Insurance Risk Study - Aon

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Insurance Risk Study Correlation between Countries In addition to correlation between lines of business, global insurers must also consider the correlation of business written in different countries. We estimated these correlation coefficients based on country-level loss ratios by line by year. The following tables show results by region for motor and liability lines. Americas - Motor Europe - Motor 14 Argentina Asia Pacific - Motor Australia Austria Brazil China Belgium Canada Hong Kong France Chile Argentina 49% -62% -71% -14% 23% 10% -13% -14% -28% Brazil 49% -18% -5% -26% -3% -51% 34% 34% 32% Canada -62% -18% 61% 22% -24% -27% 10% 85% 43% Chile -71% -5% 61% 14% -13% -31% 14% 20% -4% Colombia -14% -26% 22% 14% -28% 16% 37% 34% -5% Mexico 23% -3% -24% -13% -28% 6% -47% -24% -58% Peru 10% -51% -27% -31% 16% 6% -18% -21% -32% Puerto Rico -13% 34% 10% 14% 37% -47% -18% 41% 7% United States -14% 34% 85% 20% 34% -24% -21% 41% 41% Venezuela -28% 32% 43% -4% -5% -58% -32% 7% 41% India Australia 63% 54% 44% -35% -49% 82% 8% -34% 21% China 63% 24% -3% -7% 14% -30% -10% -20% 12% Hong Kong 54% 24% 55% -46% -46% 5% 37% -67% -23% India 44% -3% 55% -45% -32% 97% 13% -34% 33% Japan -35% -7% -46% -45% 50% 85% -2% 68% -3% Malaysia -49% 14% -46% -32% 50% 72% -8% 41% 33% Russia 82% -30% 5% 97% 85% 72% 14% -35% -81% Singapore 8% -10% 37% 13% -2% -8% 14% -35% -37% South Korea -34% -20% -67% -34% 68% 41% -35% -35% 34% Taiwan 21% 12% -23% 33% -3% 33% -81% -37% 34% Germany Austria 52% 64% 65% 38% 87% 44% -12% 82% 12% Belgium 52% 63% 79% 63% 45% 61% -41% 7% 34% France 64% 63% 59% 41% 54% 45% -33% 49% 23% Germany 65% 79% 59% 7% 54% 35% -29% 23% 10% Italy 38% 63% 41% 7% -5% 71% -41% 17% 62% Netherlands 87% 45% 54% 54% -5% 37% 1% 80% -19% Norway 44% 61% 45% 35% 71% 37% -47% 41% 32% Spain -12% -41% -33% -29% -41% 1% -47% 30% 7% Switzerland 82% 7% 49% 23% 17% 80% 41% 30% -2% United Kingdom 12% 34% 23% 10% 62% -19% 32% 7% -2% Colombia Japan Italy Mexico Malaysia Netherlands Peru Russia Norway Puerto Rico Singapore Spain United States South Korea Switzerland Venezuela Taiwan United Kingdom
Americas - Liability Europe - Liability Argentina Asia Pacific - Liability Austria Australia Brazil Belgium China Canada Denmark Hong Kong France Germany Italy Norway Spain Aon Benfield Austria -46% 55% 86% 88% 49% 19% -36% 29% 65% Belgium -46% -29% -54% -35% -43% 21% -81% 13% -31% Denmark 55% -29% 65% 60% 71% 16% 10% 29% 36% France 86% -54% 65% 90% 61% 16% -26% 32% 59% Germany 88% -35% 60% 90% 54% 5% -41% 27% 65% Italy 49% -43% 71% 61% 54% 20% 15% 26% 5% Norway 19% 21% 16% 16% 5% 20% -39% 3% 4% Spain -36% -81% 10% -26% -41% 15% -39% -24% 12% Switzerland 29% 13% 29% 32% 27% 26% 3% -24% 10% United Kingdom 65% -31% 36% 59% 65% 5% 4% 12% 10% Japan Australia 81% 46% -33% -11% -15% -30% 6% 32% China 81% 36% -13% 22% 36% 91% -28% 17% Hong Kong 46% 36% 1% -9% 2% -31% -15% -28% Japan -33% -13% 1% 45% 7% 72% -3% 20% Malaysia -11% 22% -9% 45% -57% 70% -35% 26% Russia -15% 36% 2% 7% -57% -60% 65% 47% Singapore -30% 91% -31% 72% 70% -60% -74% 10% South Korea 6% -28% -15% -3% -35% 65% -74% 6% Taiwan 32% 17% -28% 20% 26% 47% 10% 6% Chile Argentina 33% 18% -5% -67% 6% 3% 49% 30% 2% Brazil 33% 33% 18% -59% 22% 15% 75% 72% -7% Canada 18% 33% -17% -32% 25% 24% 26% 81% 5% Chile -5% 18% -17% -28% 44% -12% 26% -1% 31% Colombia -67% -59% -32% -28% -18% -26% -76% -67% -23% Mexico 6% 22% 25% 44% -18% -3% 14% 23% -20% Peru 3% 15% 24% -12% -26% -3% 0% 44% -18% Puerto Rico 49% 75% 26% 26% -76% 14% 0% 69% 2% United States 30% 72% 81% -1% -67% 23% 44% 69% 18% Venezuela 2% -7% 5% 31% -23% -20% -18% 2% 18% Colombia Malaysia Mexico Russia Peru Singapore Puerto Rico United States South Korea Switzerland Venezuela Taiwan United Kingdom 15
Page 1 and 2: Insurance Risk Study Fifth Edition
Page 3 and 4: Foreword Since the first internal A
Page 5 and 6: Underwriting Volatility for Major L
Page 7 and 8: Solvency II Correlation Coefficient
Page 9 and 10: Industry Reserve Adequacy: How Long
Page 11 and 12: Year-Over-Year Change in Gross Loss
Page 13: Germany Japan U.K. U.S. Accident &
Page 17 and 18: Size and Correlation Insurers of di
Page 19 and 20: Managing Inflation Risk Risk manage
Page 21 and 22: Global Market Review With rates con
Page 23 and 24: Global Premium, Loss Ratio and Vola
Page 25 and 26: Afterword: The Greatest Risk In las
Page 27 and 28: For more information on the Insuran

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