Annual insurance loss report now published
- 17 July 2018
Every year ORX produces a high-level summary of our global insurance operational loss database, and we've just released the report for 2018.
This year we've produced our second global insurance loss report, which explores trends in over €3.7bn of gross operational loss.
- Our insurance database now includes more than 5,438 events from 16 insurers, totalling more than €3.7bn in loss.
- Average loss in 2017 was €430k, which was less than half of the average loss in 2012 of €1.1m.
- Life Insurance business lines experienced losses equivalent to €1.67 per €1k of gross written premium exposure in 2012. This fell to only €0.63 in 2017.
- Non-Life business lines illustrated losses equalling €2.53 per €1k of gross written premium exposure in 2012. This fell to just €0.88 in 2017.
Event Types and Business Lines
- Event type Execution, Delivery and Process Management accounted for €1.8bn of total loss for the years 2012-2017.
- Life Insurance was the business line with the most total loss of €1.5bn between 2012 and 2017.
- North America incurred losses of €530m, which accounts for 14.3 per cent of total loss between the years 2012-2017.
- Western Europe obtained losses of €2.7bn (€2,678m), which accounts for 72.4 per cent of total loss between the years 2012-2017.
To find out more, visit the project page and download the report below.