The ongoing conflicts and further geopolitical tensions in Eastern Europe and the Middle East, coupled with upcoming elections in a number of key countries including the US and the UK, make this a challenging year to predict the impact of such global events on the insurance sector.

Severe weather events will keep climate risks at the top of the insurance agenda, and the role of insurers in tackling the climate crisis will remain critical. There is no hiding from the rise of AI, and using AI responsibly, with regulation on the horizon. Is the insurance industry ready for AI?

2024 and beyond promises to be a complex landscape for the insurance market, requiring a vigilant approach to navigate challenges and capitalise on emerging opportunities.

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Navigating geopolitical threats in the insurance market: Strategies for success

Navigating geopolitical threats in the insurance market: Strategies for success

Ongoing war and civil unrest across the globe has created a complex operating environment for businesses to navigate.

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The robots are coming … is insurance ready for AI?

The robots are coming … is insurance ready for AI?

The insurance industry is founded on predicting, as accurately as possible, whether or not a risk will materialise in a fast-moving competitive environment.

Global | Publication | April 18, 2024

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The path to cyber resilience for insurers

The path to cyber resilience for insurers

Insurance companies are uniquely at risk because they process significant amounts of personal information and sensitive insured information in their daily business.

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Climate change and the insurance industry: What next?

Climate change and the insurance industry: What next?

The increasing frequency and severity of climate-related natural disasters is having a big impact on physical risk exposures and the increasing protection gap.

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What M&A trends will transform the 2024 insurance landscape?

What M&A trends will transform the 2024 insurance landscape?

It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity. Although overall volume and value of M&A in the insurance sector was down, mirroring many other sectors, there were segments that bucked the trend. Most notably, deal volumes, competitive tension and pricing remained strong for insurance broking and MGA/MGU transactions with the US and mainland Europe especially active.

Global | Publication | February 09, 2024

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Global insurance trends and risks

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2024 Insurance trends

The AI boom

The fast-paced developments in technology look set to dominate discussions this year. As use cases for artificial intelligence in insurance grow, so does regulatory scrutiny of the potential bias that might come with its adoption. Data too will play an ever more important role in insurance businesses, such that cyber resilience and protection from cyber breaches (whether through technological safeguards or cyber insurance (or both)) is likely to maintain its dominant position on the Boardroom agenda. 

Geopolitical risk fuelled by key elections

World events, including the war in Ukraine and the Gaza conflict, have contributed to much economic and political uncertainty. When coupled with the multiple elections due to take place in 2024, including the US Presidential race and a general election in the UK, it is clear geopolitical risk will be a priority for the insurance market. 

In the balance: The climate crisis

But it is not just man-made events that are having a big impact. Continued severe weather events, through storms, floods, fire or otherwise, threaten to upset the environmental equilibrium and forces climate change onto the list of global systemic issues in 2024. 

M&A: Who’s busy?

Seen through the prism of this global insurance picture, the recent downturn in M&A activity in the sector may not be altogether surprising. Transactions in 2024 will need to overcome not only current geopolitics and macro-economic events, but also take into account the increasingly ubiquitous “ESG” parameters under the watchful eye of the relevant regulator and within the pressures of the global insurance melting pot.

The road to cyber resilience

Insurance companies are uniquely at risk because they process significant amounts of personal information and sensitive insured information in their daily business. It is crucial for businesses in the insurance sector to be up to date and well-informed of the data protection and cybersecurity landscape across the jurisdictions in which they conduct business.

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Contacts

Chuck Hollis
Chuck Hollis
Head of Artificial Intelligence, United States
Email
chuck.hollis@nortonrosefulbright.com
T: +1 404 443 2147
Chris Cwalina
Chris Cwalina
Global Head of Cybersecurity and Privacy
Email
chris.cwalina@nortonrosefulbright.com
T: +1 202 662 4691
Will Daugherty
Will Daugherty
Head of Cybersecurity, United States
Email
will.daugherty@nortonrosefulbright.com
T: +1 713 651 5684
Kevin Fischer
Kevin Fischer
Head of Insurance Transactions, United States
Email
kevin.fischer@nortonrosefulbright.com
T: +1 314 505 8802
Sean Christy
Sean Christy
Head of Technology Transactions, United States
Email
sean.christy@nortonrosefulbright.com
T: +1 404 443 2146
Bruce Baty
Bruce Baty
Partner
Email
bruce.baty@nortonrosefulbright.com
T: +1 314 505 8804
Charlene McHugh
Charlene McHugh
Senior Counsel
Email
charlene.mchugh@nortonrosefulbright.com
T: +1 212 318 3020
Ji Won Kim
Ji Won Kim
Partner
Email
jiwon.kim@nortonrosefulbright.com
T: +1 213 892 9216
Kate Nelson
Kate Nelson
Associate
Email
kate.nelson@nortonrosefulbright.com
T: +1 212 318 3269

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