Rising risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines are forecast to push total premium volumes 10% higher than pre-COVID-19 levels this year.
Eight of the world’s leading insurers and reinsurers have committed to transition their underwriting portfolios to net-zero greenhouse gas emissions by 2050 with the formation of a new initiative.
The growing frequency of natural catastrophes has increased demand for reinsurance in the Asia-Pacific (APAC) region as domestic insurers seek financial resources to cover the risks.
Total capital dedicated to reinsurance grew by 7% to reach $658bn (£490bn) last year worldwide, while there were also signs of an underlying improvement to the industry's combined ratio.
Global insured losses from wildfires, flooding and other natural disasters increased by 50% last year amid ongoing climate change and urbanisation, Swiss Re has revealed.
Insurance technology companies attracted a record $7.1bn (£5.15bn) of investment across 377 deals last year, analysis by Willis Towers Watson (WTW) has revealed.
Around two-thirds of the economic losses resulting from natural disasters last year were not covered by insurance, and the protection gap continues to grow due to the world's changing climate.
Insurance companies suffered significantly higher losses from natural disasters in 2020 than they did the previous year, research from Munich Re has revealed.
