With Black Friday almost upon us, iPMI Magazine announces a sale price on the current iPMI Market research report, International Health Insurance 2021.

There are now 80 million expatriates, 5 million international students, 4 million temporary foreign workers, and 18 million high net worth individuals of which 2.7 million are ultra high net worth. All of these are targets for iPMI.

If you are an iPMI Magazine Subscriber you may now access the complete report, with a 20% subsidy on the RRP. So, £3600 becomes just £2,880.*

If you are an iPMI Magazine Advertiser you may now access the complete report, with a 33% subsidy on the RRP. So, £3600 becomes just £2,412.*

Learn more about this report click here.

Order your own copy of International Health Insurance (IPMI) 2021, or ask questions, write to ipmi[at]ipmimagazine.com

*Offer ends 1/12/2021. This offer is only available when you purchase the report directly through iPMI Magazine. The report is still selling at full RRP on Research and Markets.

Now fully updated for 2018 the Peer To Peer Insurance report from insurance analyst Ian Youngman, is out now. The Peer To Peer Insurance report looks at the background, potential, problems, and regulation, as well as profiles of every known peer-to-peer platform.

• Learn why no part of the insurance value chain is safe;
• Understand distribution, pricing, product development, underwriting, claims servicing and compliance in P2P Insurance;
• Discover who are the companies and providers threatening the value chain;
• Understand the problem of balancing consumer protection with innovation;
• Find out how P2P insurance works and how to make money;
• Look at why ignoring peer-to-peer insurance is not advisable;
• Explore new forms of technology that are driven by a social insurance model;
• Learn about the role of Block chain technology and Bit coin.

Report author Ian Youngman comments, “Peer to peer insurance is very new and often misunderstood: with even many platform founders confused if they are an insurer, broker, techie idea - and whether they are legal or illegal. Regulators are taking notice - with some being very supportive and others preparing to close platforms they consider to be illegal. Peer to peer will stimulate change and make insurance quicker, simpler and more transparent. As in direct insurance decades ago, one or two of the newcomers will become national or international successes; while others will be taken over by existing insurers, and those insurers who ignore the lessons will die."

The insurance ecosystem is undergoing transformation and innovation like never before, and what we have seen is only the beginning.

From distribution to pricing, product development to underwriting claims servicing to compliance — no part of the insurance value chain is safe from change.

Insurance companies will need to work hard to transform their core operations to become agile and low cost and customer centric. Some will meet a Blockbuster/Kodak type fate by failing to transform properly. Those that succeed in their transformation will have both scale and agility and will thrive.

FinTech is a spectrum of technology innovations and start -ups that demonstrate disruptive potential in applications, processes, products, or business models in the financial industry.

As FinTech continues to develop and evolve, providing solutions to insurance, it faces a problem of balancing consumer protection with innovation. Unlike other areas of technology, FinTech requires a certain degree of fiduciary duty to their users – bringing questions of regulation, security, and compliance to the forefront.

The sharing economy is developing peer-to-peer insurance. Peer to peer lending was laughed at by bankers- now they scramble to offer loans and buy loan books. Will insurers and brokers regret ignoring peer-to-peer insurance?

Some platforms are built to work with insurers and re-insurers, but others have built them out of the mix. There are over 40 platforms globally and others on the way. Lemonade has just launched in New York to be the first peer to peer insurer in the USA.

Peer to peer insurance is a new form of technology driven by a social insurance model. Some platforms are well thought out, others are by techie dreamers with no understanding of regulation, law or insurance.

Most peer-to- peer platforms are - or wrongly claim to be - neither broker nor insurer, so how do they work and how to they make money? Why is a mutual promise to pay not insurance? How does Blockchain technology and Bitcoin fit into this mix?

The basis is creating a series of separate pools, unconnected to each other, so each pool only pays its claims, with none of the traditional cross subsidisation of traditional insurance. Some require payment but others are just promises to pay.

The regulation in most countries is often unclear and several regulators are already looking at the implications.

Platforms are active or being launched in Australia, Canada, China, Colombia, Czech Republic, France, Germany, Hong Kong, Ireland, Italy, Japan, Montenegro, Netherlands, New Zealand, Norway, Singapore, South Africa, Switzerland, Taiwan, UK and USA.

