When data meets analytics – how will innovation open up new insurance markets?
Aon’s thought leadership series explores how the insurance industry is creating new products to be relevant to customers and stay ahead of the game in a constantly changing world.
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Navigating new forms of volatility
Rethinking access to capital
Addressing the underserved
Building a resilient workforce
Navigating new forms of volatility
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Global P&C business again produced an underwriting profit in 2018, with a combined ratio of 98.9%
Motor insurance is the fastest growing line of business, with 6.8% annual growth over the past five years, driven by strong growth in China, Brazil, and the US
For the fourth year in a row, Malaysia, Indonesia, and Singapore are ranked within the top five positions in Aon’s Country Opportunity Index
By Tom Roth
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Insurance Risk Study: Global risk, profitability and growth metrics – 14th edition
With access to global resources and a broad network of local market practitioners, we are equipped to provide insight across a spectrum of lines, products, and geographies.
Insurance Risk
Insurance Risk Study: Global risk, profitability and growth metrics – 13th edition
by Tom Roth
Insurance Risk
Motor insurance is the fastest growing line of business, with 6.7% annual growth over the past five years,
driven by strong growth in
and
Argentina
China, Brazil,
Saudi Arabia.
Mapping the streets of key cities
Using machine learning to identify preventative measures
Simulating what an attack may look like and estimating losses
Kelly Superczynski
Matt DiSanto
Recent legislation passed in
10 states (and growing) substantially expands
a US company’s ability to manage legacy liabilities:
Divide its book of business, including liabilities, into a separate entity (Division Statute)
Transfer business, including liabilities, into a separate entity (Insurance Business Transfer)
Matthew Honea
by Jon Laux
A cyber-attack on a US dam could cause a silent cyber exposure to insurers, with total insured losses of up to $10 billion.
‘Silent cyber’ exposure is the potential for cyber risk to trigger losses on traditional insurance policies – such as property or casualty – where coverage is unintentional, unpriced, or simply excluded.
$10 billion
$10 billion
(by comparison, initial estimates of insured losses resulting from wind and storm surge damage from Hurricane Michael have ranged up to $10 billion)
2007
2012
0
700
Number of Incidents Over Time
350
2018
Terrorism
by Emma Karhan
How is Terrorism Impacting Insurance Markets?
Terrorism reinsurance pools have been setting an example of how PPEs should look to the future, adapting to maintain their effectiveness in a changing environment
Investment
Gerard-Jan Van Berckel
Investment
Opportunities
The investment opportunity presented by the real estate debt market is significant, with nearly £1000bn of debt available in Europe alone.
Silent Cyber Scenario: Opening the Flood Gates
Cyber
Division Statutes and Insurance Business Transfers
Divide or Transfer: The newest legacy liabilities restructuring mechanisms
Legislators and regulatory insurance departments are acknowledging that insurers need new tools to effectively manage run-off and legacy liabilities, whether it is for finality, capitalization, solvency, or operational efficiency.
Machine learning
Modelling the Evolving Terrorism Landscape: A Data Scientist’s Perspective
Taking advantage of the ability to automatically analyse data at scale we are generating new insights into the spatial risks of terrorist attacks and their outcomes
By Dr. Stephen Tench
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Volcanic Eruptions
The Protection Gap and Large Volcanic Eruptions
A super-eruption has a 1-in-500 year chance of occurrence but do insurance policy wordings reflect the potential near-global consequences?
READ ARTICLE
READ ARTICLE
Flood
A Scientists Guide to Insuring Flood: 5 things you need to know
The risk of flood is prevalent all over the world, causing ~ USD550 billon of global economic damage over the past decade
READ ARTICLE
Protection Gap
The Role of Insurance in Building Resilience: Closing the Protection Gap
Terrorism reinsurance pools have been setting an example of how PPEs should look to the future, adapting to maintain their effectiveness in a changing environment
READ ARTICLE
How can businesses use capital to effectively address weather and climate-related risks?
88%
of companies' profitability
is impacted by weather
$353 b
in economic losses
vs.
$132 b
in insured losses
by natural disasters
2017's Protection Gap
The difference between the cost of damages and what’s covered.
by Liz Henderson
by Petr Punčochář
Climate Risk
Weather volatility and chronic climate risk: a growing capital efficiency gap
Climate resilience is about both being prepared and being able to deal with shocks from a variety of systems - whether from the natural environment or from technological or policy change.
by Greg Lowe
VEI 7 Eruption
2 VEI 7 eruptions
recorded every
1,000 years.
1,000
2
Potential annual production losses of wheat, maize, rice and soybean equal to the food for 2.3 billion people
By Russell Blong
by Dan Weber
Insurer Talent Gap
Bridging the Insurer Talent Gap
Digital is a mindset — which means it takes much more to create and sustain it than just implementing new technologies.
