Deloitte’s 2023 insurance outlook

Published on: Oct 05, 2022

Most of the insurance industry has shown remarkable adaptation and resilience amid the turbulence of the last two years, leaving carriers at a crossroad as they look to shape long-term success.

Deloitte’s 2023 insurance industry outlook outlines how organizations can evolve in the areas of sustainability, digitalization, and human capital and the importance of innovation and experimentation in the year to come.

Key findings include:

  • Insurers face a host of economic and geopolitical challenges that could impact their bottom line—including inflation, the looming threat of global recession, economic fallout from Russia’s invasion of Ukraine, and lingering COVID-19 concerns.
  • However, insurers that transitioned seamlessly during the pandemic into remote workforces and virtual customer engagement are poised to build on that more agile infrastructure for more differentiating innovation.
  • In setting strategic plans, investment priorities, and budgets for the coming year, insurers should be pivoting away from an emphasis on expense and risk control, to remaining ahead of emerging exposures, regulatory demands, and evolving customer preferences.
  • While technology and improvements in risk selection and pricing are likely to remain the main drivers of improved performance, insurers should expect to be increasingly judged by stakeholders on more qualitative factors—most importantly their words and deeds on climate risk, diversity and inclusion, social equity, and transparent governance—which could themselves become competitive differentiators.

This publication was released by our Global firm.


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