Global insurance market report [gimar]

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2
019
GLOBAL 
INSURANCE 
MARKET 
REPORT
[GIMAR]

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About the IAIS 
The International Association of Insurance Supervisors (IAIS) is a voluntary membership organisation of insurance 
supervisors and regulators from more than 200 jurisdictions. Since its establishment in 1994, its mission has 
been to promote effective and globally consistent supervision of the insurance industry in order to develop and 
maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute 
to global financial stability.
The IAIS is the international standard setting body responsible for developing principles, standards and other 
supporting material for the supervision of the insurance sector and assisting in their implementation. It also 
provides a forum for members to share their experiences and understanding of insurance supervision and 
insurance markets.
The IAIS coordinates its work with other international financial policymakers, supervisors and regulators, and 
assists in shaping financial systems globally. It is a member of the Financial Stability Board and the Standards 
Advisory Council of the International Accounting Standards Board, and a partner in the Access to Insurance 
Initiative. In recognition of its collective expertise, the IAIS is routinely called on by the G20 leaders and other 
international standard setting bodies for input on insurance issues and the regulation and supervision of the 
global financial sector.
This document is available on the IAIS website (www.iaisweb.org).
© International Association of Insurance Supervisors (IAIS), 2020.
All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.
Editing, design and layout by Clarity Global Strategic Communications.

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CONTENTS
Acronyms 
and 
Abbreviations 
1
Executive 
Summary 
2
About 
This 
Report 3
Chapter 1 – Macroeconomic and Financial Environment 
4
1.1 International Economic Growth and Inflation 
4
1.2 
Financial 
Markets 5
Chapter 2 – Global Insurance Market Developments
8
2.1 
Non-life 
Insurance 9
2.2 
Life 
Insurance 
10
2.3 
Reinsurance 
11
Chapter 
3 
– 
Special 
Topics 13
3.1 
Cyber-underwriting: 
Regulatory 
Considerations 
13
3.1.1 
Introduction 
13
3.1.2 
Market 
Overview 
13
3.1.3 Risk Management and Regulatory Considerations 
15
3.1.4 Market Access and Potential Barriers to Entry 
18 
3.1.5 
Conclusion 
18
3.2 The Risks of Interest Rate Spikes When Moving Out of a Low Interest Rate Environment 19
3.2.1 Introduction: The Different Aspects of Interest Rate Risk for an Insurer 
19
3.2.2 Moving Out of a Low Interest Rate Environment
22
3.2.3 
Conclusions 
31
3.3 Current Challenges in the Life Insurance Industry 
32
3.3.1 
Unit-linked 
Insurance 
Products 32
3.3.2 
Jurisdictional 
Developments 
33
3.3.3 
Private 
Equity 
41
3.3.4 
Conclusions 
42
Chapter 4 – Global Reinsurance Market Survey 
43
4.1 
Reinsurance 
Premiums 
43
4.2 
Risk 
Transfer 
between 
Regions 
45
4.3 
Assets 
47
4.4 
Profitability 
47
4.5 
Capital 
Adequacy 49
4.6 
Assets 
and 
Liabilities 
Allocation 
50
4.7 
Liquidity 53
4.8 
Summary 
of 
Main 
Findings 54
References 
55

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