Supportive government policies are a key driver behind growth of agricultural and liability insurance. Some media reports that Swiss Re invested US$ 100 million in the round. It is designed as an agora for dialogue, for relationship building, for knowledge transfer, and to come up with new ideas. China will lead recovery of the global insurance market with premiums up by an estimated 10% in non-life business next year, and by 8.5% in life, according to Swiss Re Institute in its latest sigma study. China further liberalised the life insurance sector in 2019 by lifting the cap on foreign shareholdings to 51%. Behavioural science may explain vaccine hesitancy, Why hurricane risk modelling has to change, Upcoming conferences, webinars and client programmes, The importance of biodiversity to avoid an ecosystem collapse. This restructuring will generate close to USD 1 trillion additional export and investment value, but it also brings higher costs, more inefficiencies and slower growth. Life insurers in China enter this year’s economic crisis in a relatively good shape. Our applied research covers emerging risks, industry trends and topical deep dives. Swiss Re Institute will publish updated 2020 loss figures in a full sigma report in spring 2021. (Xinhua/Zhang Yuwei) "The Swiss Re Institute has also said China is expected to be the world's largest insurance market by the mid-2030s, and we are fully committed to China in every sense of the word," John Chen, president of Swiss Re China, told Xinhua in a recent interview. We share our risk knowledge in re/insurance through our publications, data sets, client programmes and conferences. Group Chief Economist, Christoph Nabholz UW R&D Senior Medical Officer, Stephen Kramer •Launched the Group’s Quantum Cities™ initiative, leading the research and development of solutions for Swiss Re Group. China further liberalised the life insurance sector in 2019 by lifting the cap on foreign shareholdings to 51%. Waterdrop was formed in 2016 by Shen Peng and distributes […] Health, guarantee, agricultural and liability insurance outperformed. Sara Li, New Partnership Manager, Life & Health North Asia, Beijing. "China is one of the fastest-growing insurance markets in the world and is strategically important to Swiss Re. We expect non-motor lines to be more resilient. "The different backgrounds and viewpoints of my colleagues inspire me every day." A child views a light show at the Bund in Shanghai, east China, Nov. 4, 2020. Primary life insurance premiums in China grew by 6.7% in 2019, reversing a 5.4% contraction in the previous year due to tightened regulations on sales of universal life products. China Country Website; Hong Kong SAR ... Swiss Re Institute Contact Martin Bertogg. Women leaders and value creation in re/insurance companies. This will bring opportunities for many commercial lines including property & engineering, credit & surety, and some liability lines. Senior Customer Manager EMEA Contact Nigel Bamber. According to the latest annual Swiss Re Institute resilience indices, the UK, Japan and the U.S. will experience the greatest falls in resilience among major economies. It was in this spirit that we launched the Swiss Re Institute … Related teasers Article Making machine intelligence profitable 02 Nov 2020. sigma Publication sigma 7/2020 - rebuilding better The industry’s loss ratio increased to 62% in 2019 from 59% in 2018. What is your current role? Swiss Re Institute estimates $83 billion global catastrophe losses. But demand will benefit from rising risk awareness and increasing focus on protection products, as volatility in the financial markets is undermining the appeal of savings products. (click to show list of locations and regional sites), World Insurance: Regional review 2019, and outlook, sigma 4/2020: World insurance: riding out the 2020 pandemic storm, Discover all Corporate Solutions locations, Other emerging Asia: life insurance more resilient to economic recession than non-life, Latin America & Caribbean: slow recovery ahead, Emerging Europe and Central Asia: disappointment in life continues, Emerging Middle East and Africa: expect weakness in 2020. Swiss Re Company, Beijing Branch Governance, Underwriting Services and Operational Excellence COVID19 Incident Management Team High Growth Development Program The Swiss Re Institute. Growth in 2019 benefited from strong demand for protection-type products. Click here to view some more movements at Swiss Re. We are convinced that a better understanding of the risks we all face supports the Group’s vision of making the world more resilient. Visualise the loss of life, destruction and financial cost of catastrophes with our web based app. The full version is available in hard copy only upon request. Overall, life premium growth is expected to average around 2% this year before picking up to close to 10% in 2021. •In charge of commercialization of solutions in APAC, with extra focus on China… Executive Director / Vice Consul General swissnex China "The Swiss Re Institute has also said China is expected to be the world's largest