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Insurance Trends for 2011 by Claude Penland, Actuary

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40 Insurance Trends for 2011

By Claude Penland,

Associate of the Casualty

Actuarial Society

www.InsTrends.com


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One

  • 40. Bermuda market may be getting crowded, though Flagstone Re’s Chief Executive Officer said to not count Bermuda out.

  • 39. Worldwide Takaful (Islamic insurance) market is growing fast.

  • 38. Microinsurance market has promise in developing countries, though it may take an enormous effort.


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Two

  • 37. The values of commercial-backed securities on insurance companies’ balance sheets may need to be marked down.

  • 36. Consider these ten emerging risks for insurance and reinsurance companies. Reflect on the World Economic Forum’s list, as well as Lloyd’s.


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Three

  • 35. Look out for insurance brokers with guns on the high seas.

  • 34. Actuarial jobs are the #3 career, according to CareerCast.

  • 33. High-risk health insurance pools are only attracting two percent of expected consumers.

  • 32. There will be a number of insurance technology challenges, including cloud computing and mobile applications.


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Four

  • 31. Obesity costs $300 billion per year, according to the Society of Actuaries.

  • 30. What is the future of insurance regulation? Actuaries consider that question.

  • 29. Alternative pharmacy networks are emerging, according to Milliman.

  • 28. The annual calls for the National Flood Insurance Program to be privatized have begun.


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Five

  • 27. Beijing, China automobile traffic is among the worst in the world. Microsoft Research Asia is studying how cabbies get around for better ideas about efficient driving.

  • 26. MileMeter’s pay-as-you-drive metered car insurance is growing in popularity.


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Six

  • 25. Health record proposal to support personalized, predictive, preventative and participatory medicine.

  • 24. Insurance mergers and acquisitions are expected to increase globally in 2011.

  • 23. Office of Personnel Management plans to build a healthcare claims database.

  • 22. Disgrace insurance for sponsors is now available to protect their reputations.


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Seven

  • 21. States are borrowing from the US federal government to pay unemployment insurance.

  • 20. Property and casualty insurance companies increase their use of predictive analytics.

  • 19. Some insurance runoff specialists are growing up fast.

  • 18. Rainfall contracts launched by the CME Group.


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Eight

  • 17. There are not enough qualified insurance regulators in the United Kingdom. Solvency II is contributing to that employee shortage.

  • 16. United States insurance companies lose 6,000 jobs.

  • 15. The combination of international financial reporting standards (IFRS) and Solvency II will place strain on insurance companies’ balance sheets.


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Nine

  • 14. Institute of Actuaries of India has plans to expand throughout Asia.

  • 13. US companies’ health plan “grandfathering” with regards to health “reform” is still in flux.

  • 12. Medicaid costs anticipated to increase a lot in several US states.

  • 11. New Hampshire is pushing for more locally-domiciled insurers.


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Ten

  • 10. CEO’s, CFO’s, Chairmen, Presidents, CIO’s, General Counsels and COO’s are very well paid among the largest ten property and casualty, health and life insurers: a compensation comparison.

  • 9. The Asian reinsurance market could consolidate.

  • 8. Virtual insurance, such as crop insurance in FarmVille, might be on the rise.


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Eleven

  • 7. Insurance claims adjusters and lawyers are using social networks for investigations.

  • 6. Sinkholes in Florida are becoming an insurance problem.

  • 5. Medical malpractice costs increasing.

  • 4. Automobile insurance claims costs in the United Kingdom are rapidly rising.


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Twelve

  • 3. Saudi Arabian health insurance premiums increasing 30% per year.

  • 2. Mortality improvements may slow within a few decades.

  • 1. The Canadian insurance-linked securities market should grow.


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