Execs optimistic despite challenges
The outlook among insurance chiefs is increasingly positive, according to PwC’s latest CEO Survey.
This is despite an acceptance that the industry faces serious disruption, and a series of upcoming technology-related challenges.
Key survey findings include:
- More than 90% of respondents are confident about their organisation’s revenue prospects over the next three years
- Half believe global economic growth will improve over the next year, compared with about one-fifth last year
- The three biggest worries are over-regulation, cyber threats and speed of technological change.
PwC Global Insurance Leader Stephen O’Hearn says the lack of impact from insurtechs is a key reason for insurer optimism. But he warns there is no room for complacency.
“Having perhaps overestimated the impact of outside threats and short-term disruption in the past, could insurers now be underestimating the urgent need to become digitally enabled, customer-focused organisations with flexible business and operating models?”