Since our first issue of our State of Life back in 2019, we have borne witness to an acceleration of history that usually only happens a few times in a century – we are entering a new era, shaped by a wide range of risks:

• For the first time in more than 100 years, a global pandemic has killed millions of people
• A new war has broken out in the middle of Europe
• Inflation has reached levels unseen in decades
• The effects of global warming are starting to impact our daily lives
• Protectionism and fragmentation of the world seem to be coming back, gradually ending a cycle of globalization.

Of course, not all these risks are new: in our 2019 issue, we were already discussing climate change and pandemic risks. The difference now is how strong the correlations have become between climate change, the shortage of natural resources, inflation, conflicts, demography, obesity, biodiversity loss, deforestation, the emergence of zoonoses, and so on. These interconnections among risks have always existed, but they were less obvious five years ago.

This paper aims to shed light on some of the key trends, explain how they are evolving, and what it means for us in the (re)insurance industry.

Indeed, this world, which is becoming more uncertain than it has ever been over the past 30 years, also craves protection and resilience. (Re)insurers are playing a key role by expanding covers and services, enhancing their offering to push the boundaries of insurability for the common good.

At SCOR Life & Health, we see that while life can be complex and highly uncertain due to the vast array of risk scenarios and outcomes, it is also very exciting, precious and worth protecting, through the prevention, assurance and peace of mind that our products and solutions bring.

Our second edition of the State of Life presents our view of the current situation, with a clear focus on the quantifiable trends we think will impact the (re)insurance industry the most. We hope it will contribute to a fruitful debate about how to shape the future of the life and health insurance ecosystem.