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 capitalize on emerging opportunities.

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Global insurance trends and risks

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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