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.

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.

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.

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.

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