2020 Foresight Report: Trends in Non-Life Insurance Underwriting

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Jul 10, 2013, 01:32 ET

NEW YORK, July 10, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

2020 Foresight Report: Trends in Non-Life Insurance Underwriting

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Synopsis
The report provides in depth market analysis, information and insights into underwriting industry trends for non-life insurance globally, including:
• Comprehensive assessment of non-life underwriting market dynamics
• Analysis of the effect of changes in regulations on underwriting
• Analysis of the underwriting cycles
• Detailed analysis of the technological trends impacting underwriting
• Detailed analysis of the effect of natural and man-made disasters on underwriting

Summary
The insurance underwriting industry has undergone a paradigm shift over the last decade due to the introduction of new technology, which has revolutionized processes and business practice. Insurance companies are augmenting their processes to maintain a social media presence and also to help combat fraud. With the advent of Solvency II and other risk-based capital (RBC) approaches, underwriting has become increasingly dependent on movements in the regulatory environment. Several natural disasters resulted in substantial losses and an exceptionally high number of fatalities during the review period (2008–2012). Telemetric, predictive analytics, automated software programs and the use of social networking sites has transformed the way in which insurance underwriting operates.

Scope
• This report provides a global snapshot of the key performance indicators impacting underwriting including combined ratio, loss ratio and expense ratio and underwriting profit/loss trends
• It studies the impact of regulatory trends on underwriting including Solvency II and EU gender neutral insurance
• It provides detailed analysis of the different underwriting cycles
• It provides detailed analysis of the relationship between economic growth and the insurance industry's growth in key markets
• It provides detailed analysis of the impact of technological trends in underwriting
• It provides detailed analysis of the impact of natural and man-made disasters on underwriting

Reasons To Buy
• Make strategic business decisions using detailed assessment of the key challenges and opportunities that non-life insurance underwriting presents currently
• Understand directives of new regulations and the necessary changes required in the current business structure of an underwriting firm
• Assess underwriting profit or loss trends in key markets
• Assess the impact of economic growth on the insurance industry
• Assess the adoption of technology trends in different companies across different geographies
• Find out how underwriting has evolved due to the impact of natural disasters

Key Highlights
• The insurance underwriting industry has undergone a paradigm shift over the last decade due to the introduction of new technology, which has revolutionized processes and business practice.
• Several natural disasters resulted in substantial losses and an exceptionally high number of fatalities during the review period (2008–2012).
• While, mature markets such as the US, the UK, France and Italy are recording stagnant growth, emerging economies are driving premiums.
• The US non-life insurance segment registered the highest underwriting loss in 2012, while, Japan recorded the highest underwriting profit.
• The growth in telematics users in Europe will be driven by the UK and Italy.
• Predictive analytics has revolutionized the world of premiums and claims management in the insurance industry.

Table of Contents

1 Executive Summary
2 Global Snapshot: Assessment of Non-Life Underwriting Market Dynamics
2.1 Analysis of Key Performance Indicators Impacting Underwriting
2.1.1 Comparison of underwriting profit/loss trends
2.1.2 Comparison of global loss ratios
2.1.3 Comparison of global expense ratios
2.1.4 Comparison of global combined ratios
3 The Effect of Regulations on Underwriting
3.1 Overview
3.2 EU Ruling on Gender Neutral Insurance to Affect Underwriting
3.3 Impact of Solvency II on Underwriting
3.3.1 Evolution of regulations affecting underwriting
3.3.2 Solvency I vs Solvency II
3.3.3 Basel II vs Solvency II
3.4 Solvency II Risk Assessment and Challenges
3.5 Analysis by Solvency II Pillars
3.5.1 Pillar I – capital adequacy
3.5.2 Pillar II – systems of governance
3.5.3 Pillar III – supervisory reporting and public disclosure
4 Market Dynamics Related to Economic Risk
4.1 Underwriting Cycles
4.2 Market Dynamics during 2008–2012
4.3 Relationship between GDP and Gross Written Premium Growth
5 The Technological Trends in Underwriting
5.1 Telematics
5.1.1 Key takeaways
5.1.2 Snapshot of different telematics-based insurance schemes
5.2 Predictive Analytics
5.2.1 Analyzing the impact of predictive modelling in different facets of the industry
5.2.2 How Santam Insurance used predictive analytics in motor insurance to counter fraud
5.3 Automation
5.4 Social Media
6 Natural Disasters and their Impact on Underwriting
6.1 Catastrophe Insurance and Pricing
6.2 Case Studies
6.2.1 Swiss Re – Taking catastrophic underwriting modelling to a new level following the Japanese Earthquake and Tsunami, 2011
6.2.2 Hurricane Katrina's effect on property and casualty underwriting industry
6.2.3 2011 Thai Floods and their Subsequent Effect on Underwriting
6.3 Impact of Man-made Disasters
7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer
7.4 Disclaimer

