INSURANCE BEST PRACTICES: Three Steps to Enable Automation and Cost Savings

whitePaper | July 22, 2022

On February 18 2019, the State Council announced the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (the Outline Development Plan). This is an ambitious plan to develop a worldclass bay area ideal for living, working, and travelling between the nine municipalities in Guangdong Province and the two Special Administrative Regions (SARs). As one of the most open, economically vibrant regions in China, the Greater Bay Area has a major strategic role in commencing and dictating a new phase of economic and social growth. In addition to its mission of facilitating China's quest to develop a world-leading city cluster, the Outline Development Plan also promotes active participation across the GBA in the related work of the Belt and Road Initiative by leveraging the competitive advantages created by the two free trade economies of Hong Kong and Macao.

whitePaper | June 14, 2023

Reinsurance is a vital function, empowering insurers to offer more coverage to more customers at a more competitive price. But at a time when every insight, innovation and advantage is needed to help insurers take ownership of their reinsurance program, their antiquated reinsurance management systems and methods may be the biggest factor limiting their reinsurance program success and business performance.

whitePaper | April 1, 2023

In a study conducted by KPMG, 96% of insurance CEOs reported the pandemic accelerated digitization initiatives. COVID-19 forced businesses of all shapes and sizes (along with consumers) to embrace digitization.

whitePaper | September 5, 2022

The COVID-19 pandemic has had a major impact on global supply chains, but those supply chains have also been a vital lifeline in supporting the response. In particular, vehicle rental and repair networks have kept drivers, businesses and the economy moving throughout the pandemic.

whitePaper | August 12, 2022

In 2021, massive vaccine deployments and the lifting of pandemic-related limitations were the key catalysts in helping individuals and companies regain trust in the insurance industry while also boosting economic growth. However, the COVID-19 concerns, paired with cyber and climate shifts, and disruptive market dynamics, continue to remain uncertain. Despite the increase in regulations, rising inflation, decreasing interest rates, and changing consumer preferences, insurers anticipate a gamechanging scenario in the insurance industry in the year 2022.

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.