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The elements of insurance that link together to form the insurance value chain are becoming less distinct. (Photo: Shutterstock)

The insurance value chain across different market participants is becoming increasingly blurry, in S&P Global Ratings’ view. The influx of alternative capital is no longer a cyclical phenomenon, and we believe it’s here to stay, which is causing a flight for relevancy within the overall reinsurance sector. In addition, developments in InsurTech are emerging at the same time as other technologies, which signals fundamental changes for insurers and intermediaries on the horizon.

Amid these changes, the elements of insurance that link together — to form what is known as the insurance value chain — are becoming less distinct. In fact, competitive fluidity could separate some participants from the pack, which ultimately points to better credit quality.

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