American Property Casualty Insurance Association, “Underwriting losses soar net income shrinks for P&C insurers in 2022,” press release, March 28, 2023.
Ibid.
Tim Zawacki, “US P&C industry posts largest-on-record Q1 statutory underwriting loss,” S&P Global Market Intelligence, May 19, 2023.
Nicole Mahrt-Ganley, “US P&C insurers facing hardest market in a generation,” American Property Casualty Insurance Association, March 27, 2023.
Ibid.
Ibid.
Mohit Pande and Mike Mitchell, The state of the reinsurance property-catastrophe market, Swiss Re Group, May 16, 2023.
Ibid.
Council of Insurance Agents & Brokers, “Q1 2023 P/C market survey,” press release, accessed September 6, 2023.
Ibid.
Saumya Jain, “US commercial insurance rates steady in Q2: MarketScout,” Reinsurance News, July 10, 2023.
Ibid.
US Bureau of Labor Statistics, “Table 2. Consumer price index for all urban consumers (CPI-U): US city average, by detailed expenditure category,” press release, accessed September 6, 2023.
AAA, “ADAS sensor calibration increases repair costs,” accessed September 6, 2023.
Jim Henry, “Repairing an electric vehicle could cost more than gasoline cars: A new kind of sticker shock,” Forbes, July 25, 2022.
National Insurance Crime Bureau, “Catalytic converter thefts surge nationwide,” press release, May 10, 2023.
Andrew Hurst, “40% of US drivers say they’re stressed about affording car insurance,” Policygenius, May 17, 2023.
J.D. Power, “Auto insurance shopping and switch rates reach new highs as premiums surge, J.D. Power finds,” press release, April 27, 2023.
Maxime Croll, “’Robinsons’ retention could become a major issue for P&C insurers,” Property Casualty 360, April 10, 2023.
Benjamin Keys “Your homeowners’ insurance bill is the canary in the climate coal mine,” New York Times, May 7, 2023.
Christopher Flavalle, Jill Cowan, and Ivan Penn, “Climate Shocks are Making Parts of America Uninsurable. It just got worse,” New York Times, May 31, 2023.
Fitch Ratings, “US homeowners’ insurers to see improved 2023 results on premium growth,” press release, March 28, 2023.
Ibid.
Fernando Casanova Aizpun, Loic Lanci, Roman Lechner, Arnaud Vanolli, and Li Xing, Sigma: World insurance—Stirred, and not shaken, Swiss Re Institute, July 10, 2023.
Ibid.
Ibid.
Kelly Cusick, Michelle Canaan, and Val Srinivas, Embedded insurance is poised for exponential growth, Deloitte Insights, July 27, 2023.
InsTech, “Insurance: To embed or not to embed,” June 30, 2021.
Ibid.
Matthew Lerner, “Parametric cover gains ground in hard market,” Business Insurance, May 3, 2023.
Ibid.
Siddhartha Jha, “Parametric insurance: The potential for underserved communities, SMEs,” Property Casualty 360, March 23, 2023.
Gloria Dickie and Simon Jessop, “Factbox: Parametric Insurance policies help cushion climate impacts,” Reuters, May 19, 2023.
Akankshita Mukhopadhyay, “Munich Re launches ‘innovative’ coverage for AI solutions,” Reinsurance News, April 28, 2023.
Terrence Dopp, “A hot market: Insurers launch climate-related business as green tech grows,” Best’s Review, accessed September 6, 2023.
Luke Gallin, “Hiscox reveals ESG syndicate launch plan,” Reinsurance News, March 8, 2023.
The Business Research Company, Specialty insurance global market report 2023, accessed September 6, 2023.
Ibid.
LIMRA, “LIMRA: 2022 life insurance sales match record set in 2021,” press release, March 14, 2023.
Ibid.
Aizpun, Lanci, Lechner, Vanolli, and Xing, Sigma: World insurance.
Ibid.
Ibid.
Fernando Aizpun Casanova et al., Sigma: Economic stress reprices risk—Global economic and insurance market outlook 2023/24, Swiss Re Institute, November 17, 2022.
LIMRA, “LIMRA: Another record breaking quarter for US annuity sales,” press release, May 2, 2023.
