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Insurance Predictions, 2022 Update - Thematic Research

Publisher GlobalData
Published Mar 16, 2022
Length 43 Pages
SKU # GBDT17165914

Description

Insurance Predictions, 2022 Update - Thematic Research

Summary

This report provides in-depth analysis of the future of the insurance market by examining the 16 key themes that will impact the industry in 2022 and beyond. Topics include artificial intelligence, ESG, cyber insurance, and the Russia-Ukraine war.

Companies that invest in the right themes become success stories, while those that miss the big themes end up as failures. Given that so many themes are disruptive, it is very easy to be blindsided by industry outsiders who invade your sector. In this report, we identify the top 16 themes that will impact the insurance sector in 2022. For each theme, we offer a series of predictions, identify winners and losers, and point you to further reading. In 2022, the major themes impacting the insurance sector will be COVID-19 and ESG. COVID-19 is the defining theme for the immediate future. Not only is it the main challenge, but it is essential to how all other themes will progress. In addition, ESG is a key long-term trend insurers need to be on top of.

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.
  • COVID-19 is having a transformative impact on the insurance industry around the world. It has forced people of all generations to become comfortable with online purchases. Consumers and businesses will not only look to buy insurance on websites - they will want flexible and on-demand policies that can be bought quickly via laptops and smartphones.
  • The losers across these themes are often incumbents that have let startups take the lead in areas of vast potential, such as the gig and sharing economies and cybersecurity.
Reasons to Buy
  • Understand the key themes impacting the insurance industry in 2022.
  • Learn the winners and losers across each theme.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the market.

Table of Contents

43 Pages
  • Executive Summary
    • Viewing the world’s data by theme helps you make important decisions
    • Restrictions loosen but COVID-19 remains a key trend for the immediate future
    • Rise in homeworking will present challenges for insurers
    • Consumers will drive fewer miles as flexible working continues
    • Winners and losers
    • Further reading
    • Insurers are making ESG a key part of their strategies
    • Sustainability is not yet essential enough to compete with price and trustworthiness
    • Winners and losers
    • Further reading
    • GlobalData forecasts the cyber insurance market to exceed $20 billion by 2025
    • SMEs are aware of increased cyber risk and are more willing to purchase insurance
    • Winners and losers
    • Further reading
    • IoT will be essential to the future of insurance
    • Consumers need to be sure they will see significant savings
    • Winners and losers
    • Further reading
    • Insurers are in a race to improve their big data expertise
    • Personalization will become even more essential post-COVID-19
    • Winners and losers
    • Further reading
    • Personalization is the outcome of many key themes
    • Consumers will give up data for personalization if they receive significant savings
    • Winners and losers
    • Further reading
    • AI can save insurers time and money
    • The number of recent AI deals in insurance shows the importance of this theme
    • Winners and losers
    • Further reading
    • COVID-19 has accelerated the rise of mental wellbeing in insurance
    • Employee benefits can be as important as salary
    • Winners and losers
    • Further reading
    • Two already rising themes have only been heightened by the pandemic
    • Freelancers can fill a range of roles and often need to insure themselves
    • Winners and losers
    • Further reading
    • COVID-19 has pushed insurance sales even further online
    • Online channels are dominant for UK personal lines
    • Winners and losers
    • Further reading
    • COVID-19 will change how insurers target different demographics
    • Generation Rent could transform home insurance in the UK
    • Winners and losers
    • Further reading
    • China is the second-largest insurance market and continues its strong growth
    • China is a hub of insurance investment and innovation
    • Winners and losers
    • Further reading
    • COVID-19 had a mixed impact on insurtechs
    • Brand recognition remains the biggest obstacle, but is improving
    • Winners and losers
    • Further reading
    • Electric vehicles will transform motor markets around the world
    • The key obstacle remains the cost of insuring electric cars
    • Winners and losers
    • Further reading
    • Computer vision’s impact on insurance is still at an early stage
    • Property and motor have the most advanced use cases
    • Winners and losers
    • Further reading
    • Impact of Russia-Ukraine war remains to be seen but it will be global
    • Generali and MetLife will be hit hardest in the short term
    • Further reading
    • GlobalData reports
    • Figure 15: Our five-step approach for generating a sector scorecard
  • About GlobalData
  • Contact Us

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