EUROPEAN INSURANCE INDUSTRY: CHALLENGES AHEAD FOR 2022

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Introduction

  • Challenges to the European Insurance sector are largely related to persistent low interest rate scenario and high inflation. After more than 18 months from the start of the Covid pandemic, the global macroeconomic environment is still under pressure and uncertainty about the recovery remains very high. In addition, the implementation of IFRS 17 adds pressure to companies on IT and operational set up to comply with the regulatory deadline of 2023.
  • Environmental, Social and Governance (ESG) factors are increasingly becoming the main driver for investment decisions for EU insurers, specifically Climate risk as a key point affecting underwriting strategies. Natural disasters recorded in 2020 generated losses higher than in previous years, and extreme weather events are becoming much more common adding significant pressure on non-life insurers.
  • Digitalization and innovation, that were not previously a driving force to improve customers’ experience and retention, have now become a must to allow insurers to get closer to customers and be able to provide customized insurance solutions. Insurers are now facing the challenges of redefining their strategies to adjust to new customers’ demands in service and product offering, topics that before the Covid pandemic were not considered a priority.

 

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EUROPEAN INSURANCE INDUSTRY: CHALLENGES AHEAD FOR 2022

7 Dec 2021

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