Regulatory Considerations for Digital Insurance Business Models | Issue brief
Author: Dennis Noordhoek
The COVID-19 pandemic has forced many insurers to accelerate their transition to digital business models. Though this has been remarkably successful in many countries, the crisis has also highlighted the critical role played by national regulatory frameworks in both facilitating and hindering the shift to digitalisation in the insurance industry.
Press Release: Global insurers unite to tackle climate risk with launch of Geneva Association Task Force
- The Geneva Association has mobilised experts from 17 of the world’s largest P&C and life insurers*, representing the companies of its CEO members, to develop and hone climate risk assessment methodologies and tools for the insurance industry.
- The first report of the task force presents an integrated decision-making framework for climate risk assessment that considers four dimensions: 1) business line (P&C versus
Climate Change Risk Assessment for the Insurance Industry
This first report by the Geneva Association Task Force on Climate Change Risk Assessment for the Insurance Industry offers a decision-making framework for climate risk assessment and scenario analysis for P&C and life re/insurers. The analysis considers all physical and transition climate change risks for the liability and asset sides of the balance sheet, by line of business and over distinct time horizons and serves as a foundation for the Task Force’s work to drive future developments in this space.
Social Inflation: Navigating the evolving claims environment
In recent years, the number of liability claims pursued has been increasing along with the amount of compensation awarded to plaintiffs. This is most acute in the U.S. but starting to spread to other jurisdictions as well.
Digital Health: Is the euphoria justified?
The digital health market has grown sharply and significantly in the space of a few years, and its growth is projected to continue at an increasing rate going forward. Despite this, our research indicates that it still has some way to go in terms of delivering quantifiable benefits on a larger scale. We offer recommendations for insurers on how they can shape the digital health market to optimise its societal benefits alongside realising new business opportunities.
Also of interest:
In Canada insurer-government collaboration on floods is growing and raising awareness is priority
- A new Geneva Association report gives a full view of flood risk management (FRM) in Canada, providing evidence of reform, such as new insurer-government collaborations to address the challenge.
- The insurance industry is supporting communities and households to reduce their flood risks, and the federal government has taken the first step towards a National High Risk Residential Flood Insurance Program.
- The report points to th