List of Tables

Table 1: Capital Charges for Equity Investment
Table 2: Snapshot of Various Telematics-Based Insurance Products
Table 3: Snapshot of Insurance Companies Automating Underwriting
Table 4: Key Natural Disasters to have Impacted the Global Insurance Industry, 2008–2012
Table 5: Insurance Losses Emanating from the Japanese Earthquake/ Tsunami, 2011
Table 6: Insurance Losses Emanating from Thai Floods, 2011

List of Figures

Figure 1: Leading Non-Life Insurance Segments, Gross Written Premium (US$) – Global, 2012
Figure 2: World's Leading Non-Life Insurance Segments – Underwriting Profit and Loss (US$ Billion), 2012
Figure 3: World's Leading Non-Life Insurance Segments – Loss Ratio (%), 2012
Figure 4: World's Leading Non-Life Insurance Segments – Expense Ratio (%), 2012
Figure 5: World's Leading Non-Life Insurance Segments – Combined Ratio (%), 2012
Figure 6: Regulatory Trends Affecting Insurance Underwriting
Figure 7: Impact of EU Ruling on Gender Neutral Insurance on the UK Motor Insurance Premiums
Figure 8: Impact of Solvency II on Underwriting
Figure 9: The Evolution Process of Solvency II
Figure 10: Impact of Solvency Requirement on Company's Balance Sheet
Figure 11: Basel II vs. Solvency II Pillars
Figure 12: Impact of Solvency II on Assets
Figure 13: Bond Yield vs Capital Charge
Figure 14: Expected Capital Charges Under Solvency II for Different Asset Class
Figure 15: Pillar I Key Components and the Potential Challenges
Figure 16: Pillar II Key Components and Potential Challenges
Figure 17: Pillar III Key Components and Potential Challenges
Figure 18: Characteristics of the Underwriting Cycles in Insurance
Figure 19: Underwriting Cycle in Recent Years in Mature Markets
Figure 20: GDP and GWP Growth Rates (2008–2012)
Figure 21: Technological Trends in Insurance Underwriting
Figure 22: Areas In Non-Life Insurance With Maximum Fraud Cases, US, 2012
Figure 23: Telematics in Insurance – Process Simplified
Figure 24: Why Telematics? – The Value Proposition
Figure 25: Percentage of Insurance Companies Using Various Telematics Data for Underwriting
Figure 26: Predictive Analytics in Insurance – Process Simplified
Figure 27: Why Predictive Analytics? – Value Proposition for Insurers
Figure 28: Multi-Faceted Impact of Predictive Analytics in Insurance
Figure 29: How Santam Insurance Created Value Through Predictive Analytics
Figure 30: Impact of Santam's New Software Installation in Various Channels
Figure 31: Processes In Underwriting Where Automation Is Involved
Figure 32: Why Automated Underwriting? – Value Proposition for Insurers
Figure 33: Use of Various Social Media Channels in Insurance Underwriting
Figure 34: New Catastrophic Underwriting Model Post Japanese Earthquake
Figure 35: Effect of Hurricane Katrina on Underwriting
Figure 36: Effect of Thai Floods on Underwriting
Figure 37: Outcome of Public Unrests in 2011 for Insurance Underwriting

Companies Mentioned

Teletrac
GeoTab
Teleav
Telogis
Amaguiz
Coverbox
Zurich Financial Services
Progressive Casualty Insurance
Liberty Mutual
Hollard Insurance
Aviva Insurance
Allianz Italy
AA Insurance
Santam Insurance
Nationwide Mutual Insurance Company
Amica Insurance
Integro Insurance
Allstate
GEICO
State Farm