10 Trends That Will Shape Insurance in 2021

2021 will surely deliver plenty of surprises but 10 trends—including ‘growth of the giants’, a race to green, the switch to usage-based cover, and Bitcoin as a new asset class—look set to have a big impact on the insurance industry in the year ahead.

The Winners Write The History

You probably know Matt Groening as the wildly successful creator of The Simpsons. The show is the longest-running primetime series in US and has won 32 Emmy Awards, ten in the category of Outstanding Animated Program alone. What’s more, its record 636 episodes have been nominated for the Emmy 89 times.

Corporate Pensions End 2020 With Funded Ratio Of 88.2%

Milliman, Inc., a premier global consulting and actuarial firm, today released the year-end results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In 2020, corporate pension funding ended down $50 billion for the year, with the funding ratio dropping from 89.8% at the end of 2019 to 88.2% as of December 31, 2020.

Variable Annuities Reforms Leading to Mixed Results for Life/Annuity Insurers

AM Best expects variable annuity (VA) reforms from the National Association of Insurance Commissioners’ (NAIC) to diminish noneconomic volatility that resulted under the previous framework and may reduce the use of captives by U.S. life insurance and annuity writers.

Working Towards Climate Neutrality

Allianz announces for the first time concrete interim targets for reducing greenhouse gas emissions in its investment portfolio of policyholder funds, implementing its stated goal of climate neutrality by 2050. By 2025, emissions for selected asset classes in the portfolio of customer funds are to be reduced by 25 percent compared to 2019.

The Way We Save

The ways Americans save – from “Big Savers” to “Aspirational Savers” – provide insights that can lead to better financial outcomes and help financial services firms to engage with different saver segments, according to a new report by Hearts & Wallets, the research and benchmarking firm that specializes in how consumers save, invest and seek financial advice.

Closing The Savings Access Gap

National universal access policies could dramatically close the retirement savings access gap for millions of employees and provide larger annual incomes for retirees, according to new research from the Georgetown University Center for Retirement Initiatives (CRI) in collaboration with Econsult Solutions, Inc. (ESI) and supported by a grant from the Berggruen Institute’s Future of Capitalism program.

When Health Suffers, Finances Go On Life Support

Even adults who do not contract COVID-19 are facing a healthcare crisis. A Debt.com survey of more than 1,000 American adults reveals 56 percent of respondents had medical debt sent to collections and nearly two-thirds owed under $5,000, while 5 percent owed over $50,000.

How Technology Empowered Life Insurers to Respond to COVID-19

COVID-19 has changed the world in so many ways. The way we work and interact with each other has changed dramatically. It also changed the life insurance industry. Because of social distancing, companies had to adjust their day-to-day operations to continue to serve their current and potential customers.

2021 Trends to Watch Include: Virtual Care, Mental Health, Health Equity

The pandemic has accelerated dramatic changes in health care and well-being in 2020 and will continue to do so in 2021, said Ellen Kelsay, president and CEO of Business Group on Health, the premier non-profit organization representing large employers’ perspectives on health, well-being and workforce strategy issues.