AI and Climate Change Lead Insurance Industry Priorities as Executives Eye Growth
July 08 2024 - 10:26AM
Business Wire
The International Insurance Society (IIS) has published the
results of its 2024 Global Priorities Survey. The survey, which is
distributed to nearly 20,000 C-suite insurance executives around
the world, provides a comprehensive overview of the industry's top
priorities. These span Economic, Political and Legal, Social and
Environmental, Operational, Technology and Innovation, and Business
and Financial categories.
For the first time, AI has emerged as the top Technology and
Innovation priority, with more than half of respondents emphasizing
its importance, a significant increase from past years. Despite
AI's potential to enhance operational efficiency, more than a third
of executives report their companies are unprepared for its rapid
advancement. Concerns include the industry's slow adaptation to
technological changes and the need for extensive reskilling due to
an aging workforce.
Climate change continues to dominate the Social and
Environmental agenda, with 60% of industry executives prioritizing
it in 2024. The increasing frequency and severity of natural
disasters pose significant challenges, including difficulties in
predicting future losses and rising costs that could destabilize
carriers, governments, and consumers. These risks are exacerbated
by the fact that a quarter of respondents feel their companies are
not prepared to tackle this issue in 2024.
Inflation remains the most prioritized issue for the third
consecutive year, even as recession fears have declined from their
peak in 2022. Though its prioritization has decreased,
cybersecurity remains a critical concern, with executives
highlighting the need for robust protection against emerging
AI-related cyber threats.
The survey also explores growth opportunities, revealing that
product innovation is a primary focus for two-thirds of executives.
The majority of respondents plan to target new or underserved
customer segments, while more than half aim to enhance trust and
consumer engagement. Encouragingly, almost all of respondents feel
prepared to pursue these growth strategies.
The Global Priorities Survey will inform discussions at the
Global Insurance Forum 2024, taking place Nov. 17-19 at the Hyatt
Regency Miami.
To view the full survey report, visit
https://mailchi.mp/03ee9e4b58fd/2024globalsurvey.
For more information about the Global Insurance Forum and to
register, visit https://www.theglobalinsuranceforum.org
About International Insurance Society
IIS is a diverse and inclusive platform for all stakeholders of
the global insurance and risk management community, providing
knowledge, research, thought leadership and connectivity to support
the betterment of society. Founded in 1965, IIS is a global
not-for-profit organization that serves as a neutral platform for
active collaboration and examination of issues that shape the
future of the insurance industry. IIS is an affiliate of The
Institutes.
About The Institutes
The Institutes are a global not-for-profit comprised of diverse
affiliates that educate, elevate, and connect people in the
essential disciplines of risk management and insurance. Through
products and services offered by The Institutes’ nearly 20
affiliated business units, people and organizations are empowered
to help those in need with a focus on understanding, predicting,
and preventing losses to create a more resilient world.
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Colleen McKenna Tucker Executive Director, International
Insurance Society +1 212 277 5164
cmckenna@internationalinsurance.org