Insurance Predictions 2023 - Thematic Intelligence

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

• 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.