Platforms seek to cover business, cars, homes, technology, health, life, liability, cycles, marriage, pets, relocation, income protection, hospital cash and deductibles.

Ian Youngman is an insurance writer and researcher who has published many market reports.

How To Buy Peer To Peer Insurance

iPMI Magazine readers save when they purchase this specialist report via iPMI Magazine. iPMI Magazine offers the lowest rate available on the net for this report due to its ongoing relationships with leading market analysts and IPMI experts. You will not find these prices any where else but here.

Peer To Peer Insurance Pricing

Peer2peer Insurance is 250 pages.The RRP as sold else where is £1699. iPMI Magazine subscribers pay only £1300. iPMI Magazine advertisers pay only £1000.

Order Now

Fill in the quick form here or write to ipmiATipmimagazine.com - please replace AT with @ - for more information. We will be more than happy to walk you through the report contents and answer any questions you may have.

Further insurance reports by Ian Youngman are available via the iPMI Magazine report store. Click here to shop now.

That is, according to Peer To Peer Insurance 2016, the new report from insurance analyst Ian Youngman.

The insurance ecosystem is undergoing transformation and innovation like never before, and what we have seen is only the beginning.

From distribution to pricing, product development to underwriting claims servicing to compliance — no part of the insurance value chain is safe from change.

Insurance companies will need to work hard to transform their core operations to become agile and low cost and customer centric. Some will meet a Blockbuster/Kodak type fate by failing to transform properly. Those that succeed in their transformation will have both scale and agility and will thrive.

FinTech is a spectrum of technology innovations and start -ups that demonstrate disruptive potential in applications, processes, products, or business models in the financial industry.

As FinTech continues to develop and evolve, providing solutions to insurance, it faces a problem of balancing consumer protection with innovation. Unlike other areas of technology, FinTech requires a certain degree of fiduciary duty to their users – bringing questions of regulation, security, and compliance to the forefront.

The sharing economy is developing peer-to-peer insurance. Peer to peer lending was laughed at by bankers- now they scramble to offer loans and buy loan books. Will insurers and brokers regret ignoring peer-to-peer insurance?

Some platforms are built to work with insurers and re-insurers, but others have built them out of the mix. There are over 40 platforms globally and others on the way. Lemonade has just launched in New York to be the first peer to peer insurer in the USA.

Peer to peer insurance is a new form of technology driven by a social insurance model. Some platforms are well thought out, others are by techie dreamers with no understanding of regulation, law or insurance.

Most peer-to- peer platforms are - or wrongly claim to be - neither broker nor insurer, so how do they work and how to they make money? Why is a mutual promise to pay not insurance? How does Blockchain technology and Bitcoin fit into this mix?

The basis is creating a series of separate pools, unconnected to each other, so each pool only pays its claims, with none of the traditional cross subsidisation of traditional insurance. Some require payment but others are just promises to pay.

The regulation in most countries is often unclear and several regulators are already looking at the implications.

Platforms are active or being launched in Australia, Canada, China, Colombia, Czech Republic, France, Germany, Hong Kong, Ireland, Italy, Japan, Montenegro, Netherlands, New Zealand, Norway, Singapore, South Africa, Switzerland, Taiwan, UK and USA.

Platforms seek to cover business, cars, homes, technology, health, life, liability, cycles, marriage, pets, relocation, income protection, hospital cash and deductibles.

This report looks at the background, potential, problems, and regulation, as well as profiles of every known peer-to-peer platform.

Report author Ian Youngman comments, “Peer to peer insurance is very new and often misunderstood: with even many platform founders confused if they are an insurer, broker, techie idea - and whether they are legal or illegal. Regulators are taking notice - with some being very supportive and others preparing to close platforms they consider to be illegal. Peer to peer will stimulate change and make insurance quicker, simpler and more transparent. As in direct insurance decades ago, one or two of the newcomers will become national or international successes; while others will be taken over by existing insurers, and those insurers who ignore the lessons will die."

Ian Youngman is an insurance writer and researcher who has published many market reports.

Peer2peer Insurance is 250 pages.The RRP is £1699. iPMI Magazine subscribers pay only £1300.

