Insights Articles

What does connected-vehicle evolution mean for insurers?

August 31, 2023 | London, UK

Widespread vehicle connectivity is already a feature of both internal combustion engine vehicles (ICEVs) and the electric vehicles (EV) of the future, creating great potential for ever higher levels of automation in mobility. Advanced Driver Assistance Systems (ADAS) such as forward collision warning (FCW), autonomous emergency braking (AEB) and lane-departure warnings have been a feature of motoring for many years, but as vehicle design progresses from assistance to automation, what does the future look like for insurers?

Takaful insurance in the UK: where is it, and where is it going?

July 27, 2023 | London, UK

The Islamic finance industry, and in particular, the Islamic (takaful) insurance industry have shown signs of extraordinary growth over the last two decades. Between 2006-2011, it saw a compound annual growth rate (CAGR) of 20%, way above that of conventional insurance, and between 2015-2021, global takaful assets saw annual average growth of 8%, from US$ 47 billion in 2015 to US$ 73 billion in 2021. Global assets grew quickly in 2021, rising +17% year on year, and the market is expected to top the US$ 100 billion asset mark in 2026. So, what exactly, is takaful insurance, what are the trends, and where are the opportunities?

Can parametric insurance address gaps in geopolitical & agricultural risk?

July 4, 2023 | London, UK

Recent innovation and more sophisticated data analytics have seen the commercial insurance sector open up to a wider range of risk, in response to the dangers of an increasingly interconnected world. As a result, ‘parametric insurance’ has not only become an attractive component in mitigating risk of damage and loss caused by natural weather variability, but its innovation and increasingly sophisticated technology is opening up new-product areas such as business interruption from rising geopolitical risk, as well as cover for agricultural losses.

Emerging risks & opportunities in battery energy storage insurance

June 8, 2023 | London, UK

Grid-scale battery energy storage systems (BESS) are becoming an increasingly common feature in renewable-site design, grid planning and energy policy as a means of smoothing out the intermittency of renewable energy technologies such as wind and PV solar – they are, in fact, one solution to the ‘missing link’ problem of making renewables a viable 24/7 sustainable energy solution. We have seen the rate of commercial deployment of BESS rapidly increase, but as with all fast-developing nascent and emerging markets, historical loss data is hard to come by. This presents problems for insurers looking to quantify risk. Is battery energy storage a significant risk?

Digitalisation & The Future at Lloyd’s Programme: How is it going & what does it mean for participants?

May 1, 2023 | London, UK

Transitioning the entire Lloyd’s market to a digital ecosystem was never going to happen overnight, given the complexities of the large underwritten commercial, corporate and speciality risks traditionally placed in the market. Despite the scale of this ambitious project, Lloyd’s promises that digitalisation “will profoundly transform the way in which customers get covered, right through to recovering from loss; this will be achieved by the redesign of the entire insurance lifecycle process – from placement through to accounting, payment, endorsements, claims, renewals and reporting – offering a seamless digital service for all Lloyd’s customers and stakeholders globally”.

Insurance protection gaps in GCC – trends and opportunities?

March 15, 2023 | London, UK

Insurance penetration across all categories in many Gulf Cooperation Council (GCC) States has consistently been seen to lag behind global norms. This represents a material opportunity for regional players to tap the latent potential for growth in the region; the GCC market is expected to grow from US$ 26 billion in 2021 to over US$ 31 billion in 2026.

Are exposure & vulnerability factors more important than trying to predict the weather?

February 24, 2023 | London, UK

For a sixth consecutive year, the reinsurance industry is on course to deliver poor annual results to investors already dubious of reinsurers’ ability to price catastrophe risk, including secondary perils. How has an industry that relies on sound risk assessment and management found itself in a situation where the baseline price needs to be raised so drastically? How has catastrophe-risk assessment slipped into becoming a short-term, cyclical and panic-ridden activity?

The insurance industry in 2022; what were the biggest trends, and how is 2023 shaping up?

January 10, 2023 | London, UK

Strong market headwinds have characterised the 2022 insurance and resinsurance markets, with high energy costs, rising inflation, geopolitical uncertainty, expensive natural disasters and the threat of ongoing recession looming large. Although the industry has exhibited a degree of flexibility in overcoming the challenges of the last couple of years, success in 2023 will depend on insurers’ ability to drive innovation amidst the kind of turbulence the world has not seen since the financial crisis of 2008.

Carbon removal, carbon credits and the insurance industry

December 20, 2022 | London, UK

Carbon dioxide removal remains central to global efforts to reduce overall net greenhouse gas emissions, alongside the inevitable reality of long-term hydrocarbon use in certain sectors.

Cyber insurance trends: the greatest threat to economic prosperity in the 21st Century?

November 22, 2022 | London, UK

Cyber risk remains a major existential threat for organisations, public institutions, supply chains and critical infrastructure as accelerated levels of digitalisation across businesses, economies and societies continue apace. With many organisations either oblivious to the dangers, or worse, complacent about their threat exposure, at a time when internet use, connected devices and IoT-networked sensors are experiencing massive growth, responding to the threat with effective, layered cyber deterrence should be initiated and led at boardroom level with urgency.

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