Insurance and reinsurance market must prepare for technology disruptions and cyberattacks
Insurers and reinsurers must prepare for the growing risk of unplanned technological disruptions.
Cyber, climate change and business interruption top key insurance risks
Cyber, climate change and business interruption (BI) have become key risks for various segments of the insurance market
Swiss Re analysts forecast an average increase in premium income in the life insurance sector of 3%
This is more than double the pace of the previous ten years.
10 main risks of the insurance sector in Europe
Risks in the European insurance sector remain stable at an average level, although there are some "vulnerabilities" due to market volatility and real estate prices
Economic losses from natural disasters totaled $280 billion, $51.6 billion accounted for by floods
Losses are expected to increase due to increased extreme weather events due to climate change
Global reinsurers will raise tariffs in 2025
Participants in the global reinsurance market have different expectations for reinsurance rates in 2025
The losses of the global insurance industry from natural disasters will exceed $125 billion by the end of the year
Since the beginning of the year, insurance companies around the world have suffered losses from natural catastrophic events in the amount of $102 billion. By the end of the year, this figure will exceed the figure of $125 billion in 2023.
Cyber risks are the main concern of 62% of companies
The Travelers' annual cyber threat survey found that security breaches and unauthorized access are a concern for 57% of companies, followed by ransomware (54%), unsafe computer practices by employees (53%), and system failures (53%).
Mandatory insurance of mortgaged property and residential construction objects will be introduced in Ukraine
At the end of September, the Ministry of Economy and the National Bank presented the preliminary version of the draft law on the introduction of mandatory insurance of mortgaged property and residential construction objects.
In Ukraine, the draft law “On the system of military risk insurance”, developed by the NBU, was presented
This document proposes the introduction of a nationwide system of insurance against war risks to protect the interests of citizens and businesses.
The Cabinet of Ministers approved changes to agricultural insurance with state support and new requirements for insurers
The adopted changes updated the approach to licensing of insurers
The forecast for the global reinsurance market for 2025 is positive
The growth of profits of global reinsurers, which will be stable in the short and medium term, was the main reason for AM Best's positive forecast for the global reinsurance market.
Global M&A activity in insurance fell to 15-year low in 1H 2024
103 M&A deals were concluded in the market of insurance services.
In Ukraine, the State Agency for War Risk Insurance and mandatory insurance of critical objects were announced
The Financial Stability Board (FSB) considered the systemic risks of the financial sector of Ukraine.
The draft law on insurance of war risks in Ukraine was agreed at the level of the NBU and the Government
The project provides for the introduction of both mandatory insurance of certain objects and voluntary insurance.