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Thematic Intelligence - Insurance Predictions 2024

Publisher GlobalData
Published Jan 10, 2024
Length 50 Pages
SKU # GBDT18475301

Description

Thematic Intelligence - Insurance Predictions 2024


Summary

This report explores which themes will have the biggest impact on the insurance industry across 2024. For each theme, we offer a series of predictions, identify winners and losers, and point you to further reading.

The insurance industry is shaped by a range of macroeconomic, industry, and technology themes, which dictate how the market evolves and how leading players within the market fare. Insurers who are left behind on key trends risk trailing their competition, while challengers and start-ups can make names for themselves by establishing themselves as specialists within a certain theme.

Scope
  • The emergence of generative AI in 2023 has caused a great deal of excitement within the insurance industry. It offers a wide range of capabilities that insurers, reinsurers, and brokers can utilize to transform their service and processes, while potentially saving both time and money.
  • The leading theme in the 2023 version of this report was inflation and the cost-of-living crisis and its impact continues to be felt across the insurance industry. As a result, keeping retention rates high across all product lines will be the key challenge for insurers going into 2024.
  • Insurers need to combat climate change due to the cost they endure from severe weather events, but the most significant point in the short term is that action will be driven by consumer demand and insurers will need to be proactive as a result.
Reasons to Buy
  • Understand the most disruptive themes in insurance for 2024.
  • Access key predictions per theme to help guide strategy and tech decisions at your institution.
  • Understand which individual firms are best placed to win or lose amid predicted thematic impacts.

Table of Contents

50 Pages
Executive Summary
Top Themes for 2024
Viewing the world’s data by theme helps you make important decisions
Artificial Intelligence
Generative AI will be the hot topic in insurance in 2024
Underwriting will benefit the most from AI
Winners and losers
Further reading
Inflation and Cost of Living
Personal lines premium inflation set to continue into 2024
Winners and losers
Further reading
ESG
Sustainability will be demanded by consumers
But cost-of-living will focus attention on price and payouts in 2024
Winners and losers
Further reading
Cyber Insurance
SME cyber-crime concern shows no sign of slowing into 2024
Insurers will struggle to grow the product due to cost
Winners and losers
Further reading
Personalization
Insurers need to offer tangible savings for personalization
Privacy concerns will subside over time
Winners and losers
Further reading
Internet of Things
Younger generations will drive the use of IoT devices
Health insurers can use smart devices to attract younger customers
Winners and losers
Further reading
Wellbeing8
Mental wellbeing will continue to be key despite the cost-of-living crisis
Increasing importance placed on mental wellbeing will continue
Winners and losers
Further reading
The Future of Work
Gig and sharing economies will be the key future of work themes in 2024
Economic struggles will continue to spur the gig economy
Winners and losers
Further reading
Electric Vehicles
The greatest challenge for insurers will be the repair cost
Under half of UK consumers committed to EV transition
Winners and losers
Further reading
Big Data
Big data will support the rise of AI in 2024 and beyond
Insurers are still looking to hire big data experts
Winners and losers
Further reading
Embedded Insurance
Embedded insurance has helped insurers but could cut them out
Car manufacturers present the greatest threat
Winners and losers
Further reading
Insurtech
Insurtech investment bounces back and should continue to grow
Leading insurtechs have to overcome name-recognition
Winners and losers
Further reading
Geopolitics
The Russia-Ukraine conflict sparked insurance interest in geopolitics
Winners and losers
Further reading
ESG Environmental (Natural Catastrophe)
Increasing severe weather events is a growing issue
Winners and losers
Further reading
Parametric Insurance
Parametric insurance can benefit insurers and customers
Winners and losers
Further reading
Sector Scorecards
Non-life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: GlobalData reports
List of Figures
Figure 1: The biggest themes driving growth in the insurance industry
Figure 2: Investment into AI in insurance is revitalized by generative AI in 2023
Figure 3: Motor insurance premiums soar in 2023 in the UK
Figure 4: A significant p

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