Order Now: Fill in the quick form here or write to ipmiATipmimagazine.com - please replace AT with @

RELATED PEER TO PEER INSURANCE NEWS: NEW P2P INSURANCE REPORT - Peer To Peer Insurance 2016

No Part Of The Insurance Value Chain Is Safe From Change

Peer To Peer Mutual Platform Targets Health Insurance 

Peer To Peer Insurer Lemonade Launches In New York

In China, a new model, mutual aid, is on the rise. Different from insurance, members on mutual aid platforms can lower the cost and increase their claim payment through mutual financial assistance and risk sharing.

Users can join this new mutual assistance plan with an advance deposit of only 10 yuan and get a repayment up to 300,000 Yuan. If there are 1 million users, when someone applies for 300,000 Yuan as mutual aid money, each user only needs to share 0.3 Yuan.

Zhongtuobang is the largest mutual aid platform in China with over 1.7 million members, which implemented blockchain technology when going online and launching in 2016.

Qiao Ke, founder of this Shanghai platform, says, " Mutual aid is assistance from the majority to the minority in case of low-probability events such as cancer and accident."

Zhongtuobang has launched multiple mutual aid products including Anti-Cancer & Disease, Travel Accident, Dad & Mom Mutual Aid, Women's Health and a Students Comprehensive Plan.

Ian Youngman, author of new report "Peer to Peer Insurance 2016" says, "This is not an insurer and not a broker but a promise to pay mutual platform that falls between current regulatory sectors. Chinese regulator CIRC, having just cracked down on peer-to-peer lending platforms with new rules and scaring owners by showing them Shanghai prison, has issued dire warnings to customers about the dangers of using such mutual help platforms. CIRC is believed to be working urgently on new legislation to ensure only regulated platforms can stay open."

RELATED PEER TO PEER INSURANCE NEWS: NEW P2P INSURANCE REPORT - Peer To Peer Insurance 2016

No Part Of The Insurance Value Chain Is Safe From Change

Peer To Peer Mutual Platform Targets Health Insurance 

Peer To Peer Insurer Lemonade Launches In New York

Lemonade, the US's first peer-to -peer insurance company, has been licensed as a full insurance carrier by New York State. NY homeowners and condo owners and renters can now get insured and settle claims instantly, anytime and from any device.

"Technology drives everything at Lemonade" said Shai Wininger, President and co-founder. "From signing up to submitting a claim, the entire experience is mobile, simple and remarkably fast. What used to take weeks or months now happens in minutes or seconds. It's what you get when you replace brokers and paperwork with bots and machine learning."

Lemonade's technology cuts costs as well. Lemonade's home owner's policies start at $35 per month, and renter's at $5 per month. In addition to digitizing the entire insurance process, Lemonade reduces costs through giving. In a reversal of the traditional insurance model, Lemonade treats premiums as if they were still the property of the insured, returning unclaimed money during its annual 'Giveback'. Giveback is a unique feature of Lemonade where each year, leftover money is donated to causes. Cause-selection creates virtual groups of like-minded people, or 'peers.' Lemonade uses premiums from each grouping to pay the claims of those individuals, giving back leftover money to their common cause.

Lemonade is reinsured at Lloyd's of London, and by Berkshire Hathaway (National Indemnity) and other leading reinsurers.

Ian Youngman, industry analyst and author of the brand new report "Peer to Peer Insurance" comments, "Lemonade claims to be the world's first p to p insurer but this is misleading. There are two in the Netherlands that are fully legal, as is the one in Colombia and one in the Czech Republic and one in the UK. The five others in Canada, China and South Africa are not legally authorised."

Youngman goes on to explain, "Technology drives everything at Lemonade from signing up to submitting a claim, the entire experience is mobile, simple and fast. Lemonade is available in both mobile (iOS and Android) and web versions."

Reversal Of The Traditional Insurance Model

In addition to digitising the entire insurance process, Lemonade reduces costs through giving. In a reversal of the traditional insurance model, Lemonade treats premiums as if they were still the property of the insured, returning unclaimed money during its annual Giveback. Giveback is where each-year leftover money is donated to causes. Cause selection creates virtual groups of like-minded people so that each pool chooses a charity. Lemonade uses premiums from each grouping to pay the claims of those individuals, giving back leftover money to their common charitable cause. Lemonade takes a fixed fee out of monthly payments, buys reinsurance and uses the rest for paying claims.

