Q4 2
UPFRONT
STATISTICS THE NEXT DECADE IN INSURANCE
$10 trillion
Projected size of the global insurance market by 2030 (up from $5.5 trillion in 2019)
15% to 20%
China’s expected share of global GWP by 2030 (up from 11% in 2019)
20%
Expected reduction in claims payouts across all lines due to new tech and data capabilities
MAJOR WILDFIRE AND NAMED STORM EVENTS, Q3 2021
NATURAL DISASTERS DEAL HUGE LOSSES IN Q3 The US saw no shortage of natural catastrophes in the third quarter of 2021, between an above-average Atlantic hurricane season and wildfires that continued to rage in the Western states, exacerbated by drought conditions and an extreme heat wave. Hurricane Ida, which made landfall in Louisiana on August 29, was the most devastating storm of the quarter, causing at least 77 deaths and tens of billions in economic damage, according to Aon’s Global Catastrophe Recap. On the wildfire front, the biggest losses were attributed to the Caldor Fire in El Dorado County, California, which razed more than 215,000 acres and caused hundreds of millions dollars worth of economic losses.
BOOTLEG FIRE FORD CORKSCREW FIRE
August 15–30 Estimated economic losses: $100 million+
July 6–31 Estimated economic losses: $100 million+
FAWN FIRE
CALDOR FIRE
August 13–31 Estimated economic losses: $100 million+
September 22–31 Estimated economic losses: $10 million+
DIXIE FIRE
July 13–August 11 Estimated economic losses: $100 million+
US BUSINESSES BETTER PREPARED FOR CYBER RISKS Business leaders in the US are more attuned to cyber risks than their counterparts in the UK, according to a new survey from Beazley. Across the pond, disruption risks – such as the failure to innovate and keep pace with new developments, customer demand or market shifts – are top of mind.
WHICH TECHNOLOGY RISK IS MOST SIGNIFICANT IN 2021?
50%
Expected reduction in operating expenses due to automation, the Internet of Things and modular technology architectures Source: Insurance 2030, Bain & Company
4
ALL RESPONDENTS
US RESPONDENTS
UK RESPONDENTS
Cyber 34% Disruption 30% Tech 26% Intellectual property 11%
Cyber 38% Disruption 28% Tech 24% Intellectual property 10%
Cyber 29% Disruption 32% Tech 28% Intellectual property 11%
Source: Spotlight on Technology Risk, Beazley
www.ibamag.com
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