The trend of innovation in insurance companies has changed little in 2015 over the last few years.
In recent years we have all been busy reducing premiums more and more, as the only innovation and the only competitive advantage over the competition.
Only at the end of the summer of 2015 and on the eve of the implementation of two major projects whose concrete impact on insurers is difficult to calculate, such as Solvency II and the new Automobile Scale, have provoked a reaction in insurers, refusing to contract certain risks at any price, cancelling portfolios or raising premiums.
However, there are always exceptions and I would like to highlight the new Life Savings products which, although they could have been a success, brokers have not made all possible efforts to achieve their mass marketing. The professional R.Cs continue to advance in coverage and offers to the market.
Other reasons for hope and proof that our sector is alive are:
INSURANCE OF TECHNOLOGY COMPANIES AND CYBER RISKS:
The first policy in the market that combines PROFESSIONAL CR, CYBER RISKS and DATA PROTECTION CR coverages, with premiums starting at 200€ per year.
With capacity to insure self-employed, SMEs and large risks. online underwriting up to 1.500.000€ of turnover.
INSURANCE FOR EXPORTING COMPANIES:
The only Business Liability insurance in the Spanish market that has the capacity to insure companies exporting up to 100% to the USA.
With all the usual coverages plus a series of complementary coverages that make this insurance unique and perfect for exporting companies.
On the other hand, the evolution of products advances in the inclusion of ancillary services, turning insurance into the center of a global contract with the client, the way of the future and the appearance of many tailor-made suits for market niches, almost always provoked by a broker with access to such business.
The general trends in the sector, in my opinion, for this prosperous year 2016, are of rising premiums, difficulty in the placement of different risks, increase in savings products, annexation of services to traditional policies, and tailor-made products for niche brokers.
Source: Actualidad Aseguradora, January 25, 2016.