Insurance Predictions, 2022 Update - Thematic Research

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $1,950	43 Pages	GlobalData	March, 2022	GBDT17165914

Best Price Guarantee
Price	from $1,950
Length	43 Pages
Publisher	GlobalData
Published Date	March, 2022
SKU	GBDT17165914

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.

Executive Summary
2022 Theme Map
- Viewing the world’s data by theme helps you make important decisions
  - Table Figure 1: Our 2022 theme map shows the biggest themes driving growth in the insurance sector
COVID-19
- 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
ESG
- Insurers are making ESG a key part of their strategies
  - Table Figure 2: ESG mentions from insurers continued their strong growth in 2021
- Sustainability is not yet essential enough to compete with price and trustworthiness
- Winners and losers
- Further reading
Cyber Insurance
- GlobalData forecasts the cyber insurance market to exceed $20 billion by 2025
  - Table Figure 3: The global cyber insurance market is forecast to reach $20.6 billion by 2025
- SMEs are aware of increased cyber risk and are more willing to purchase insurance
- Winners and losers
- Further reading
Internet of Things
- IoT will be essential to the future of insurance
  - Table Figure 4: Consumers who do not want to share data with insurers often have privacy concerns
- Consumers need to be sure they will see significant savings
- Winners and losers
- Further reading
Big Data
- Insurers are in a race to improve their big data expertise
  - Table Figure 5: Insurance companies are looking to employ big data specialists
- Personalization will become even more essential post-COVID-19
- Winners and losers
- Further reading
Personalization
- Personalization is the outcome of many key themes
- Consumers will give up data for personalization if they receive significant savings
  - Table Figure 6: Consumers need significant savings before committing to UBI, but potential interest has fallen
- Winners and losers
- Further reading
Artificial Intelligence
- AI can save insurers time and money
- The number of recent AI deals in insurance shows the importance of this theme
  - Table Figure 7: Completed insurance deals show that big data receives more investment than other key themes
- Winners and losers
- Further reading
Wellbeing
- COVID-19 has accelerated the rise of mental wellbeing in insurance
  - Table Figure 8: SMEs of all sizes have increased wellbeing support since COVID-19
- Employee benefits can be as important as salary
- Winners and losers
- Further reading
Sharing and Gig Economies
- Two already rising themes have only been heightened by the pandemic
  - Table Figure 9: UK freelancers take on a range of roles for SMEs
- Freelancers can fill a range of roles and often need to insure themselves
- Winners and losers
- Further reading
Ecommerce
- COVID-19 has pushed insurance sales even further online
  - Table Figure 10: How consumers like to purchase insurance around the world by age group
- Online channels are dominant for UK personal lines
- Winners and losers
- Further reading
Demographics
- COVID-19 will change how insurers target different demographics
- Generation Rent could transform home insurance in the UK
  - Table Figure 11: UK renters find it increasingly difficult to buy their first house
- Winners and losers
- Further reading
China Impact
- China is the second-largest insurance market and continues its strong growth
- China is a hub of insurance investment and innovation
  - Table Figure 12: Chinese market continues to show strong growth
- Winners and losers
- Further reading
Insurtech
- COVID-19 had a mixed impact on insurtechs
- Brand recognition remains the biggest obstacle, but is improving
  - Table Figure 13: Marmalade remains the UK’s most recognizable insurtech
- Winners and losers
- Further reading
Electric Vehicles
- Electric vehicles will transform motor markets around the world
- The key obstacle remains the cost of insuring electric cars
  - Table Figure 14: Electric vehicle insurance premiums are likely to be more expensive than ICE vehicles
- Winners and losers
- Further reading
Computer Vision
- 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
Geopolitics
- 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
Further Reading
- GlobalData reports
  - Table GlobalData reports
Our thematic research methodology
- Table Figure 15: Our five-step approach for generating a sector scorecard
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