Cyril Tuohy, “LIMRA forecast: 2023 could finish as a record year for annuities,” Life Annuity Specialist, July 26, 2023.
LIMRA, “LIMRA: Another record breaking quarter for US annuity sales.”
AIA, Investing in a healthy Asia: Annual report 2020, accessed September 7, 2023.
Gabriel Olano, “Singapore insurers’ revenue to benefit from digital distribution,” Insurance Business, December 10, 2022.
Santosh Kutty, Dan McCoach, Ralph Bradley, Michelle Canaan, and Dishank Jain, Life and annuity insurers consider the path less traveled: Core-system modernization is becoming table stakes, Deloitte Insights, June 15, 2023.
Ibid.
Jim Gauger, Mary M. Art, Eric Sondergeld, Legacy systems modernization: Core systems strategy for policy administration systems—LIMRA/Deloitte legacy systems and modernization report, Deloitte, accessed September 7, 2023.
Kutty, McCoach, Bradley, Canaan, and Jain, Life and annuity insurers consider the path less traveled.
Ibid.
FintechGlobal, “Modern Life and Lincoln Financial team up for digital insurance,” September 28, 2022.
Ryan Smith, “Munich Re partners with insurtech,” Insurance Business, March 27, 2023.
Omar Faridi, “Insurtech Socotra targets European expansion for business growth strategy,” Crowdfund Insider, February 22, 2023.
Swiss Re Institute, The Life & Health Insurance Inclusion Radar: Why markets are more, or less, inclusive, March 2023.
Eduardo Ortiz Reynaga and Maik Schaefer, “How 3 insurtech models work for low-income people,” Catalyst Fund, February 21, 2021.
Ibid.
Kutty, McCoach, Bradley, Canaan, and Jain, Life and annuity insurers consider the path less traveled.
Ibid.
Tyler Hammel, “PE’s commitment to insurance space to prove resilient despite deal downturn,” S&P Global Market Intelligence, January 17, 2023.
Cyril Tuohy, “Growth of Worksite Product Sales Slows in Fourth Quarter, Rising 8%,” LIMRA, April 28, 2023.
Ibid.
Ibid.
Based on the results of a Voya Financial Consumer Insights & Research survey conducted October 10–11, 2022, on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the United States.
Warren S. Hersch, Why the workplace market for long-term-care coverage ‘blew up’, Life and Annuity Specialist, February 8, 2023.
Ibid.
Michelle Andrews, “Washington state retools first-in-nation payroll tax plan for long-term care costs,” NPR, April 17, 2022.
Hersch, Why the workplace market for long-term-care coverage ‘blew up’.
Ibid.
Finextra, “Insurance startup YuLife lands in the US,” press release, October 25, 2022.
Paul Davidson, “Are we in a recession? US economy has been remarkable resilient so far,” USA Today, June 12, 2023.
Kirti Jha, “National Insurance Awareness Day: How is AI revolutionizing the insurance sector? Experts weigh in,” Mint Genie, June 28, 2023.
David Agnew, “Predict & Prevent™: How a new generation of tech is mitigating general property losses before they occur,” Risk & Insurance, April 8, 2023.
Barry Cooper, “How organizations can leverage generative AI to reinvent the customer experience,” Forbes, May 11, 2023.
AXA, ”AXA offers secure generative AI to employees,” press release, July 27, 2023.
LLMs are a type of AI that are currently trained on a massive trove of articles, Wikipedia entries, books, internet-based resources, and other input to produce human-like responses to natural language queries; Lucas Mearian, “What are LLMs, and how are they used in generative AI?,” Computer World, May 30, 2023.
Send, “InsurTech Send launches smart submission product to increase insurers’ submission-to-quote ratios,” press release, June 27, 2023.
European Parliament, “EU AI Act: First regulation on artificial intelligence,” June 14, 2023.
Maria Dinzeo, “Cyberattacks are accelerating with AI’s help,” Property Casualty 360, June 13, 2023.
Satish Lalchand, Val Srinivas, and Jill Gregorie, Using biometrics to fight back against rising synthetic identity fraud, Deloitte Insights, July 30, 2023.