READ ARTICLE
by Thomas Croshaw
Social Media
Social media’s role in disaster response: the next evolution
From response to recovery, social media has been an effective communication medium during catastrophic events, particularly natural disasters
READ ARTICLE
by Tracy Hatlestad
A Conversation with Jeffrey Ma: Success with Analytics and why it’s easier to win at Blackjack than insurance
Predictive Analytics
READ ARTICLE
Artificial Intelligence
Demystifying
Artificial Intelligence
READ ARTICLE
Blockchain
Blockchain:
Mechanics and Magic
Database users have three concerns: does the data have integrity, is the data valid, and is the data secure? Blockchain offers innovative solutions to these three concerns.
READ ARTICLE
by Steve Mildenhall
“disruptive technologies / innovation”
such as VR and AI, as an “emerging risk”
Respondents to Aon’s 2017 Global Risk Management Survey cite
– one predicted to be in the in just a few years.
top 10 list of risks
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by Paul Eaton
“A long-term perspective is critical - especially within the industry. Short-term variances will always exist, but building a process and trusting it is crucial in achieving long-term success”
- Jeffrey Ma, Former VP, Analytics/Data Science, Twitter
$3.2 billion
An estimated
Source: Hootsuite
people
are
active users of social media
What does technology mean to your business?
Upskilling vs attracting new talent
Opportunities to outsource talent
Strategically uniting business and technology for better results
Internet of Things
Why the Internet of Things should be on insurers' radars
Only 1% of IoT vulnerabilities are reported about a specific device, according to research by Finite State.
READ ARTICLE
20.4 billion connected
devices by 2020
By Emma Karhan
By Kelly Superczynski
By Matt Wyckhouse
Virtual Claims
Virtual claims in a post COVID-19 world
“As is ever the case throughout history, enormous uncertainty and disruption can foster change that benefits both the customer and business.”
READ ARTICLE
By Wes Williams
By Mike Cummings
By Brian Siemsen
All files are securely stored for instant review
Desktop assessor guides customer through live stream
Customer streams live video from their mobile device
Customer receives SMS link to download app or connect through browser
Desktop assessor calls customer to carry out inspection
Machine learning
Modelling the Evolving Terrorism Landscape: A Data Scientist’s Perspective
Taking advantage of the ability to automatically analyse data at scale we are generating new insights into the spatial risks of terrorist attacks and their outcomes
READ ARTICLE
All files are securely stored for instant review
Desktop assessor guides customer through live stream
Customer streams live video from their mobile device
Customer receives SMS link to download app or connect through browser
Desktop assessor calls customer to carry out inspection
By Wes Williams
By Mike Cummings
By Brain Siemsen
By Richard Rosano
Virtual claims audit
Navigating the new normal - Virtual reinsurance claim audits are the wave of the future
“With the impact of COVID-19, virtual claim audits have come to the forefront as a necessity.”
By Ann Field
READ ARTICLE
By Kelly Superczynski
Internet of Things
Why the Internet of Things should be on insurers' radars
Only 1% of IoT vulnerabilities are reported about a specific device, according to research by Finite State.
By Matt Wyckhouse
READ ARTICLE
Cedent Network
Remote access through secure, encrypted internet connection: VPN
Reinsurer network
Cedent Network
Remote access through
secure, encrypted internet connection: VPN
Reinsurer network
Indonesia ranks within the top 5 positions and could grow premium by $17b if premium-to-GDP ratio matched the global average of 2%.
Geographic Opportunities Index suggests looking beyond developed economies to achieve strong insurance growth for the property casualty market.
By Tom Roth
READ ARTICLE
Insurance Risk Study: Global risk, profitability and growth metrics – 14th edition
With access to global resources and a broad network of local market practitioners, we are equipped to provide insight across a spectrum of lines, products, and geographies.
Insurance Risk
Indonesia ranks within the top 5 positions and could grow premium by $17b if premium-to-GDP ratio matched the global average of 2%.
Geographic Opportunities Index suggests looking beyond developed economies to achieve strong insurance growth for the property casualty market.
By Tom Roth
READ ARTICLE
Insurance Risk Study: Global risk, profitability and growth metrics – 15th edition
Beyond risk modeling, we provide our clients with very granular, customized market intelligence to create business plans that are realistic, fact-based, and achievable.
Insurance Risk
By Hanna Wang
China InsurTech
What’s going on in China’s InsurTech space?
The outbreak of COVID-19 brought an unprecedented opportunity for online insurance sales
READ ARTICLE
By Richard Rosano
Virtual claims audit
Navigating the new normal - Virtual reinsurance claim audits are the wave of the future
“With the impact of COVID-19, virtual claim audits have come to the forefront as a necessity.”
