Insurance Predictions 2023 - Thematic Intelligence
Description
Insurance Predictions 2023 - Thematic Intelligence
Summary
This report explores which themes will have the biggest impact on the insurance industry across 2023. For each theme, we offer a series of predictions, identify winners and losers, and point you to further reading.
In this report, we identify the top 15 themes that will impact the insurance sector in 2023, led by Inflation, ESG, Cyber Insurance, and Personalization. Inflation and the cost-of-living crisis is the single biggest challenge facing consumers and businesses in the UK and across the world at present. It has largely been caused by the Ukraine/Russia conflict, due to a heavy reliance on Russia for energy supply and on Ukraine for certain food products. The insurance industry is significantly impacted by macroeconomic factors, and consumers and businesses with less disposable income that are looking to cut down on expenses going into 2023 present a significant problem for the industry.
Scope
Summary
This report explores which themes will have the biggest impact on the insurance industry across 2023. For each theme, we offer a series of predictions, identify winners and losers, and point you to further reading.
In this report, we identify the top 15 themes that will impact the insurance sector in 2023, led by Inflation, ESG, Cyber Insurance, and Personalization. Inflation and the cost-of-living crisis is the single biggest challenge facing consumers and businesses in the UK and across the world at present. It has largely been caused by the Ukraine/Russia conflict, due to a heavy reliance on Russia for energy supply and on Ukraine for certain food products. The insurance industry is significantly impacted by macroeconomic factors, and consumers and businesses with less disposable income that are looking to cut down on expenses going into 2023 present a significant problem for the industry.
Scope
- Policyholders will be the main beneficiaries, as the majority of the themes in this report will lead to policies becoming more instant, digital, interlinked, and easier to access and adjust.
- The cost-of-living crisis coming almost straight after a global pandemic will hit consumers and businesses extremely hard. They will need to cut bills where possible, meaning it will be challenging for insurers to maintain penetration rates across key products.
- The losers are typically incumbents that have let startups take the lead in areas of vast potential, such as the gig and sharing economies and cyber insurance.
- Discover how the likes of ESG, Cyber Insurance, and Inflation will impact the insurance industry over the course of 2023.
- Ensure you remain competitive in response to new innovations and insurance models entering the industry.
- Identify the leaders and laggards for the Themes analyzed in this report.
Table of Contents
44 Pages
- Executive Summary
- Top Themes for 2023
- Viewing the world’s data by theme helps you make important decisions
- Inflation
- Inflation will put severe pressure on profit margins and customer retention
- This will lead to more consumers searching around
- Winners and losers
- Further reading
- ESG
- Insurers are making ESG a key part of their strategies
- Consumers may be willing to pay extra for sustainability
- Winners and losers
- Further reading
- Cyber Insurance
- COVID-19 is still having a significant impact on cyber
- But insurers will need to offer affordable policies to increase uptake
- Winners and losers
- Further reading
- Personalization
- Personalization is more relevant than ever following recent global events
- Personalization will only increase as younger consumers enter the insurance market
- Winners and losers
- Further reading
- COVID-19
- COVID-19 is no longer the standout industry theme but is still considerable
- The influence of COVID-19 is still impacting SMEs in many ways
- Winners and losers
- Further reading
- Internet of Things
- IoT is a key driver behind personalizing products
- Privacy concerns will always be a block, but other concerns can be reduced
- Winners and losers
- Further reading
- Big Data
- Insurers prioritize big data expertise when hiring
- The need for big data will only increase with recession and climate change
- Winners and losers
- Further reading
- Artificial Intelligence
- AI receives vast sums of investment as it can increase efficiency
- AI can positively impact all aspects of the insurance value chain
- Winners and losers
- Further reading
- Wellbeing
- COVID-19 accelerated the rise of mental wellbeing in insurance
- Companies will need more than just RPA to realize the full benefits of automation
- Winners and losers
- Further reading
- Sharing and Gig Economies
- Only a minority of consumers are making money from sharing economy
- Over 40% of SMEs use freelancers as the ad-hoc work sector remains strong
- Winners and losers
- Further reading
- Emerging Economies
- China leads the emerging economies in premiums and expected growth
- Allianz and Santam lead the way in deals completed in emerging economies
- Winners and losers
- Further reading
- Embedded Insurance
- Embedded insurance is a developing trend as it simplifies purchasing insurance
- Rise of embedded insurance will make consumers comfortable buying from brands
- Winners and losers
- Further reading
- Insurtech
- Investment in insurtech stuttered after remaining stable throughout COVID-19
- Brand recognition continues to improve for insurtechs but does remain a barrier
- Winners and losers
- Further reading
- Electric Vehicles
- The EV market will considerably outgrow the overall motor market up to 2033
- Over a third of UK consumers looking to switch to electric vehicles within five years
- Winners and losers
- Further reading
- Geopolitics
- The Russia-Ukraine war will dominate the geopolitical landscape going into 2023
- Cyber insurance-related claims may be the most heavily disputed
- Winners and losers
- Further reading
- Glossary
- Further Reading
- GlobalData thematic reports
- Our thematic research methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Glossary
- Table 2: GlobalData thematic reports
- List of Figures
- Figure 1: The biggest themes driving growth in the insurance industry
- Figure 2: Inflation represents insurers' greatest challenge over the next 12 months
- Figure 3: Over half of UK consumers could be open to paying more for sustainable policies
- Figure 4: COVID-19 is still making SMEs more likely to purchase cyber insurance
- Figure 5: Younger consumers will drive a rise in demand for personalization
- Figure 6: COVID has a lasting impact on how SMEs operate
- Figure 7: Consumers who do not want to share data with insurers often have privacy concerns
- Figure 8: Insurance companies are looking to employ big data specialists
- Figure 9: Completed insurance deals show that big data receives more investment than other key themes
- Figure 10: Work-life balance is more important than ever to UK employees
- Figure 11: Only a small percentage of UK consumers have utilized the sharing economy for their property
- Figure 12: GWP in China’s General Insurance market, 2016-2025f
- Figure 13: UK motor customers are most trusting of the technology giants
- Figure 14: Insurtech investment stalls after combined pressure of COVID and inflation
- Figure 15: UK consumers are getting ready to move to electric vehicles
- Figure 16: Our five-step approach for generating a sector scorecard
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