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Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry

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SAS-sponsored research by Economist Impact suggests global politics and innovation will influence the insurance sector’s fate

CARY, N.C., Nov. 13, 2024 /PRNewswire/ — By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. These are potential paths for the insurance industry, according to a new future of insurance study by Economist Impact and data and AI leader SAS.

What will the #insurance sector look like in 2040? Dive in at SAS.com/insurance2040. #insurance2040

Informed by in-depth desk research and expert interviews, four prospective futures for the sector emerge in Revealing the paths to 2040: four possible scenarios for insurance. The report is the first in a two-part study examining the key factors that will shape the future state of the industry and the role technology could play in helping insurers navigate change.

“Our scenarios are not intended to predict the future,” said Edwin Saliba, Senior Analyst at Economist Impact. “Instead, they explore possible futures for the insurance industry, helping insurers better position themselves to respond effectively to emerging challenges and seize new opportunities.”

Per the report, the level of global cooperation and the pace of technological change will help determine how effectively and equitably the insurance sector, governments and societies at large address policy challenges like the climate crisis. Each path forward includes expert recommendations for industry leaders to build resilience and foster agility.

“There is a non-zero chance the insurance industry will collapse by 2040 – and that should prompt all insurers to take stock of growing risks and their overall resilience,” said Franklin Manchester, Principal Global Insurance Advisor at SAS. “Insurers can’t price customers out of coverage in flood zones to remain profitable in the climate crisis, certainly not in perpetuity, and perhaps not for much longer.

“As the digital revolution plays out in parallel, insurers can and should invest in responsible innovation for a more climate-resilient and prosperous future – or they risk failing the fundamental value proposition of insurance, which is to protect people.”

Scenario 1: Isolationism and unregulated technological growth lead to missed climate targets.
Isolationist global politics leads to accelerating technological evolution, unrestrained by regulatory guardrails or broader global coordination. The international community falls short of climate targets due to poor global cooperation. Only countries with the most developed economies can invest in and deploy green technologies (e.g., renewable energy, electric vehicles), while developing economies and regions suffer.

Private, hyper-regionalized insurance creates large disparities in product offerings and pricing, and the vast insurance protection gap widens as insurers withdraw from high-risk markets.

Scenario 2: Customer centricity drives prevention-focused approaches and climate transformation.
If regulatory efforts and global cooperation succeed in protecting digital identities and data privacy, new open lines of communication between countries and regions inspire collective advancement in emerging technologies. Insurers shift from an indemnification to a preventative approach across health, home and auto policies.

The democratization of technology enables insurers to offer highly personalized products to new and existing customers, tailored to their specific risk profiles and preferences.

Scenario 3: The effects of climate change spur climate resilience – for some.
Major economies introduce corporate sustainability reporting and overhaul their national disaster response and recovery policies, with insurers playing a starring role in compliance by employing risk modeling approaches. Lower- and middle-income economies focus on saving lives and livelihoods, while in further-developed economies, banks adopt climate risk-adjusted mortgages, and insurers introduce lower home insurance premiums by encouraging homeowners to retrofit their properties.

Where insurers stop providing coverage, safety regulations and climate-shock-resistant building codes are introduced to prohibit the development of infrastructure in high-risk zones. Insurers leverage historic data and enhance accuracy and data availability, bringing real-time environmental monitoring and advanced predictive analytics to the fore.

Scenario 4: Insufficient innovation and no cooperation? Insurers buckle.
Refusal of governments and businesses to collaborate on technology development and regulation exacerbates global conflict and undermines efforts to mitigate climate change. The full potential of AI fails to materialize, and the insurance industry falls behind in adapting to a world beset by increasingly catastrophic natural disasters. The protection gap reaches historic levels, disproportionately affecting emerging markets, where many are left without coverage and facing significant public resources constraints.

As the insurance industry eventually falters, collective risk pools in local communities gain momentum to cope with regionally specific concerns.

Preparing for 2040
“Even the boldest actuaries, in their most ambitious risk models, could hardly have imagined the skyrocketing frequency and severity of loss events we’ve experienced in recent years,” said Thorsten Hein, Insurance Lead in Risk, Fraud and Compliance Solutions at SAS. “The industry is on an alarming trajectory.

“Insurers are facing increasingly complex unknowns much faster than they’ve ever had to in the past, and it’s pushing their actuarial limits. AI will become an indispensable tool in helping insurers survive and thrive on the path to 2040 – AI guided by human intelligence that knows how to use its capabilities optimally and responsibly for the benefit of the company and the protection of its customers.”

