This research report in which Eduardo Pérez de Lema has collaborated (see page 29 of the PDF) has been published by the Geneva Association.
The study identifies the four changes that are likely to most significantly affect insurers, and their role after the pandemic:
- Accelerated digitization offers new opportunities for insurers and their clients, but also carries associated business risks.
- The “state” may have a negative impact on insurance demand due to the perception that governments will provide enough assistance in the event of a major disaster.
- Pivoting to resilience and sustainability is a great opportunity for insurers to address protection gaps.
- Increased remote work may have implications for companies’ risk exposure and require modifications to existing insurance coverages.
In turn, the report offers recommendations with a view to expanding the role of insurance in the post-pandemic risk landscape (p. 28-31 of the report). Specifically, the following issues are addressed:
- Protection gaps and social purpose.
- The scope of business models.
- Sustainability.
- Digitalization.
- The complexity of the insurance product.
In terms of cyber risk, the report highlights that while customers consider cyber insurance to be more important in the post-pandemic world, a much smaller percentage plan to buy more. Insurers are therefore being called upon to step up their education efforts on the benefits of insurance.
To access the report, click here.
