What Is Changing the World of Insurance?
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Overview: Insurance is the one of the oldest recognized industries in the world because from the very early times it has been the bedrock of human beings’ inherent need to explore trade, consume goods and establish relationships. Over the years, this industry has grown significantly, with technology playing a key role in this growth. In 2008, the Insurance Industry accounted for 7% of the world’s GDP and according to estimates by leading industry player, Munich Re, it managed over US$ 4,300 Billion in assets towards the end of 2007. Fortunately, the insurance industry has emerged relatively unscathed through the financial crisis and great meltdown of the past year. But is it out of the woods and in safe harbour or are there disruptive changes lurking ahead? This whitepaper examines how the recent financial crisis has impacted the Insurance Industry. It also explores how the very building blocks of the industry or what it chooses to influence -- savings, consumptions, trade and relationships -- are changing. However, it is important to note that while some of the trends we will discuss may have started much earlier, the impact has become sharply visible as a consequence of the recent recession.