The Insurance Impacts of 2019 Novel Coronavirus

whitePaper | December 10, 2019

Insurance, since its inception, has shaped patterns of economic and social growth. It has helped us mitigate the damage of threats and disasters from droughts to car accidents, and has opened new pathways to financial health and stability that would not have been possible without risk management. Insurance is part of all of our lives and, as societies across the globe now grapple with increased risks from climate change to geopolitics, and new trends in consumer demand and technological advancement, insurance is changing.

whitePaper | January 17, 2023

Subrogation offers insurers the important chance to reduce claim costs by assigning full or partial responsibility to another party. It is most commonly used in automotive insurance, but can also be applied to property claims, renter’s insurance, and policies covering possessions such as phones or appliances. But opportunities for subrogation can be missed, which likely costs insurers billions of dollars each year.

whitePaper | April 6, 2022

The impact of the COVID-19 outbreak has been devastating for the global economy, and with many countries in extended lockdown, there has been a seismic shift in customer behaviour and business operations.

whitePaper | March 9, 2020

Only about one in 10 connected Americans say they have insurance to help them recover from a cyberattack. And close to half do not know whether they have this protection, according to the Insurance Information Institute and J.D. Power 2020 Consumer Cyber Insurance and Security Spotlight Survey℠. Because of consumer confusion about their current cyber coverage, and the persistent idea that consumers are unwilling to pay more, insurers are faced with a challenge. They need to find a way to educate and inform consumers about the benefits of personal cyber insurance, and its value for helping them recover from thousands of dollars in personal losses after an attack.

whitePaper | December 13, 2019

This paper contains the views and thoughts from the Sovos global practice and contributors include our indirect tax, e-invoicing and other subject matter experts from across the organisation. Our aim is to provide you with a high-level insight into the challenges that not only insurers but also governments are facing and how insurers need to adapt to survive and prosper in today’s digital age.

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.