The Insurance Industry and Financial Education The insurance industry is facing a number of new challenges. With worldwide deregulation, new and non-traditional providers are entering the insurance market. The increased competition brings with it pressures to become more specialized and to focus on those activities in which there is a competitive advantage. At the same time, this deregulation is being offset by increasing controls over the delivery and sale of products to consumers. These new regulations are supported by new consumer protection legislation, which is often focused on how an insurer interacts with its agents and its customers. And new opportunities are opening to...
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Article information and share options Personal insurance is dependent on disposable income, while commercial insurance lines are sensitive to changes in turnover and employment, lower wages, cancelled events and reduced travel and trade. This means that demand for insurance is expected to suffer a sharp shock in 2020, with the overall volume of premiums in advanced economies set to fall by 4% (all growth figures are in real terms, adjusted for inflation). However, the latest analysis from the Swiss Re Institute’s sigma report World Insurance: Riding out the 2020 Pandemic Storm suggests that the sector will bounce back to pre-crisis levels by the end of 2021. The recovery will be...
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Advanced Driver Assistance Systems (ADAS) provide drivers with active safety support features. Vehicles on UK roads are now commonly fitted with a wide variety of ADAS offering features with increasingly sophisticated capability. The increase of ADAS features that support safety critical systems such as braking and steering, make the proper and effective function of ADAS ever more safety critical. The functions of ADAS features rely on sensors that continuously and accurately monitor the environment around the vehicle, making these sensors a safety-critical aspect of any repair process. When do the IIR apply? Inspection, realignment and calibration requirements must be considered in all...
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The U.S. insurance industry employed 2.9 million people in 2020 and was valued at $1.28 trillion. Of these total premiums paid, 48.9% was on life insurance and 51.1% was on property/casualty insurance. Property/casualty includes auto, home, and commercial insurance, totaling $652.8 billion in the same year. While health insurance is measured separately, the total insurance industry contributed $1.1 trillion—about 5.2%—to the nation's gross domestic product in 2020. While these facts and figures demonstrate how large the insurance industry truly is, it’s important to understand how it has affected the U.S. economy in the past before being able to determine how it will impact the economy'...
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Insurance THE ROLE OF THE FSC AND THE INSURANCE INDUSTRY The problems experienced in Jamaica, in the middle of the 1990’s, when the life insurance industry and most of the banking sector collapsed led the government and regulators to examine the causes. Measures were implemented that were aimed at solving the problems associated with the life insurance industry. In the process, a number of life insurance companies were forced to merge to ensure viability. In contrast, the general insurance industry saw only one failure which was salvaged through government assistance. The problems led the then Jamaican government to take appropriate actions to remedy the deficiencies that were...
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1. Disruption to existing insurance business models Insurance executives face a major dilemma with the emergence of IoT. The benefits for insurers center on risk mitigation and lower claims. But the competitive nature of the insurance industry means that fewer losses will lead to lower premiums over time. Insurers will look to replace shrinking revenue. While the ability to create new, revenue-generating services from IoT is largely unproven, the potential of IoT-based insurance services should help drive its adoption. To complicate matters, insurers will encounter new competitors who are already focused on the IoT opportunity. Those include auto manufacturers, home security companies and...
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Article information and share options There is no doubt that sustainability is currently on-trend. Given its global significance and its importance when it comes to our "today" and, in particular, our "tomorrow", for future generations it is more than just a temporary phenomenon. It will remain the determining factor for both economic life and personal behaviour in the future. While currently just one in four Germans view sustainable action as being extremely important, the trend is clearly on the up. With its recently published policy document, the German insurance sector has taken a stand when it comes to sustainability. The issue has also already been taken up through the mechanisms of...
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Insurance Ireland is the representative organisation for the insurance sector in Ireland Ireland is a thriving global hub for insurance, reinsurance and insurtech. Ireland’s insurance market is the sixth largest in the EU, and our reinsurance market is the second largest. Our members represent around 95% of the companies operating in the Irish market, making Insurance Ireland a strong leadership voice for the sector. Insurance Ireland members are progressive, innovative and inclusive, providing competitive and sustainable products and services to customers and businesses across the Life and Pensions, General, Health, Reinsurance sectors in Ireland and across the globe. In Ireland, our...
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Overview The insurance industry comprises companies and people who develop insurance policies, and sell, administrate, and regulate them. Some insurance companies offer investment products and employ people who develop, sell, administrate, or service these products. Insurance is about managing risk, for both the insurance company and its customers. The company must make sure it collects enough money in premiums to offset customers’ claims while still maintaining a profit. Customers use insurance to minimize risk to their finances in the case of lost or damaged property, lawsuits, illness or accident, business interruption, or premature death. Today, there are few items of value that can’t...
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Essential insurance industry statistics that every insured in the US must know. We also included the yearly insurance overview and industry growth projections. Insurance statistics show that the industry has had a pretty good run lately, thanks mainly to three factors: sustained economic growth, better interest rates, and greater investment income. But will the trend continue? What’s in store for the insurance industry in 2021 and beyond? If recent figures are any indication, there’s every reason to believe 2021 will turn out to be yet another good year—maybe even a banner year—especially if potential headwinds, like a slowing world economy or the trade war between the US and China, don’t...
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