SAS will deliver the second installment of this two-part #Insurance2040 study in early 2025. In the meantime, download the first report at sas.com/insurance2040 – and learn more about how data and AI is helping shape the sector’s future today at sas.com/insurance.

About Economist Impact
Economist Impact combines the rigor of a think-tank with the creativity of a media brand to engage a globally influential audience. We partner with corporations, foundations, NGOs and governments across big themes including sustainability, health and the changing shape of globalization to catalyze change and enable progress.  

We bring a 75-year track record of evidence-based policy research across 205 countries. Our global team sheds light on policy choices through benchmarks, economic and social impact analysis, white papers, forecasting and scenario modeling.

About SAS
SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved.

Editorial Contact:         

Julia Norton                     

Danielle Bates

julia.norton@sas.com       

danielle.bates@sas.com 

919-531-4661                   

919-531-1959

www.sas.com/news       

 

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Precision Meets Power: Vantage Marks 15 Years with New Anniversary Video, “The Ultimate Trading Machine”

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PORT VILA, Vanuatu, Nov. 14, 2024 /CNW/ — Celebrating 15 years of excellence, leading multi-asset broker Vantage Markets (or “Vantage”) has launched a video titled “The Ultimate Trading Machine*”, a tribute to 15 years of innovation, precision, and the relentless pursuit of empowering traders globally. The video encapsulates Vantage’s journey and reflects the bold, ambitious spirit of the brand.

 

“In the pursuit of excellence, precision and speed are everything,” the video states. For 15 years, Vantage has been at the forefront of innovation, continuously evolving to meet the needs of traders. From launching tools like the proprietary mobile app and Copy Trading platform, to integration with TradingView. In a latest assessment done by Investing.com, Vantage emerged top across multiple key metrics, including leverage, spread value, spread stability, no-slippage rate, market depth, and swap competitiveness, conducted during one of the most volatile periods – the U.S. elections. Vantage has consistently set new standards, solidifying its position as a global leader in online trading.

Since its inception, the company has secured licences in the UK, Australia, South Africa, the Cayman Islands, and Vanuatu, establishing itself as a trusted and regulated broker. Through the years, Vantage has been committed to being a model brand for traders, forging partnerships with esteemed organisations such as NEOM McLaren Extreme E, UNESCO, and UNHCR, ensuring that it contributes positively to society as well.

“For 15 years, Vantage has fueled ambition with tools that empower traders to unlock their full trading potential,” said Marc Despallieres, Chief Strategy and Trading Officer. “The Ultimate Trading Machine’ isn’t just a tagline—it’s our dedication to precision and progress.”

Geraldine Goh, Chief Marketing Officer, added, “This video captures Vantage’s journey—15 years of innovation, ambition, and dedication to empowering traders. Our goal is to inspire traders to aim higher, knowing Vantage will always be there, pushing the limits alongside them.”

Vantage’s journey continues with a focus on setting new industry standards, delivering cutting-edge features, and empowering traders to succeed.

Experience Vantage’s 15-year journey and see “The Ultimate Trading Machine” in action here.

Learn more about Vantage’s 15 anniversary here.

About Vantage

Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.

With over 15 years of market experience, Vantage transcends the role of broker, providing a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play.

trade smarter @vantage

RISK WARNING: CFD trading carries significant risks. You could lose more than your initial investment.

*’The Ultimate Trading Machine’ is a marketing term and does not imply guaranteed performance.

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SOURCE Vantage

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J&T Express Exceeds 100 Million Global Parcels Handled in a Single Day During Double 11, Driven by Strong Growth Across Multiple Regions

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HONG KONG, Nov. 14, 2024 /PRNewswire/ — J&T Global Express Limited (“J&T Express” or “J&T” or “the Company”, stock code: 01519), a global logistics service provider, announced a new milestone in its growth trajectory, surpassing 100 million parcels handled worldwide in a single day during this year’s Double 11 shopping festival on November 12th.

Double 11 is a traditional peak season for China and Southeast Asia. From October 20 to November 12, J&T Express saw significant growth in parcel volume in both markets. In China, the daily average parcel volume during this period reached nearly 66 million, a 25% year-over-year (“YoY”) increase, setting a new record. In Southeast Asia, the daily average parcel volume from November 1 to 11 exceeded 15 million, marking an impressive 73% YoY growth.

