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The world’s workforce has been massively disrupted by the coronavirus pandemic. Not only is physical distancing now important in the workplace, but consumer behaviors and business models have changed. Many of these changes are expected to become permanent. The research detailed in this report considers the long-term effect of the pandemic on work in numerous industries and in the diverse labor markets of eight national economies: China, France, Germany, India, Japan, Spain, the United Kingdom, and the United States. The report anticipates the workplace changes through 2030 in the eight nations, which have diverse economies and labor markets and account for nearly half of the world’s population and 62 percent of its GDP. The report includes multiple exhibits. Full Report
The Financial Stability Board’s Task Force on Climate-Related Financial Disclosure has called on the world’s financial industry to provide stakeholder groups with clear, consistent, and comparable climate information to help these groups make informed investing decisions. The analysis considers all physical and transition climate change risks for the liability and asset sides of the balance sheet, by line of business and over distinct time periods and serves as a foundation for future developments in this space. This report includes multiple exhibits. Full Report
Many homeowners and businesses lack the coverage needed to fund repairing and rebuilding following a disaster. The reasons for this insurance gap include financial restraints, lack of risk awareness, failure to understand insurance as well as poor decision making. Community-based catastrophe insurance (CBCI) is an innovative new model that local and regional leaders, including public officials, business owners and residents can use to broaden coverage. Local governments or community groups can set up CBCIs to provide affordable and widely available disaster insurance and incentives for risk reduction. CBCI can complement traditional catastrophe insurance markets by providing community members with supplemental financial protection from disasters or by serving as full-limit, single-peril property protection in high-risk areas. This report outlines four delivery models for CBCI that include a variety of roles and responsibilities for both the community and its implementation partners. The report also presents an iterative five-part framework to serve as a roadmap for CBCI implementation. Full Report
This report, a joint effort by Lloyd’s, CyberCube and Guy Carpenter, analyzes three scenarios that show the most likely routes of a cyberattack against industrial control systems (ICS) that could result in large insured losses. The risk of a cyber-physical ICS incident is increasing, especially for individual entities. The potential for physical perils signifies a major turning point for the cyber (re)insurance ecosystem by crossing the divide between information technology (IT) and operational technology (OT). The four key industries that depend on ICS are manufacturing, shipping, energy and transportation, and the report discusses the potential effect on each industry. The report considers three plausible attack scenarios based on real life incidents. Targeted attacks on the sites of industries with major strategic, economic or societal significance would be devastating. The continuing trends of increased cloud adoption in industrial operations as well as a convergence of IT and OT and the expansion of IoT and smart manufacturing magnify the concerns about security and exposure. Full Report
This NAMIC Issue Analysis report, written by Temple University Affiliate Senior Research Fellow, Robert Klein, discusses the economic and insurance principles to be considered in examining allegations of unfair discrimination in auto and home insurance. It points out the flaws in some of the recent studies alleging unfair discrimination in insurance and reviews and analyzes auto insurance average premiums, pure premiums, and loss ratios by income quartile in the 50 states. The study concludes that if insurers were overcharging low-income drivers then loss ratios should be lower for low-income drivers than they are for high-income drivers, the study results indicate that the opposite is more likely. Loss ratios tend to vary inversely with income, indicating that low-income drivers receive more benefits in relation to the premiums they pay than other drivers do. Low-income drivers tend to pay higher premiums but their claim costs also tend to be higher. The author cautions that these general patterns are not consistent across all states and because data are aggregated by income quartile, the study could not control for other factors that are associated with the variables of interest. Full report
The InsurTech sector was perhaps busier than ever before in 2020, and this briefing discusses the sector’s involvement with life, accident, and health insurance. The briefing states that from an operational perspective, no single firm or even industry initiative could have achieved what COVID-19 has forced many firms and individuals to do. The industry has shown that it can function digitally and has responded well to significant challenges. Despite the year’s turmoil, InsurTech investment continued to grow and the sector’s 377 deals brought the total annual funding of the sector to an all-time high of $7.1 billion. In the fourth quarter alone, the 103 InsurTech deals raised $2.1 billion. The most funding was among property/casualty InsurTechs, with life and health representing approximately one-third of the total funding and only a little more than a quarter of all deals in the fourth quarter. A graph illustrates the expectations for InsurTech firms to meet traditional success criteria. Another graph shows annual InsurTech funding trends, including transaction volume (number of deals) and dollar amount (investment amount), for each year from 2012 through 2020. Full Report