Date: Thursday, May 23rd, 2024 by Michaela Hickson.
Natural disasters linked to climate change, cyber security, artificial intelligence and regulations relating to consumer protection have been identified as the biggest challenges facing insurers in 2024, according to the sixth edition of Global Insurance Law Connect’s annual Risk Radar report.
The report is a collection of insights from law firms in 27 countries. Each firm provides details on the key changes to the insurance market in their region and provides an outlook for the coming year in that country. The report provides a valuable insight into the varying – and sometimes similar – concerns of those who work in the insurance industry around the world.
Gillian Davidson, Chair of Global Insurance Law Connect and Partner at Sparke Helmore, commented: “We continue to see the emergence of major trends that are reshaping the insurance industry in every market and that have a significant global impact. The report shows that insurers in almost every market are grappling with climate-driven disruption, responding to a heightened sensitivity to cyber threats, and embracing the potential for innovation presented by artificial intelligence, all against a backdrop of increased geopolitical risks.
“A new theme that has appeared in this year’s report is the focus on the regulatory and compliance challenges facing insurers relating to consumer protection. Customers want a fully customised and personalised experience, and regulators are pushing for a stronger focus on customers’ interests. They want more transparency, stricter regulations on insurance practices, and fair treatment of policyholders.”
Accesst the full report here.
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