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The following is the Insurance industry outlook report 2021 From Deloitte Consulting recommended by recordtrend.com. And this article belongs to the classification: Deloitte Consulting , research report, financial technology.
Deloitte released a new report, insurance outlook 2021. The popularity of covid-19 has seriously damaged the operation of insurance companies, prompting them to turn to remote work and virtual customer participation overnight. At the same time, it has exposed the gap in digital capabilities and caused network security problems.
Deloitte’s Global Outlook Survey of insurance executives found that expense management was given more attention than before the outbreak. However, most insurance companies may not delay the overall cost reduction, but delay or reduce the pre pandemic investment, in order to free up funds for higher priority projects and talents to help them adapt as soon as possible.
The need to accelerate digitization and enhance virtual operations has become a disincentive for many insurance companies and has driven rapid action, initially possibly with three to five-year transformation plans to be delivered in the coming year.
During the pandemic, for many insurance companies, the speed of change and dependence on connectivity and remote access may bring many new risks to operators and their policyholders, especially in terms of network risk and business interruption.
The pandemic and other catastrophic losses hit many insurance companies hard in the first half of 2020, especially those that cancel events and compensate workers. For example, the average annual return on GAAP operations of North American property insurance companies in the first half of the year dropped to 2.8% from 8.3% in the previous year, which is largely related to covid-19. As of September 30, 2020, the total return of the S & P insurance index is 24.6% behind the S & P 500 index. It is expected that the premium income of non life insurance will be flat in 2020, among which the advanced market will decline by 1%. Despite these challenges, the industry is likely to rebound to 3% in 2021, thanks to growth in emerging markets (7%).
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