Description
Insurance companies serve a valuable function in society by engaging in risk pooling and risk bearing through the sale of insurance policies, and financial intermediation through their investment activities. However, the widening geographical spread of the global market, developments in information technology and telecommunication, the increase in demand for insurance resulting from rising incomes and risk awareness, and the decisions of other financial institutions like banks to diversify, have all led to increased uncertainty and instability in insurance industry.
As an economic analyst, you are required to analyse the potential impact of the business environment on the performance of insurance industry using annual reports of the 3 major insurance companies in the UK (Aviva, RSA and Direct Line) as a case study covering the period between 2018 to 2020. In order to conduct your analysis of the impact of the business environment on the insurance industry performance, it is crucial to reflect on the following areas:
(i) Regulatory changes in insurance business arising from Brexit.
(ii) Changes in macroeconomic environment and government actions. (iii) Impact on technological development and changes.
(iv) Natural disasters and impact of climate change, and
(v) The coronavirus pandemic of 2020-2021.
• This is an individual coursework
• Format: Case Study
• Learning outcomes:
• Apply economic principles to evaluate the operation of non-life insurance business
• Evaluate the economic role and impact of the non-life insurance industry in a national and
global context
• Apply financial principles to evaluate company performance
• A brief description of the expected content and layout: You may follow the content and layout as below:
• Case study title
• Table of contents
• Address the key points highlited in the case study
• Formation of a logical conclusion
• Reference list
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