Thematic Intelligence - Insurance Predictions 2024

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.