Premiums are calculated individually for each policyholder and are based on a number of different factors including credit history, recent claims and information about the property including its age, size, and construction quality. It also factors in the sensitivity of the home to windstorms, severe weather damage, and fires. It then provides discounts for protection equipment installed, such as fire and burglar alarms.

While prices tend to be cheaper than the more established players, that won’t always be the case. Insurers use different models and data sets to set prices, and on occasion Lemonade prices will be higher than someone else’s.

On Lemonade Insurance the platform handles all claims. Customers open the Lemonade app and hit the Claim button. After they complete the claim report on the Lemonade app, they provide bank account wire information. Once the claim is approved, payment, minus the amount of the deductible, goes directly into that account.

The goal is for the majority of simple property claims to be paid almost instantly. There will be cases in which it will need to fully review the incident to approve the claim, and there will be property damage claims or liability claims that may take longer to settle. Lemonade asks all customers to record a video during the claims process.

This promises to be one of the better ideas but progress will be very slow as it has to get regulatory approval on a state-by-state basis in the USA.

What may make or break it, is the plan that money left in the pool at the end of the year if claims and fees have not eaten it all up, do not go back to the customer but to a nominated charity. Whether customers will welcome the demand that they video the claim and that prices may not be much lower is going to be interesting. Effectively, Lemonade argue that if prices are higher then customers need not worry as spare money goes to charity. How Lemonade reconcile the argument that the money does not belong to the insurer but to the customer, with giving surplus to a charity rather than what other p to p insurers and brokers do, back to the customer, will be interesting as it smacks of arrogance from the platform.

RELATED PEER TO PEER INSURANCE NEWS: NEW P2P INSURANCE REPORT - Peer To Peer Insurance 2016

No Part Of The Insurance Value Chain Is Safe From Change

Peer To Peer Mutual Platform Targets Health Insurance 

Peer To Peer Insurer Lemonade Launches In New York

Following the huge success of the 2014 IPMI report the new edition of International And Expatriate Healthcare And Insurance now includes more countries and insurers; new information on laws and regulations PLUS countries current attitudes towards expatriates. The 2016 report also includes more details of new health insurance laws locally in various countries around the world.

"...The most complete fact filled business report is back and better than ever..." Christopher Knight, CEO, iPMI Magazine.

To order this report please click here.

Want more info? Check out the report info pack here.

JLT Re and JLT Specialty Limited have launched a new report – Rising to the new terror challenge. The report is a detailed look at the evolving terrorist threat and the implications on terror (re)insurance cover.

Following a series of devastating bombings and shootings around the world in recent months, including the attacks in Brussels this week, the likelihood of a major terrorist attack is set to remain high, according to the report.

Commenting on the report, Chris Holt, Head of Credit, Political & Security Risk Consulting, JLT Specialty, said, “Terrorism has evolved into a more complex threat for businesses and insurers, with both attacks and fatalities seeing steep increases since 2011.”

“But this isn’t just about an increase in activity. The rise of Islamic extremism, combined with the potential access to weapons, explosives and toxic materials, comes at a time when modern communications and technologies are being exploited by groups as recruitment tools, communication channels and potential attack vectors. This means today's terrorist threat is more dynamic with impacts that are difficult to accurately predict”.

Paul Upton, Partner, Marine, Energy & Political Risk, JLT Re, said, “Clearly all of this has implications on the provision of terror (re)insurance cover. The market has been slow to respond and the fallout from several recent attacks has reinforced the need for new products. We are working with a number of market participants to deliver new and innovative products in this area. This can be done through the development of holistic solutions or, what is more likely in the short term, a suite of products that plug existing gaps.”

Impact Forecasting launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during November 2015. 

The report reveals that an enhanced North East Monsoon – almost certainly impacted by current El Niño conditions – brought weeks of torrential rainfall to southern India and Sri Lanka for much of November and early December, killing at least an estimated 386 people in the heavily impacted states of Tamil Nadu and Andhra Pradesh. The Chennaimetropolitan region in India was particularly damaged by the event.

Total economic losses in India were estimated to reach INR200 billion (USD3.0 billion), asIndia's General Insurance Corporation reported insurance claims of around INR20 billion (USD300 million).

