AI to revolutionize claims handling, but human expertise remains key: PwC’s Cook
AI is rapidly changing how insurance companies process and manage claims, particularly in areas that have traditionally required large amounts of manual work, such as reviewing medical reports, legal documents, or adjuster files. These are time-consuming and resource-heavy tasks, but automation and advanced data tools are beginning to ease that burden. According to PwC UK’s Michael Cook, many claims’ processes remain highly manual, which creates inefficiencies and slows down settlements. AI has the potential to streamline these operations, speeding up decision-making while reducing costs. At the same time, experts emphasize that human involvement is still vital. The goal of AI is not to replace claims professionals, but to support them by handling repetitive, document-heavy work. This allows staff to focus on the more complex, sensitive, or high-value parts of a claim where human judgment, empathy, and expertise make the biggest difference. By striking the right balance between automation and human oversight, insurers can improve efficiency without losing the personal touch that customers expect. PwC also points out that companies must approach AI adoption with a clear strategy — ensuring that technology investments are aligned with business goals and capable of delivering measurable returns.
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Munich Re continues to expect attractive business opportunities at January renewals
Munich Re is confident about finding attractive business opportunities during the upcoming January 2026 reinsurance renewals. The company stresses that traditional reinsurers continue to play a vital role in transferring risks, particularly as natural disasters such as floods, storms, and wildfires drive up losses insured. With its strong geographic diversification and solid capital base, Munich Re believes it is well positioned to handle even very large loss events without falling below its solvency targets. The reinsurer also sees promising growth potential in areas like cyber insurance, where demand is rising, especially among small and medium-sized businesses. At the same time, Munich Re remains cautious, noting that geopolitical and macroeconomic risks could influence market conditions. Looking ahead to the renewals, the company intends to focus on risk-adequate pricing and strict contract terms, ensuring that growth is sustainable and aligned with its long-term strategy.
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Swiss Re overtakes Munich Re as top reinsurer by 2024 GPW: S&P
S&P Global Ratings has reported that Swiss Re has overtaken Munich Re to become the world’s largest reinsurer by gross premiums written (GPW) in 2024. Swiss Re’s business grew from about $41.8 billion in 2023 to around $43.1 billion in 2024. At the same time, Munich Re’s premium volume fell slightly, from roughly $44.4 billion in 2023 to $42.8 billion in 2024, which allowed Swiss Re to move into the top position. The rest of the global rankings remained fairly stable. Hannover Re held on to third place with $37.7 billion in premiums, while Berkshire Hathaway, Lloyd’s, and SCOR followed behind. Some players shifted positions slightly — for example, Reinsurance Group of America climbed higher in the rankings, while China Reinsurance slipped a bit. Overall, the changes highlight how competitive the reinsurance market remains. Even small differences in growth, pricing, or exposure to catastrophe losses can affect who leads the industry. Swiss Re’s move to the top shows its ability to grow its premium base despite difficult market conditions, while Munich Re’s dip underscores how sensitive reinsurers are to shifts in demand, pricing, and large loss events. The ranking is an important signal to the market because size and scale often translate into greater influence and capacity in global reinsurance negotiations.
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Lloyd’s posts 6% rise in GWP and profit of £4.2bn for H1’25
Lloyd’s reported strong results for the first half of 2025, with gross written premiums (GWP) reaching 32.5 billion, a 6% increase compared to the same period in 2024. However, underwriting profit fell to 1.5 billion, mainly because of large losses from the Los Angeles wildfires. The combined ratio rose to 92.5%, meaning higher claims and expenses reduced profitability. Still, when major losses are excluded, the underlying combined ratio was a healthier 82.1%, showing that the core business remains solid. Lloyd’s also had good investment income, earning 3.2 billion (a 3.1% return), supported by higher interest rates and positive market performance. Overall profit before tax was 4.2 billion, about 15% lower than last year. Even with this drop, Lloyd’s financial position remains strong, with capital reserves well above what regulators require. While the market faces challenges such as tougher competition and lower pricing, Lloyd’s believes its strong capital, careful underwriting, and clear strategy will help it stay profitable in the future.
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Munich Re backs epidemic and pandemic insurance for Maldives tourism industry
Munich Re has joined forces with insurers and brokers to launch a new insurance program designed to safeguard the Maldives’ tourism industry against the financial risks of epidemics and pandemics. Set to roll out on September 15, 2025, the scheme provides a total claims capacity of USD 5 million and will be available to resorts, guesthouses, and other hospitality businesses, particularly members of the Maldives Association of Tourism Industry. The idea is to give businesses financial protection in the event that a health crisis disrupts travel or forces closures, much like the impact of COVID-19, which severely affected the Maldives’ economy. Since tourism contributes more than 28% of the nation’s GDP and employs a large share of the population, the pandemic highlighted how vulnerable the sector is to global health shocks. By offering targeted coverage, this initiative aims not only to provide immediate financial security but also to boost confidence in the resilience and sustainability of the Maldives’ tourism industry going forward.
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Swiss Re tips premiums to climb in ‘riskier world’
Swiss Re has forecast that property and casualty insurance premiums will keep rising over the next decade, reflecting the fact that the world is becoming a more uncertain and hazardous place. The reinsurer points to several key drivers behind this trend: natural disasters are becoming more frequent and severe, valuable assets are increasingly exposed to damage, economic inflation is pushing up repair and replacement costs, and legal expenses linked to claims are also climbing. Over the last 20 years the global property and casualty market has already doubled in size, and Swiss Re expects it to expand further – from around USD 2.4 trillion today to USD 4.3 trillion by 2040. The report highlights how captive insurers are taking a bigger role by covering their own routine risks internally, while depending on reinsurance for larger, less predictable events. At the same time, insurers are improving their ability to measure and price risks more efficiently, yet they continue to shift more of the financial burden to reinsurers. Overall, the message is that rising premiums are not just a pricing choice but a reflection of a world where risks are growing more complex, and both insurers and reinsurers must adapt to remain resilient.
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