Brittney Meredith-Miller, “Insurance industry hiring trends for 2023,” Property and Casualty 360, February 1, 2023.
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Elizabeth Blosfield, “You’ve been laid off. Now what? Navigating InsurTech’s workforce transformation,” Carrier Management, March 6, 2023.
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Interview with Jen Warne, executive vice president and chief people officer, Lincoln Financial Group, by the Deloitte Center for Financial Services, June 17, 2022.
Hatfield et al., Power human impact with technology.
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Brian Droz, “5 ways a company mission improves engagement,” Peoplelogic, May 3, 2023.
David Sherwood and Namrata Sharma, It’s time for the insurance industry to strengthen its climate risk governance, Deloitte Insights, May 2, 2023.
Discussion with Hans-Juergen Walter, Deloitte FSI Global Sustainable Finance lead, May 26, 2023.
Ibid.
Russ Banham, “ESG in insurance underwriting: European insurers lead the way,” Carrier Management, February 3, 2021.
Saumya Jain, “Chubb launches Climate+ Renewables, its first global climate tech insurance solution,” Reinsurance News, May 11, 2023.
UNEP, “Public statement by the United Nations Environment Programme on the UN-convened Net-Zero Insurance Alliance,” May 24, 2023.
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Ibid.
Luke Gallin, “AXA XL, Fidelis MGU, Chubb among reinsurers facilitating debt conversion for marine conservation,” Reinsurance News, May 10, 2023.
Sherwood and Sharma, It’s time for the insurance industry to strengthen its climate risk governance.
Ibid.
Paolo Gaudiano, “Two years after George Floyd’s murder, is your DEI strategy performative or sustainable?,” Forbes, June 27, 2022.
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Ibid.
Alison Rogish, Neda Shemluck, Samia Hazuria, and Patty Danielecki, Advancing more women leaders in financial services: A global report, Deloitte Insights, June 16, 2022.
Ceres, “New report shows the US insurance industry provides inadequate coverage for climate-related disasters,” Cision PR Newswire, January 24, 2023.
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Deloitte, Integrating implementation for IFRS 17 and LDTI, Deloitte, October 2019.
Stephen Keane, “IFRS 17: New technology, new capabilities, and new business benefits,” Deloitte Global and Economist Impact, 2023.
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Ibid.
Deloitte, “US Congress passes 15% corporate alternative minimum tax,” August 15, 2022.
Clyde & Co, “Global insurance M&A activity hits 10-year high in 2022; mixed outlook for 2023,” press release, February 27, 2023.
Ibid.
Ibid.
Pierre-Olivier Gourinchas, “Global economic recovery endures but the road is getting rocky,” IMF, April 11, 2023.
Clyde & Co, “Global insurance M&A activity hits 10-year high in 2022; mixed outlook for 2023.”
Chubb, “Chubb completes acquisition of Cigna’s Personal Accident, Supplemental Health and Life Insurance business in Asia-Pacific,” press release, accessed September 7, 2023.
Doug Sweeney, Mark Purowitz, Matt Hutton, “2023 Insurance M&A outlook: Balancing uncertainty with optimism,” Deloitte Insights, November 28, 2022.
Ibid.
Hammel, “PE’s commitment to insurance space to prove resilient despite deal downturn.”
Interview with Barry Chen, Doug Sweeney, and Mark Purowitz, Deloitte M&A leaders, May 5, 2023.
Hammel, “PE’s commitment to insurance space to prove resilient despite deal downturn.”
Sweeney et al., “2023 Insurance M&A outlook: Balancing uncertainty with optimism.”
Ibid.
AIA, “American Financial Group to acquire Crop Risk Services from AIG for $240M,” press release, May 22, 2023.
Ibid.
Lemonade, “Lemonade completes acquisition of Metromile,” press release, July 28, 2022.
Erin Ayers, “Agency M&A deals drop 24% in first-half 2023: OPTIS,” ZYWAVE, August 3, 2023.
Mary Ann Azevedo, ”Fintech in 2022: A story of falling funding, fewer unicorns and insurtech M&A,” TechCrunch, January 19, 2023.
Zinnia, “Zinnia to acquire Policygenius, a leading digital insurance marketplace,” press release, April 25, 2023.