Adityam Krovvidi, Head of Impact Forecasting Asia Pacific, said: "New economic developments in Asia are taking place in flood plains and marsh lands with scant attention to drainage, thus increasing run-off and flooding. The 100-year rainfall event in Chennaiexposed the inherent weakness of the one-dimensional nature of this economic pursuit, and highlights the need for serious introspection, implementation of mitigation measures and the redesign of urban landscapes. Risk assessment can play a major role in awareness and insurance in mitigating the financial hardships. The large gap between the economic and insured loss from the Chennai flood event further emphasises the need for greater insurance penetration in large industrialized cities in Asia. This will become even more important as Asian megacities continue to grow and the risk of major urban flood events increases."

Elsewhere during November, a series of early season winter storms brought periods of frigid temperatures, freezing rain, ice, heavy rainfall, and the season's first major snowfall to many areas of the U.S., killing at least 18 people. The events led to major disruption to travel and caused widespread reports of damage from the Rockies to the Midwest. Total combined economic losses from the events were expected to exceed USD200 million.

Windstorms Heini and Nils (also known locally as "Barney" and "Clodagh") impacted parts of the United Kingdom and Western Europe in the latter part of the month. Total insured losses, primarily driven by Heini (Barney), were expected to exceed USD100 million.

Other natural hazard events to have occurred globally in November include:

• One of the worst droughts in decades intensified in South Africa as water shortages affected 2.7 million households. Total economic losses were estimated to exceedUSD2.0 billion.
• Nearly 100 tornadoes touched down in the U.S. in November across the Plains and Midwest.
• Winter storms swept through northern China that led to minimal economic losses ofUSD268 million.
• Noteworthy floods impacted portions of Southern Europe, China, and Saudi Arabia.
• Severe thunderstorms caused tens of millions of dollars' (USD) of damage in South Africa and Australia.
• A pair of rare cyclones made historic landfalls in Yemen, killing at least 26 people.
• Multiple wildfires burned just to the north of South Australia's Adelaide, killing two people. The Insurance Council of Australia preliminarily cited 1,344 insurance claims worth AUD119.7 million (USD88 million).
• A magnitude-5.5 earthquake struck southern Kyrgyzstan damaging almost 4,500 buildings in Osh Region.

The globally mobile population has grown dramatically. There are over 50 million expatriates, and by 2020 this will be 60 million. 232 million people now live away from their country of birth. Between one in two and one in three expatriates has no international health insurance, although a minority is covered by domestic health insurance. Several countries seek to get expatriates and migrants to pay for healthcare or have compulsory health insurance.

International healthcare used to be very simple; you designed one product and used it everywhere. But now there are local restrictions on who can insure, how, and what can be insured. Some countries require insurers to have local partners while in others it can take years to get an insurance licence.

‘International and expatriate healthcare and insurance 2014’, the latest report from insurance analyst Ian Youngman, puts the international and expatriate health insurance market in perspective and offers valuable insight into the nature of the current and future market.

The most complete fact filled business report on international and expatriate health insurance is back and better than ever. After customer feedback it now includes more countries and insurers, new information on cross border healthcare and countries current attitude to expatriates, plus full details of new health insurance laws in countries including Dubai, Qatar, and the USA.

Much more information has been added on the number of expatriates globally and by country –both outbound and inbound, and on local insurance regulation. On insurers and brokers it includes who has been buying who, countries they are moving into, plus the latest product and service developments. With the potential of domestic health insurance markets limited, US, UK and EU health insurers and intermediaries are increasingly looking at healthcare for expatriates and locals in international markets.

Ian Youngman is a writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports and undertakes research for companies. An ACII, he has London market management experience with brokers and insurers.

HOW TO BUY

International Private Medical Insurance Magazine readers enjoy an exclusive subscriber pricing structure when they purchase International And Expatriate Healthcare And Insurance 2014. Other major online retailers are charging £999 upwards. iPMI Magazine readers only pay £899. To buy your copy now simply email ipmi AT ipmimagazine.com and a dedicated account manager will contact you.

Air ambulance services are sophisticated and advanced medical services provided in a mobile environment. These services have become an essential component of the modern healthcare system. The medical critical care transport saves lives as it is an effective way to shift or carry critical patients to healthcare facilities. The air ambulance transport services are used in war-torn regions, during natural disasters, outburst of epidemics and road accidents.

Global Air Ambulance market to grow at a CAGR of 9.57 percent over the period 2014-2019.