insurance market by the mid-2030s, and we are fully committed to China in every sense of the word," said Chen. The China Banking and Insurance Regulatory Commission (CBIRC) confirmed that China will remove all limits on foreign equity ownership in life insurance companies in 2020. What attracted me to Swiss Re was its openness to innovation and tech. Emerging Risks Research Lead, Jerome Jean Haegeli Swiss Re was ranked 118th in Forbes 2000 Global leading companies 2016. Head Behavioural Research. Go to sigma-explorer.com to view, download and share natural catastrophe data projected onto world maps. Insurers are fast adopting digital channels in lieu of face-to-face sales and accelerating product development to better align with public demand for protection. Swiss Reinsurance Company Ltd (Swiss Re) and Tencent Holdings Limited led a US$ 230 million fundraising round into Beijing-based Waterdrop Inc. (known in China as Shuidihuzhu), a Chinese online insurance tech company. Chief Pricing Officer L&H Products, Nicola Charlton Edouard Schmid, Member of the Executive Board, Chairman Swiss Re Institute and Group Chief Underwriting Officer, will leave the company on Sep. 1, 2020 (news posted on June 19 2020). Our events (conferences, client programmes and webinars) examine topics relevant to understanding risk and re/insurance. Distinctive knowledge and insights into insurance risk pools and individual risks have been the bedrock of Swiss Re’s underwriting outperformance for more than 150 years, and cutting-edge research and development (R&D) continues to underpin the evolution of our capabilities and client offerings. The sigma explorer web app has been enriched further. Superior research driving better decisions, publichealth insurance insurancesolutions sigma asiapacific china. Access to more and better data, advanced analytics and a strong talent base allow Swiss Re to create new insights at an eve… Superior research driving better decisions. The Centre for Global Dialogue nurtures trust building between you and your stakeholders. We expect that premium rates of protection-type products, including term life and whole life, will be lowered by 3%–5%. (click to show list of locations and regional sites), 2020 Catastrophe losses: Fifth costliest year on record, All change: how COVID-19 is transforming consumer behaviour, about 2020 Catastrophe losses: Fifth costliest year on record, about All change: how COVID-19 is transforming consumer behaviour, Latest blogs and articles from our executives and experts, Lessons for L&H insurers after COVID-19 tested our pandemic model, How the medical community adapted treatments to save COVID-19 patients, Lessons learned in containing a borderless pandemic, Vaccines are a shot in the arm for growth, but only more long-termism will help us build back better. Our applied research covers emerging risks, industry trends and topical deep dives. Non-life insurance premiums continued to grow strongly in 2019 (+11.8%). Superior research driving better decisions. Will COVID-19 innovations trigger a molecular revolution? Technological progress has opened up new opportunities to advance our expertise. 2020-11-12T08:21:00Z. Asia: Swiss Re Institute says China to drive global insurance market recovery in 2021-22 Asia Claims Life & Health The insurance industry loses about $1bn in fraudulent medical claims each year, but it does not have the time, resources and scale to combat the problem. Global supply chains are undergoing fundamental restructuring, says the Swiss Re Institute's recent sigma, which COVID-19 will likely accelerate as companies step up their efforts to reshape their supply chain network.. Discover all Corporate Solutions locations. Our events (conferences, client programmes and webinars) examine topics relevant to understanding risk and re/insurance. Supportive government policies and rising risk awareness to buffer COVID-19 induced slowdown. China may launch more fiscal stimulus to support growth, including investment in new infrastructure. Their average comprehensive solvency ratio was 235% as at the end of October 2019, significantly higher than the regulatory minimum of 100%. The Swiss Re Institute appealed to me as an opportunity to combine work in the private sector with research. The impact of COVID-19 on life insurance is mixed. In February this year, the CBIRC issued new actuarial rules for the pricing of ordinary life products. In contrast, motor premium growth slowed to below 2% in 2019. Create an alert to follow the executive moves at Swiss Re China. The world economy is in the grips of the deepest recession since the Great Depression of the 1930s. This year's summary edition of the GIRY 2021, produced in collaboration with the Credit Suisse Research Institute by Elroy Dimson, Paul Marsh and Mike Staunton, focuses on emerging markets as a special topic and offers an extended dataset by adding nine new emerging markets. The study explores how the seven largest emerging markets will contribute more than 40% of global growth in the next decade, with China accounting for over a quarter of the