Market Report, "2020 Foresight Report: Trends in Life Insurance Underwriting", published

The life insurance segment is characterized by underwriting losses in some developed nations, and underwriting profits in important emerging economies such as China, India, Brazil and Russia. The life insurance segments in developed nations will record a rise in premium rates due to gradual recovery in their economies, meaning that life insurers will need to protect their margins. In the case of emerging economies, the life segment is moving towards a situation that is neither hard nor soft, due to factors such as the highly under-penetrated markets in these countries, increased competition among life insurers and rising disposable incomes. Globally, the life segment is in a state of flux due to far-reaching regulations such as Solvency II in Europe. These regulations essentially link the amount of capital held by life insurers with the risks they underwrite and the investments they make.

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Key Highlights

* The life insurance segments in the developed nations of the world have been under pressure because of the economic downturn. On the other hand, the life insurance segments in some of the emerging economies of the world have been thriving due to robust economic growth rates.
* Life insurance regulators across the world have been taking a risk-based capital approach wherein the type of risks that they insure and the type of investments made by them are determined by the capital held by them.
* Given the previously subdued premium rates in the key developed economies of the world, the prices are expected to increase in the future as the life insurers are intent on protecting their margins. The key emerging economies will also witness a gradual hardening of interest rates.
* The citizens of the developed nations, because of the reduction in their disposable incomes, have increasingly been selecting insurance products that provide basic life cover over hybrid or exotic products.
* Technological trends such as automation of the underwriting processes, scanning of social media of potential policyholders to gauge the risk that they represent and application of predictive modeling trends have been mainly impacting the underwriting practices of life insurance companies.

Scope

This report provides a detailed analysis of the key trends in life insurance underwriting across the world:

* It details the performance of life insurance segments in the important economies of the globe, with a breakdown of the different performance indicators
* It explains the implications of key regulations on the products offered by life insurance companies, the impact on their business models, their investment strategies and the likely impact on the premium rates
* It demonstrates the relationship between the gross domestic products of nations and some of the important performance indicators of life insurance segments

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