The insurance industry is grappling with a variety of changes brought about by the pandemic, and faltering economic growth could provide yet another challenge.
To help define the issues and support insurers with their planning for the months ahead, Global Insurance Law Connect and Capital Economics have published a joint report analysing the impacts of the global energy crisis, climate change vulnerabilities, supply chain bottlenecks and high inflation – which together are hampering economic bounce back.
Jim Sherwood, chairman of Global Insurance Law Connect said: “Macroeconomics now, more than ever, impacts every aspect of the insurance value chain. Recent discussions with our members have highlighted how across the globe, demand for insurance varies by line of business. However, as economies transition to the ‘new normal’, we are likely to see growth in those classes of insurance that have fallen in the last two years.
“M&A activity within the insurance market has increased in many regions, as insurers seek to provide a full-scale offering or upgrade their technology to offer their consumers a more streamlined service. In addition, there is also a greater demand for increased transparency and competitiveness, coupled with tougher regulatory regimes. All of this is critical to our clients’ working lives.”
The joint report can be downloaded here: https://www.globalinsurancelaw.com/2021/11/01/economic-update-2021-pandemic-rebound-has-further-to-run/
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