READ ARTICLE
An increase in the awareness of the necessity of health insurance
Innovative distribution approaches such as livestreaming insurance sales gained popularity
`
Online channels took over due to its ‘contactless’ nature
An increase in the awareness of the necessity of health insurance
Innovative distribution approaches such as livestreaming insurance sales gained popularity
`
Online channels took over due to its ‘contactless’ nature
READ ARTICLE
By Tom Griffiths
Trading during volatile times: Reinsurer performance and strategy
Reinsurance is an inherently volatile industry, and reinsurers must strike a balance between the needs of their cedants and the needs of their shareholders. Developing a strategy and portfolio that delivers the right risk reward trade-off is key.
of their profitability-volatility trade off
The composition of a reinsurer's portfolio is a prime driver
Rethinking access to capital >> Performance and strategy
By Lucy Griffin
By Jamie Douglas
Performance and strategy
By Tom Griffiths
By Jamie Douglas
By Lucy Griffin
Trading during volatile times: Reinsurer performance and strategy
Reinsurance is an inherently volatile industry, and reinsurers must strike a balance between the needs of their cedants and the needs of their shareholders. Developing a strategy and portfolio that delivers the right risk reward trade-off is key.
READ ARTICLE
READ ARTICLE
By Hanna Wang
What’s going on in China’s InsurTech space?
The outbreak of COVID-19 brought an unprecedented opportunity for online insurance sales
The potential of industry 4.0 >> China InsurTech
of their profitability-volatility trade off
The composition of a reinsurer's portfolio is a prime driver
By Hanna Wang
By Hanna Wang
By Wes Williams
By Mike Cummings
By Brian Siemsen
Virtual claims
Virtual claims in a
post COVID-19 world
“As is ever the case throughout history, enormous uncertainty and disruption can foster change that benefits both the customer and business.”
READ ARTICLE
of their profitability-volatility trade off
The composition of a reinsurer's portfolio is a prime driver
The composition of a reinsurer's portfolio is a prime driver
of their profitability-volatility trade off
READ ARTICLE
By Coco Feng
A new era for China Critical Illness Products
The revised Critical Illness definition and Industry CI Experienced Incidence Rate Table 2020 reflect the progress of medical technology and the product evolution in recent years, and will play a key role in guiding China CI insurance products.
Navigating new forms of volatility >> Critical Illness
2007:
The first Insurance Industry Standard CI Definition was published
2013:
The first Insurance Industry CI Experienced Rate Table (2006 – 2010) was published
2021:
February 1: All CI policies should use the new definition to sell, and the CI Experienced Rate Table is to be used for pricing and valuation
2020:
November 5: Standard CI Definition 2020 and Industry CI Experienced Rate Table 2020 were published
2019:
January: The Insurance Association of China (IAC) and the China Association of Actuaries (CAA) set up a CI working group and began the revision work
READ ARTICLE
By Tom Griffiths
Trading during volatile times: Reinsurer performance and strategy
Reinsurance is an inherently volatile industry, and reinsurers must strike a balance between the needs of their cedants and the needs of their shareholders. Developing a strategy and portfolio that delivers the right risk reward trade-off is key.
Doing business in a volatile world >> Performance and strategy
Critical ILlness
By Coco Feng
A new era for China Critical Illness Products
The revised Critical Illness definition and Industry CI Experienced Incidence Rate Table 2020 reflect the progress of medical technology and the product evolution in recent years, and will play a key role in guiding China CI insurance products.
READ ARTICLE
By Tom Griffiths
Performance and strategy
Trading during volatile times: Reinsurer performance and strategy
Reinsurance is an inherently volatile industry, and reinsurers must strike a balance between the needs of their cedants and the needs of their shareholders. Developing a strategy and portfolio that delivers the right risk reward trade-off is key.
READ ARTICLE
2021:
February 1: All CI policies should use the new definition to sell, and the CI Experienced Rate Table is to be used for pricing and valuation
2020:
November 5: Standard CI Definition 2020 and Industry CI Experienced Rate Table 2020 were published
2019:
January: The Insurance Association of China (IAC) and the China Association of Actuaries (CAA) set up a CI working group and began the revision work
2013:
The first Insurance Industry CI Experienced Rate Table (2006 – 2010) was published
2007:
The first Insurance Industry Standard CI Definition was published
2021:
February 1: All CI policies should use the new definition to sell, and the CI Experienced Rate Table is to be used for pricing and valuation
2020:
November 5: Standard CI Definition 2020 and Industry CI Experienced Rate Table 2020 were published
2019:
January: The Insurance Association of China (IAC) and the China Association of Actuaries (CAA) set up a CI working group and began the revision work
2013:
The first Insurance Industry CI Experienced Rate Table (2006 – 2010) was published
2007:
The first Insurance Industry Standard CI Definition was published
2021:
February 1: All CI policies should use the new definition to sell, and the CI Experienced Rate Table is to be used for pricing and valuation
2020:
November 5: Standard CI Definition 2020 and Industry CI Experienced Rate Table 2020 were published
2019:
January: The Insurance Association of China (IAC) and the China Association of Actuaries (CAA) set up a CI working group and began the revision work
2013:
The first Insurance Industry CI Experienced Rate Table (2006 – 2010) was published
2007:
The first Insurance Industry Standard CI Definition was published
Navigating new forms of volatility
Rethinking access to capital
Addressing the underserved
Building a resilient workforce
Building a resilient workforce