In anticipation of the expected surge in parcel volumes during the multiple year-end shopping festivals, J&T Express implemented early preparations across various markets, increasing investment in infrastructure and human resources to ensure operational efficiency and service quality. In China, based on business forecasts and actual production needs, J&T upgraded and renovated 32 sorting centers nationwide, expanding operating areas and improving timeliness. Over 600 distribution hubs and outlets were also upgraded across the country, with over 400 sets of automated equipment deployed to enhance operational capacity and effectively manage the peak parcel volume.

Benefiting from the vast growth potential of Southeast Asian markets and close collaboration with e-commerce clients, J&T Express anticipated the increase in e-commerce parcel volume during Double 11 and made proactive preparations. In September and October, J&T Express Vietnam deployed over 300 trucks, and the company constructed its largest sorting center in North Vietnam, equipped with advanced operating technology and equipment, which officially commenced its operations. This center boasts a parcel handling accuracy rate of 99.99%, significantly enhancing operational efficiency.

In Thailand, J&T Express upgraded four sorting centers and five distribution hubs, adding over 13 sets of automated equipment to boost operational capacity. As a result, the peak processing capacity of sorting centers increased by approximately 25%, and the distribution hubs saw a 20% improvement. Furthermore, J&T Express Thailand expanded its sorting area by approximately 19,000 square meters, added over 900 transport vehicles, and recruited over 3,800 personnel to meet the growing demand of sorting, delivery, and customer service sectors.

In other new markets, Black Friday (November 29th) marks the largest logistics peak season in Latin America. J&T Express has observed a significant upward trend in parcel volumes in Brazil and Mexico. To address the upcoming peak, J&T Express in both countries has proactively invested in infrastructure and human resources, upgrading automated equipment to meet the high-quality express service demands of both clients and consumers.

“J&T Express exceeding 100 million global parcels handled in a single day during Double 11, setting a historic record, demonstrates our robust operational capabilities and unwavering commitment to serving our global customers,” said Charles Hou, Vice President of J&T Express. “We will continue to invest in infrastructure and resource allocation across various markets, focusing on network optimization and service enhancement to ensure efficient and reliable logistics services for global users during peak seasons, meeting the ever-growing global market demands.”

About J&T Express

J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.

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CHINT’s CHX120 Integrated DC Meters Offer a Reliable and Precise Solution

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SHANGHAI, Nov. 14, 2024 /PRNewswire/ — (CHINT )The global shift towards electric vehicles (EVs) and renewable energy solutions has increased the demand for accurate and reliable DC metering technologies. DC meters play a crucial role in charging systems, where precise energy measurement is vital to ensure transparency, efficiency, and fairness for both operators and consumers.

DC meters are primarily designed for electric vehicle charging stations, where high precision and reliability are essential. The CHINT CHX120 is an innovative DC meter designed specifically for EV charging stations and other high-demand DC metering environments. Key features include:

Integrated Design: Shunt and meter combined in a single unit, reducing space and simplifying installation.High-Precision Measurement: Accurate readings for both forward and reverse energy flows, ensuring reliable billing.Multi-Tariff and Time Period Support: Supports up to 12 tariffs and 24 time periods for flexible energy pricing.Intelligent Temperature Monitoring: Monitors temperature to ensure safe operation and extend equipment lifespan.Strong Communication Compatibility: Compatible with RS-485, Modbus, and other protocols for seamless system integration.Diverse Shunt Specifications: Offers various shunt sizes, supporting currents up to 650A for high-power applications.Dual Sealing: Features physical and electronic seals for enhanced security and tamper resistance.Strong Data Storage Functionality: Stores up to 100 charging cycles and preserves data for 10 years during power outages.

The CHX120 is perfect for electric vehicle charging stations and other DC metering scenarios where high precision, safety, and reliability are crucial. It is particularly suited for high-power charging applications and systems requiring robust performance and long-term data storage.

In summary, DC meters are essential components in modern energy systems, particularly in electric vehicle charging infrastructure. Their ability to accurately measure energy consumption, communicate data remotely, and integrate seamlessly into complex systems makes them invaluable for both operators and consumers. The CHINT CHX120 is a standout DC energy meter that combines cutting-edge technology with practical design, offering a reliable and precise solution for today’s DC metering needs.

By understanding the principles, technology, and application of DC meters, businesses and consumers can make informed decisions to optimize energy usage and improve operational efficiency.

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View original content:https://www.prnewswire.co.uk/news-releases/chints-chx120-integrated-dc-meters-offer-a-reliable-and-precise-solution-302305475.html

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