AI and Climate Change Lead Insurance Industry Priorities as Executives Eye Growth

The International Insurance Society (IIS) has published the results of its 2024 Global Priorities Survey. The survey, which is distributed to nearly 20,000 C-suite insurance executives around the world, provides a comprehensive overview of the industry's top priorities. These span Economic, Political and Legal, Social and Environmental, Operational, Technology and Innovation, and Business and Financial categories.

For the first time, AI has emerged as the top Technology and Innovation priority, with more than half of respondents emphasizing its importance, a significant increase from past years. Despite AI's potential to enhance operational efficiency, more than a third of executives report their companies are unprepared for its rapid advancement. Concerns include the industry's slow adaptation to technological changes and the need for extensive reskilling due to an aging workforce.

Climate change continues to dominate the Social and Environmental agenda, with 60% of industry executives prioritizing it in 2024. The increasing frequency and severity of natural disasters pose significant challenges, including difficulties in predicting future losses and rising costs that could destabilize carriers, governments, and consumers. These risks are exacerbated by the fact that a quarter of respondents feel their companies are not prepared to tackle this issue in 2024.

Inflation remains the most prioritized issue for the third consecutive year, even as recession fears have declined from their peak in 2022. Though its prioritization has decreased, cybersecurity remains a critical concern, with executives highlighting the need for robust protection against emerging AI-related cyber threats.

The survey also explores growth opportunities, revealing that product innovation is a primary focus for two-thirds of executives. The majority of respondents plan to target new or underserved customer segments, while more than half aim to enhance trust and consumer engagement. Encouragingly, almost all of respondents feel prepared to pursue these growth strategies.

The Global Priorities Survey will inform discussions at the Global Insurance Forum 2024, taking place Nov. 17-19 at the Hyatt Regency Miami.

To view the full survey report, visit https://mailchi.mp/03ee9e4b58fd/2024globalsurvey.

For more information about the Global Insurance Forum and to register, visit https://www.theglobalinsuranceforum.org

About International Insurance Society

IIS is a diverse and inclusive platform for all stakeholders of the global insurance and risk management community, providing knowledge, research, thought leadership and connectivity to support the betterment of society. Founded in 1965, IIS is a global not-for-profit organization that serves as a neutral platform for active collaboration and examination of issues that shape the future of the insurance industry. IIS is an affiliate of The Institutes.

About The Institutes

The Institutes are a global not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world.

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