2024年全球保险调查报告_21页_2mb

Summary of "Revealing the paths to 2040: global insurance survey report"

Core Content

This report, based on a global survey of over 500 insurance executives across 17 countries, explores the future of the insurance industry up to 2040. It highlights the challenges and opportunities that insurers face in a rapidly changing landscape, focusing on technological advancements, market dynamics, and the growing global protection gap.

Main Trends and Opportunities

• Changing Market Dynamics and AI Adoption:

  • Leaders identify changing market dynamics and the rise of AI (including generative AI) as the two most significant trends shaping the industry.
  • AI is seen as a tool for improving risk assessments, personalising policies, and streamlining claims processing.
  • Executives view new competitors, especially insurtech firms, as potential innovation partners rather than threats.
  • Insurtech is expected to play a key role in digital transformation, particularly in fraud detection and claims processing.

• Climate Change and ESG Considerations:

  • Climate-related risks and extreme weather events are the most significant threats to insurers, with 43% identifying them as a top risk.
  • Climate change has evolved from a CSR issue to a major driver of socioeconomic development, energy security, and technological leadership.
  • ESG is viewed as a strategic opportunity, with leaders seeing it as a measure of business resilience, not just regulatory compliance.
  • ESG regulations are more frequently highlighted by non-C-suite executives (37%) than by C-suite leaders (25%).

Key Barriers to Change

• Internal Barriers:

  • 75% of respondents identified outdated technology as a major barrier to leveraging future trends.
  • 74% cited a slow rate of innovation and organisational culture as significant obstacles.
  • 75% noted that departmental silos hinder cross-functional collaboration, including data sharing and technology implementation.

• External Barriers:

  • A lack of understanding of the external environment (regulations, competitors, customer needs) is a major concern.
  • Insurers are struggling to develop products that meet the needs of low-income and underserved populations, contributing to the protection gap.

Affordability and Trust

• Global Protection Gap:

  • The protection gap, defined as the difference between insured and uninsured losses, reached US$1.8 trillion in 2022 and has grown by over a third in the past decade.
  • Closing the protection gap is seen as both an ethical responsibility and a business opportunity, with 78% of respondents agreeing it is an ethical duty and 76% seeing it as a business opportunity.

• Barriers to Closing the Gap:

  • 77% of respondents identified a lack of trust in the industry as a major barrier.
  • 75% saw affordability as a key challenge, particularly in emerging markets.
  • Insurers need to offer tailored products, especially for vulnerable groups, and improve customer engagement to build trust.

• Strategies for Closing the Gap:

  • Technology: 48% of respondents believe using technology to make insurance more affordable is the most effective strategy.
  • Innovation: 42% see developing innovative products as a key approach.
  • Regulatory Engagement: 38% view engaging with regulators as an effective strategy.
  • However, these strategies are not yet widely implemented, with only 28% of leaders reporting that regulatory engagement is currently being deployed.

Future Outlook

• The insurance industry is expected to face continued volatility due to climate change, geopolitical tensions, and cybersecurity threats.
• Despite these challenges, leaders remain optimistic about the potential of AI and insurtech to drive efficiency and innovation.
• The rise of the tech-savvy middle class, especially in the Asia-Pacific region, is anticipated to increase demand for insurance.
• Insurers must move beyond traditional risk-aversion and embrace change to remain competitive and meet the needs of a growing global population.

Conclusion

The report underscores that while the insurance industry is at a crossroads, the opportunities for growth and innovation are substantial. However, realising these opportunities requires overcoming internal and external barriers, particularly in the areas of technology adoption, affordability, and trust. Insurers that can adapt and innovate will be better positioned to lead in the evolving market and contribute to global resilience.