remains low at 3%. Scientific advances and next-generation medical diagnostics could undermine the viability of current CI products due to heightened risk of over-diagnoses and anti-selection. Could changing the current long-term guaranteed model benefit consumers and insurers in Canada alike?
We define the pension gap as the difference between the capital required to replace 65% of the pre-retirement income at the point of retirement, and the capital that is projected to be accumulated under mandatory contribution rates. This Expertise Publication estimates the pension gap in the six largest markets in Latin America - Argentina, Brazil, Chile, Colombia, Mexico and Peru – at USD 2.2 trillion. The paper explores the various options these countries have for closing the pension gap, as well as how the insurance industry can help protect individuals against mortality and longevity risks.
New issuance slowed dramatically in the second half of the year with only USD 2.13bn of issuance, the lightest total since 2009. Despite this, full-year issuance still exceeded USD 10.0bn, carried by the record shattering first half of the year with USD 8.4bn issuance.
Global growth prospects continued to improve during 2017 and a recession next year is unlikely. Even so, only moderate growth is expected this year, with real gross domestic product (GDP) estimated to increase by slightly more than 2% in the US and Euro area, by about 1.5% in the UK, and by 6.8% in China.
Australia’s commercial insurance market is the ninth largest in the world, with total premiums of USD 12 billion in 2016. However, penetration (premiums as a percentage of gross domestic product (GDP)) is still low relative to other advanced markets. For example, commercial insurance penetration was 0.9% in 2016, compared to 1.6% in the US and 2.4% in the UK.
Chronic diseases such as cardiovascular diseases, cancer, and diabetes are on the rise in India. The major drivers behind rising incidence rates are primarily demographic and lifestyle changes. These critical illnesses (CI) are a burden for the Indian population. Being diagnosed with a severe illness puts heavy financial strains on individuals and their families, especially those who are uninsured. Insurers play an important role in raising awareness of existing protection gaps and in helping society to close them. This study demonstrates an approach for deeper insights into the drivers behind consumers' preferences and product choices for CI insurance in India. It focuses on what creates value for consumers and how much they are willing to pay to close their CI protection gap.
The latest Expertise Publication from the Swiss Re Institute reviews recent developments in the economy and insurance markets of sub-Saharan Africa (SSA) excluding South Africa. It assesses the challenges and opportunities that lie ahead. Though still positive, in real terms SSA insurance premium growth has slowed notably from 2014 and came to a halt in 2016, mainly because of the weaknesses in oil exporting countries. However, the outlook is still positive based on the expectation of a recovery of economic activity and a continuation of the trend of increasing middle class. Key growth areas in the insurance sector lie in agriculture, health/medical and life/funeral coverage. The report is available on request for distribution to Swiss Re clients in hard copy only.
By 2050, the farmers of our world are expected to have to feed a staggering 9.8 billion people, up from 7.5 billion today. With fertile soils and a conducive climate, Central America and the Caribbean are uniquely positioned to supply farm products to growing markets worldwide. But the outdoor business of farming is exposed to many perils in the region: hurricanes, droughts, floods and storms, all of which are set to increase with climate change. So what needs to be done to harvest the economic opportunities that lie ahead? Find out on the following pages where the region stands today and what measures will ensure resilient and profitable farming in the Caribbean and Central America.
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(Swiss Re Institute) Risk Dialogue Magazine
The Risk Dialogue Magazine is a newsletter exploring future risk topics, featuring multimedia articles from the Swiss Re Institute's events and insights from our global network of experts.
Our sigma publication series provides comprehensive information on the international insurance markets and analyses of economic trends and strategic issues in re/insurance and financial services.
Swiss Re Publications
Our publications share our expertise on issues of concern to our clients, the re/insurance industry and society - from food, health, longevity and financial security to managing climate and natural disaster risk.