Our Scans · (FS.4.04) Insurance Underwriting · Weekly Summary

• The property and casualty insurance industry is anticipated to post deterioration in homeowners' statutory underwriting performance for the year, with a segment combined ratio projected at 109 in 2023 versus 104.4 in 2022. Insurance Journal
• The Net-Zero Insurance Alliance launched a Target-Setting Protocol that will require NZIA members to begin to set science-based decarbonization targets for their insurance and underwriting portfolios. Sullivan and Cromwell LLC
• AXIS Capital, the global specialty insurance and reinsurance underwriter, is back in the capital markets with what will be its sixth catastrophe bond, seeking at least $100 million of protection from a Northshore Re II Ltd. issuance. Artemis.bm - The Catastrophe Bond, Insurance Linked Securities & Investment, Reinsurance Capital, Alternative Risk Transfer and Weather Risk Management site
• Premiums have risen dramatically with the recent increase in criminal and state-sponsored cyberattacks since Russia's invasion of Ukraine, making cyber-risk increasingly hard to manage and, from an insurance underwriting perspective, to price appropriately. The New Statesman
• Higher premium growth and better underwriting discipline in India's dominant state-owned insurance sector will ease profitability pressure on both life and general insurance sectors. Mint
• By using AI to analyze data provided through technology such as telemetry, insurers will be able to reduce human bias in underwriting. Business Insurance
• By 2030, manual processes such as manual underwriting will become a thing of the past for personal and small-business products across life, property and casualty insurance. Digital Insurance
• Insurance companies will be looking to offset underwriting losses with investment portfolios and make the most of opportunities from current Treasury yield levels. Insurance Business
• Many U.S. clients are seeing very few insurance claims from recent storms as a result of using InsitePro for risk selection and underwriting. Intermap Technologies
• Analysts at Fitch Ratings predict a better underwriting result for U.S. property/casualty insurers in 2023 than 2022, but the combined ratio is still going to hover above breakeven. Carrier Management
• In 2020, the World Economic Forum released a report that said while 85 million jobs would be replaced by automation by 2025, including in manufacturing, insurance underwriting, customer service, data entry, and long-haul truck driving, 97 million new opportunities will be created. Forbes
• Firms joining NZIA pledged to transition their insurance and reinsurance underwriting portfolios to net-zero emissions by 2050. Digital Insurance
• By underwriting and investing in new and expanded fossil fuel projects, U.S. insurers are helping Big Oil bring us closer to the worst runaway climate scenarios, which threaten lives, livelihoods, and the federal budget. The Washington Post
• AI technologies could add $1.1 trillion in annual value for the global insurance industry: approximately $400 billion could come from pricing, underwriting, and promotion technology upgrades and $300 billion from AI-powered customer service and personalized offerings. McKinsey & Company
• Under the Net-Zero Insurance Alliance, a group of insurers representing more than 14% of global premium volume have committed to transitioning their underwriting portfolios to net-zero greenhouse gas emissions by 2050. Eco-business
• When firms join NZIA, they pledge to transition their insurance and reinsurance underwriting portfolios to net-zero emissions by 2050. Digital Insurance
• 85% of global insurers consider better ESG compliance necessary to transform brand reputation, investments, underwriting, risks & internal audits. Sun Dew Solutions Private Limited
• Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. Premia
• Transactional risk insurance is expected to remain a key component of deals in North America, with insurers expanding their underwriting appetite to meet client demand. Insurance Journal
• By 2027, digitally engineered underwriting will have reached mainstream adoption in the global life insurance industry, resulting in significantly increased revenue and underwriting profitability and improved customer experience. Beinsure Digital Media
• By 2027, digitally engineered underwriting will have reached mainstream adoption in the life insurance industry, resulting in significantly increased revenue and underwriting profitability and improved customer experience. Accenture

Last updated: 25 April 2024