World Insurance Report 2019

Why is it in the news?
  • The World Insurance Report 2019 is recnently published by Capgemini and Efma.
  • Policy holders are increasingly concerned that their insurance coverage has become insufficient for emerging risks from cyber security to environmental threats.
More in the news
    • The report identified five macro trends:
      (1) Disruptive environmental patterns.
      (2) Technological advancements.
      (3) Evolving social and demographic trends.
      (4) New medical and health concerns.
      (5) Business environment changes.
      • These trends are creating emerging risks for insurance customers and their businesses.
      • Yet, most insurers have been slow to respond to these trends and equip customers for them, stated the report, which studied 28 markets, including India.
      • Under 25% of business customers across all geographies, and less than 15% of personal policyholders, feel they have sufficient coverage to insure against any one of the emerging risks driven by these macro trends.
      • Fewer than 40% of life and health insurers said they have built a pipeline of new products to cover emerging risks comprehensively.
      • As per the report, 83% of personal insurance customers have medium or high exposure to cyberattacks and to outliving their savings, yet just 3% and 5% respectively are comprehensively covered against these eventualities.
    Source
    The Hindu.




    Posted by Jawwad Kazi on 15th May 2019
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