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Top Trends Affecting the Insurance Industry

August 21, 2019 By Phillip Rosebrook Leave a Comment

If you have time – this is a fascinating read. You will have to create a login and then download the report from SwissRe. The report outlines global challenges that will impact the insurance industry – but in many ways will change our lives. Some of the top trends that will impact your business for those that don’t want to look at the report are: 

  • Retirement and skills gap – not only in insurance but also in many other specialized industries. 
  • Insurtec developments may be driven through the Asian markets – this makes sense since many of the insurance companies in Europe and North America have been around for a long time, but China is developing and growing with many new companies. 
  • Higher volatility in the financial markets – as a result of government intervention in natural market cycles. Elections can drive quick and substantive changes – sometimes unintended.
  • New technology intersecting with old hardware will likely cause communication breakdown. Much of this in public transportation – but think about the new technology being introduced and when this interacts with old hardware (computers, cars, etc.) It could have disastrous effects. 
  • 5G technology will have a substantial impact on everyday live and there is a race to roll out nationally as a matter of national security.  There are many unknown issues: 
    • Security since many items using the Internet of Things don’t have built in security. 
    • Privacy issues since the world will be much more interconnected. 
    • Health effects of the ever present new electromagnetic radiation.  
  • Smart construction will especially be present in commercial new construction projects.  
    • This is especially apparent where a 57 story building was completed in just 19 days in China!  
    • How will this impact restoration when many buildings are prefab or printed?  
  • Global climate change intersects with migration and living changes as more people are living in areas more prone to disasters?   

 

If you have the time I recommend reading the full report: 

 

https://www.propertycasualty360.com/2019/08/16/swiss-re-9-emerging-risks-shaping-the-pc-insurance-industry/?kw=Swiss%20Re:%209%20emerging%20risks%20shaping%20the%20P%26C%20insurance%20industry&utm_source=email&utm_medium=enl&utm_campaign=newsroomupdate&utm_content=20190816&utm_term=pc360 

 

Filed Under: Trends in the Insurance Industry

About Phillip Rosebrook

I have been active in the disaster restoration industry since 1988. I spent 10 years working in operations and then in 1998 started as a management consultant helping restoration professionals create and implement a compelling vision for their business so they could know where they we're going and help them get there.

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