Atlas Magazine January 2016

2016 shaped by change

At the traditional end-of-the-year assessment,   insurers and reinsurers may breathe a sigh of relief as 2015 was not a particularly difficult year. The peace of mind and the calmness surrounding the insurance business were not troubled by either exceptional events or resounding bankruptcies. The results are sometimes below expectations; they remain, nonetheless, on the safe side.

This overall satisfactory performance is no reason for the business professionals to forget that the market is fragile. This initial finding may be supplemented by a second one of a quantitative rather than accounting nature. By the same token, 2015 marks the end of some perception of insurance while 2016 starts an era of swift and profound transformation whereby digital economy reigns supreme.

Very likely, the development of insurance will play out according to some key guidelines.

The first one pertains to the advent of the digital which places this tool at the core of the insurer’s profession. The “big data” is going to revolutionize customer’s approach, analysis, design and distribution of insurance products.

The second guideline pertains to personal insurance taking into account the coverage of health and retirement needs for the elderly and low-income households.

The third pillar for insurance development will be about the needs for the guarantees generated from emerging risks: connected objects, driverless cars,  cyber-attacks, nanotechnologies.

Eventually, insurers will have to be more and more concerned about the coverage of damage caused by climate change, and coverage resulting from the steady rise of social unrest, civil wars and terrorism.

Atlas Magazine N°127, January 2016

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