global output. The combined ratio remained to 100%. With selected research partners, we explore the future of risk coverage, assess changes in the risk landscape and act as a catalyst for industry change. Swiss Re Institute estimates USD 83 billion global insured catastrophe losses in 2020, the fifth-costliest on record 15 Dec 2020 Swiss Re to create new fund for institutional and designated professional investors to access natural catastrophe business With selected research partners, we explore the future of risk coverage, assess changes in the risk landscape and act as a catalyst for industry change. We foster knowledge sharing and support decision making with our industry focused publications, client programmes and conferences. In particular, agriculture and liability insurance will maintain fast growth on the back of the government’s rural revitalisation strategy and a strong push on compulsory liability insurance in areas such as environmental pollution and food safety. "The Swiss Re Institute has also said China is expected to be the world's largest insurance market by the mid-2030s, and we are fully committed to China in every sense of the word," said Chen. Global insurance markets set to rebound with China leading recovery, says Swiss Re Institute. Lawrence Tsui The unfolding economic crisis will see China’s economy grow at its slowest pace in more than three decades (at around 3%) this year. Among the large advanced economies, the UK, Japan and the US are expected to see their fiscal buffers depleted most. Nirantar Bharat (or Sustainable India) – what comes after COVID-19? Subscribe to Swiss Re Institute's newsletters to receive our latest research, articles, interviews and videos on developments in the re/insurance industry and future risks. The rebound will be led by the emerging markets, primarily emerging Asia, with premiums forecast to increase by 6.9% in 2021 (and by 8.5% in China). Motor insurance will remain under pressure due to a sharp drop in car sales in early 2020 amid ongoing motor insurance liberalisation. Founded in 1863, Swiss Re operates through offices in more than 25 countries. While Swiss diplomats condemn the “re-education camps” in Xinjiang, when Switzerland’s President Ueli Maurer went on a state visit to Beijing, he made shollow statements, such as “The peoples of Switzerland and China have many things in common, as … Economic slowdown and implementation of stringent containment measures are hindering agent sales, the predominant distribution channel. Swiss Re Institute harnesses Swiss Re's risk knowledge to produce data driven research across the company and with partner organisations. Swiss Re declined to comment on a separate report that China Pacific was planning to take a stake in the Zurich-based company, but said it was not planning to … Swiss Re has long been recognised as a knowledge leader within the re/insurance industry. ... View profile of Swiss Re Institute Contact Swiss Re Institute. According to data from Swiss Re, short-term health insurance premiums rose by 35% in China during the first 11 months of 2020, boosted by digital sales and risk-conscious consumers with increasing medical expenses. Profitability is coming under pressures from lower investment yields and an ongoing decline in the pricing of motor insurance caused by motor de-tariffication. Right now, I’m on a rotation with the Insurance-Linked Securities team in New York City. The world is expected to lose US$12 trillion of projected economic outlook as a result of Covid-19 over the next 24 months, according to the Swiss Re Institute. Emerging markets will remain the growth engine for the global economy and the insurance industry over the next decade, according to the latest sigma report from Swiss Re Institute, published in March 2019. Nevertheless, in life too, Swiss Re Institute predicts a swift return to 3% trend growth in 2021 on the back of economic recovery. Swiss Re Institute harnesses Swiss Re's risk knowledge to produce data driven research across the company and with partner organisations. Head Life & Behaviour R&D, Francesca Tamma We foster knowledge sharing and support decision making with our industry focused publications, client programmes and conferences. We expect non-life premium growth to fall to around 8% in 2020, the slowest growth since 1998. Profitability could benefit from lower loss frequency in early 2020 due to the imposition of lock-down measures. Swiss Reinsurance Company Ltd, commonly known as Swiss Re, is a reinsurance company based in Zurich, Switzerland.It is the world's largest reinsurer.It acquired GE Insurance Solutions in 2006. Yordanka Velichkova. A new report from Swiss Re has identified short-term health insurance as a growth driver for non-life re/insurers operating in China. China’s insurance market will quadruple in 14 years to US$2.36 trillion, on the way speeding by the US, currently the world’s leader, according to Swiss Re Institute. Nigel Bamber. Delivered business opportunities, built up partnerships and created thought leadership, which became part of the Swiss Re Institute.