Addressing the global insurance protection gap. Luxembourg, 27 May 2015

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1 Addressing the global insurance protection gap Luxembourg, 27 May 2015

2 The Geneva Association 7 th International Conference 27 May 2015

3 RESEARCH ON KEY STRATEGIC OPPORTUNITIES AND CHALLENGES FOR INSURERS Research Programmes at the forefront of current business and academic issues; a) Financial Stability and Regulation b) Extreme Events and Climate Risks, c) Ageing d) Liability regimes Additional Topics: Insurance Economics and The global protection gap International Conferences and Colloquia, combining experts from industry, academia, supervisors/regulators and governments Discussion Platforms targeted at CROs, CIOs Academic Publications: a) Two peer reviewed journals: The Geneva Papers on Risk and Insurance Issues and Oractice and The Geneva Risk and Insurance Review b) Research reports: developed in collaboration with industry and academic experts

4 Follow us on:

5 The Global Insurance Protection Gap Measurements, Causes, Remedies Dr Kai-Uwe Schanz, Special Advisor, The Geneva Association Luxembourg, 27 May th International Conference, Insurance Europe

6 A topic which matters I do think that raising penetration in the underinsured countries is the biggest challenge facing the global insurance industry John Nelson, Chairman, Lloyd s of London 6

7 The simplest indicator: Non-life insurance penetration Countries below the S-curve can be considered underinsured 5% 5% 4% South Korea Switzerland United States 4% 3% 3% 2% 2% Kenya Taiwan South Africa Russia Poland Thailand Brazil Germany France Australia Spain Japan 1% China Mexico 1% India Nigeria Kuwait 0% GDP per capita in USD Source: Swiss Re 7

8 Another measure: Catastrophe protection gap in % of GDP Uninsured losses as a (huge) proportion of total losses ( ) Source: Swiss Re 8

9 The global catastrophe protection gap keeps widening Total losses grow faster than insured losses % of GDP 0.250% 0.200% 0.150% 0.100% 0.050% 0.000% Total losses Expon. (Total losses) Insured losses Expon. (Insured losses) Source: Swiss Re 9

10 The global life protection gap The shortfall generally exceeds national GDP 35 The gap in US$ trillion, Emerging Asia US Cont. Europe Japan Latin America UK Source: Swiss Re 10

11 The pensions gap in the OECD countries The first and second pillars replace only 50% of pre-retirement income 125 Replacement rates, 2014, in % Source: OECD 11

12 The root causes of underinsurance Economic reasons Lack of awareness Lack of affordability Immature regulations Limits to insurability Source: The Geneva Association 12

13 Closing the gap A public-private policy agenda Pursue a multi-stakeholder top-down / bottom-up approach Promote financial literacy Enact conducive regulations Encourage product innovation Reduce product complexity / improve product transparency Tap into the potential of capital markets Collect and share relevant data Consider regional pooling of catastrophe risks Source: The Geneva Association 13

14 Addressing the Global Insurance Protection Gap: An Asia Perspective 7 th International Conference, Insurance Europe Luxembourg, 27 May 2015 John Tan Group Chief Executive

15 Presentation Outline 1. Underinsurance in Asia 2. Measurement for Property Class 3. Measurement for Life Coverage 4. Causes of Underinsurance in Asia 5. Uncovering the Solutions 15

16 Underinsurance in Asia 100% Recent Nat Cat Events: Uninsured Losses as Share of Total Economic Losses 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sichuan EQ May 2008 Flood Sep 2014 Cyclone Hudhud Oct 2014 Greater Jakarta Flood Jan 2013 Tohoku EQ/Tsunami Mar 2011 Snowstorm Feb 2014 Flood Aug 2013 Typhoon Haiyan Nov 2013 Flood Oct 2011 China India Indonesia Japan Philippines Thailand Source: EM-DAT and various market sources 16

17 Measurement for Property Class Thailand: Property Premiums and Sum Insured Indices Direct Premiums Written Sum Insured Note: Sum insured and premiums are for fire and industrial-all-risks classes Source: ACR, OIC Insurance vs Asset Growth Premiums vs Sum Insured GDP vs Capital Stock Data limitations, BI and Intangibles 17

18 Measurement for Life Coverage Life coverage needs to address: Income Debt Medical expense Other considerations: Recurring income Recurring medical expense Complementary savings S$ per capita 120, ,000 80,000 60,000 40,000 20,000 0 Individual Life Insurance Coverage in Singapore Sum insured Health expenditure Household credit GDP Source: ACR, BIS, MAS, United Nations, WHO 18

19 Causes of Underinsurance in Asia Perception of insurance (as a cost) Strong savings culture Sub-optimal incentive structure for intermediaries Lack of risk awareness Regulatory limitations Insurability issues 19

20 Uncovering the Solutions Regulations Technology Industry Involvement 20

21 21 End

22 7 th International Conference COFFEE BREAK Sponsored by Next session starts at 15h45 in the main conference hall

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