CONSTRUCTION INSURANCE INSURED STATUS INSIGHTS

whitePaper | February 12, 2020

For the third consecutive time in six years, insurers report increasing amounts of suspected fraud. Nearly three-quarters of insurers that participated in the 2018 survey say fraud has increased either significantly or slightly, an 11-point increase since 2014. Anti-fraud technology is seen as a major weapon to address increased fraud; many insurers use more-sophisticated technology tools and are greatly broadening their tech arsenals.

whitePaper | June 29, 2022

The world economy is undergoing paradigm shifts that will have profound long-term policy implications. Global economic growth is set to slow sharply and inflation rates are at multi-decade highs. The latter result from a confluence of factors, including the high levels of fiscal stimulus pumped into the economy at the height of the COVID-19 crisis, disruptions to global supply chains and soaring energy and commodity prices due to the war in Ukraine. We believe several major economies face inflationary recessions in the coming 12–18 months.

whitePaper | November 21, 2019

In recent years, the tech world has made a sizeable dent in the insurance world. The launch of technology based start ups, such as Wrisk, Brolly and Cuvva has made bare the fundamental fact that the insurance industry was not really synonymous with technological development. That is changing. Many insurers are now embracing digital transformation as their keystone strategy.

whitePaper | May 4, 2022

In order to thrive and compete in the digital age, insurers cannot afford to overlook the opportunities that emerge where industry and technology trends meet. If digital had already fundamentally altered the way businesses operate over the past few years, the global pandemic certainly compounded those changes. Where and how we work, the products and services people choose to consume and how, what constitutes a positive customer experience from the significant to the subtle, no element of business is untouched by significant shifts. In many respects the insurance industry has done an excellent job of responding to these challenges—in the short term at least. But merely keeping up is not enough in the long term. In order to thrive and compete in the digital age, insurers cannot afford to overlook the opportunities that emerge where industry and technology trends meet. Seizing these opportunities may mean reprioritizing the transformation agenda, but the rewards will more than justify the means.

whitePaper | May 20, 2022

Anticipating the risks of tomorrow is embedded in our DNA at Munich Re, which is why we have been involved in managing cyber risk from the first moment it became a consideration - and continue to keep pace with its lightning-fast development. As the challenges this risk class poses to the global economy grow, we, and the insurance industry as a whole, need to provide proper solutions capable of addressing risk capacity and sustainability for this line of business. The numbers clearly show that the need for cyber security and insurance is increasing steadily: Munich Re estimates global cyber premiums to be $9.2 billion (beginning of 2022) and expects that they will reach approximately $22 billion by 2025. Given the ever-increasing frequency and severity of cyber-attacks, our survey reveals that the insurance gap is disproportionately high. And the mismatch between risk awareness and implementation of protection measures and the need for more capacity for larger risks remains a real challenge in what is an increasingly difficult environment for the entire insurance industry.

whitePaper | December 5, 2022

As we head into 2023, P&C insurers will prioritise digital transformation initiatives to navigate geopolitical risks, supply chain disruptions, sluggish growth and rising inflation. Key actions will include focusing on customer centricity, prioritising agile product innovation, embedding sustainability into corporate strategy, and building advanced digital capabilities to build a resilient, future-ready enterprise.