Clearspeed’s Post

In an ever-evolving landscape, insurance companies face a multitude of challenges, from interest rate fluctuations and inflation to geopolitical conflicts. According to PwC's Jim Bichard, the industry is also grappling with technological disruption, cyber threats, and the impacts of climate change. As the sector navigates these complexities, staying agile and innovative will be key. https://hubs.la/Q02z93WR0

In the insurance world, 2024 brings forth many challenges and transformative trends. From the escalating global risks, such as climate change and cyber threats, to the evolving role of insurers as societal safety nets, the industry is on the brink of significant change. Here are five global insurance trends you must watch out for in the new year. https://lnkd.in/dQpFm2bK

Guy Carpenter ’s Tony Gallagher said adopting a multi-faceted approach is key to navigating the ever-evolving IFRS 17 requirements. Sifting through the line-up of risks the Asia Pacific (APAC) region is going through this year, regulatory and compliance challenges are top of mind as far as industry players are concerned. According to the sixth edition of Global Insurance Law Connect’s annual Risk Radar Report, other significant challenges still include natural disasters due to climate change, cyber security threats, artificial intelligence, and consumer protection regulations. https://lnkd.in/enXjhdtv

🕵️♂️ Unlock Business Fortitude! Dive into FSB's Pioneering Insurance Report 🚀 In a world fraught with risks, seize the insights that propel your enterprise forward. FSB's Report is no mere document; it's a compass guiding small businesses through the intricate landscape of insurance challenges. 🔍 Discover Nuggets of Wisdom: 🛡️ PII Mastery: Navigate the hardening PII market, decode the enigma of premiums, and safeguard your venture against unforeseen storms. 🌐 Cyber Sentry: Unveil the clandestine world of cyber risks. Only 10% shield their digital citadels—be the 10%, armed not just with insurance but with understanding. 🤝 Government Allies: Decode the call for flexibility in regulations, ensuring your business scales without being hindered by draconian mandates. 🛡️ Resilience Arsenal: Fortify your defenses with cyber resilience measures. Knowledge is your sword; wield it to protect your realm. 🚀 Embark on this Journey: https://lnkd.in/ee6GmadA 🌐 Empower Your Business Journey! #FSBInsights #SmallBusinessInsurance

Insurance is more relevant than ever – providing financial protection and peace of mind to customers around the world. But with risks like climate and cyber challenging insurability, insurers are broadening their value proposition beyond traditional risk transfer.   Jad Ariss at #GASummit50   https://lnkd.in/ejuKjBUi

Climate change and technology advancements are reshaping the insurance industry. These insights cover how insurers are adapting to severe weather events, cybersecurity threats, and AI liability. Explore how innovative digital solutions and advanced analytics can help your business navigate these emerging risks and seize new opportunities. #ClimateRisk #KPMGinBermuda Read more: https://ow.ly/FWFN50Szy5G

Over 50% of global respondents to a Geneva Association customer survey expect it will become more difficult or impossible to get insurance for risks related to natural catastrophes, longevity and cyber. Encouragingly, however, the survey also reveals considerable appetite among customers for additional risk services – such as prediction and prevention – indicating a clear opportunity for insurers to expand their offerings. Read the press release announcing our report, The Value of Insurance in a Changing Risk Landscape: https://lnkd.in/eKQS3TDw

Aon's CEO, Greg Case, has called for better models to predict losses in the "stressed" property insurance market. The industry's reliance on historical data to forecast losses is no longer sufficient in today's era of climate change, cyber risks, and AI advancements. As the market continues to evolve, it's crucial that we adapt our methods to ensure accurate assessments. #insurance #property #riskassessment #cybersecurity #AI #climatechange

As we close the door on the tumultuous year of 2023, we look forward to the challenges and opportunities in 2024. Greater emphasis on #ESG, increased regulation, and potential liabilities for failing to prevent #fraud, the increased use of AI and with it #cyber threats mean businesses will need to be as ever more prepared and plan ahead. To paraphrase Donal Rumsfeld we should plan for the known knowns, prepare for the known unknowns, and work with our lawyers and insurers to manage and avoid the risk of being hit by the unknown unknowns. Our Insurance Sector Insights for 2024 gives a flavour of what to expect and what is on the horizon for many.

Viewpoint: 5 Global Insurance Trends You Need to Know About in 2024 In the ＃insurance world, 2024 brings forth many ＃challenges and ＃transformative—trends. From the ＃escalating—global—risks, such as climate change and cyber threats, to the evolving role of insurers as societal safety nets, the industry is on the brink of significant change. Here are five global insurance trends you must watch out for in the new year.