Responsible Use of Data in the Digital Age: Customer expectations and insurer responses

Submitted by petr_neugebaue… on

Data-driven personalisation in insurance offers considerable advantages to customers, such as increased affordability, improved access and better personal well-being due to enhanced loss prevention. It also presents a range of challenges, including pricing out of customers with higher loss expectations and issues around data security and privacy. This issue brief examines how insurers can responsibly capitalise on the benefits of increased data availability to better serve their customers, without compromising on trust.

Population aging is a social and economic opportunity

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MAPFRE and The Geneva Association organize a global conference in Madrid on the effects of increased life expectancy

 

“The accelerated aging of the population pyramid is undoubtedly a great challenge that our societies face in the coming decades, but it also represents a great opportunity in economic and social terms.”

Anchoring Climate Change Risk Assessment in Core Business Decisions in Insurance

Submitted by brighton@edelman.com on

This third and final Geneva Association report on climate change risk assessment presents comprehensive yet practical guidance to help re/insurers implement more holistic assessment and forward-looking scenario analysis in their business models. The report reflects input from key regulatory and standard-setting bodies across jurisdictions and includes three examples of business use cases.

 

Cyber insurers are part of the solution to ransomware, finds Geneva Association report

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  • New Geneva Association report highlights the important role of private re/insurers, alongside governments, in boosting society’s resilience to ransomware and ensuring the full benefits of digitalisation can be realised.
  • The report explores the significant value add of cyber insurance beyond risk transfer, amid ongoing debate on whether to ban ransom payments or associated insurance coverage.
  • Governments should do more t

Ransomware: An insurance market perspective

Submitted by brighton@edelman.com on
The frequency of ransomware attacks is increasing, along with the size of ransom demands. While cyber insurance provides vital financial protection and operational support in the event of an attack, ransomware has contributed to the deterioration in cyber insurers’ underwriting performance. Enriched by re/insurer insights and learnings, this report identifies the challenges and economic externalities of ransomware, highlighting that cyber insurance and policy can work together to boost cybersecurity and, more broadly, socio-economic resilience.

 

Inflationary recession is the key concern, say re/insurance chief economists and chief strategy officers

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ZURICH, 4 July 2022 – On 24 June 2022, the annual meeting of the Geneva Association Economic Forum (GAEF) took place in Paris, hosted by SCOR SE. The meeting convened more than 20 members of the GAEF Network, comprised of chief economists and chief strategy officers from the world’s leading insurers and reinsurers.

Key messages from the meeting:

The Geneva Papers: Special issue on New Technologies & Data in Insurance | Summary

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Issue summary

Digital technologies are changing the way we work, live and interact. Advances in data analytics and AI technologies offer huge promise for the insurance industry in particular, with their potential to streamline processes across the value chain, accelerate the shift towards mitigation and prevention services, and facilitate greater personalisation of products. Making the most of these opportunities and ensuring they keep pace with the latest developments, however, will require insurers to step up their innovation efforts.

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