Markets in Focus | General  |  Q1 2023

COVID-19 caused a quick shift in the insurance industry in a number of ways. Technology is now more essential than ever in order for companies to run smoothly utilizing a virtual workspace.¹ As a result of the low-interest rates, demand for liquidity and the possibility of unexpected occurrences, organizations are being forced to modify their practices and specialize their insurance programs.¹

The lack of adequate coverage is not only an issue for developing and established companies, but is also mirrored on a worldwide scale.¹ As the post-pandemic world gains more visibility, insurers will need to reassess how they connect with their customers, distributors, investors and other important parties.¹ There is growing anticipation for the industry to take the lead in creating transformation regarding environmental, social and governance (ESG) concerns worldwide.¹

Amid a backdrop of complex financial, geopolitical, legal, technological and climate-related risks, companies are being forced to adjust their pricing structures, underwriting, reserving and distributing.¹ Businesses swift and ready to demonstrate fact-filled data will be rewarded, while the complacent and unprepared will be penalized with pricing and capacity constraints.

Sources
1 The Big Picture 2022 Insurance Industry Outlook | S&P Global Market Intelligence (spglobal.com)