Insurance Predictions in 2024

Accessing in-depth insights from the ‘Insurance Predictions in 2024’ report will help in:

1. Analyzing the major themes that will impact the insurance industry in 2024.
2. Identifying the top 15 themes impacting the insurance industry – Personalization, Wellbeing, Embedded Insurance, Insurtech, Parametric Insurance, Cyber Insurance, ESG – Environmental (Nat Cat), Electric Vehicles, AI, Big Data, IoT, Future of Work, Inflation, ESG, and Geopolitics.
3. Exploring a wide range of capabilities that insurers, reinsurers, and brokers can utilize to transform their services and processes, while potentially saving both time and money.
4. Evaluating a series of predictions as well as winners and losers for each theme.

How is the ‘Insurance Predictions in 2024’ thematic report unique from other reports in the market?

1. The report helps in understanding the most disruptive themes in Insurance Predictions in 2024.
2. The report provides access to key predictions per theme and helps in creating strategies and tech decisions at your institution.
3. The report helps in recognizing which individual firms are best placed to win or lose amid predicted thematic impacts.

We recommend this valuable source of information to anyone involved in:

1. ​Insurance Companies and Start-Ups
2. Brokers/Agents, Financial Advisors; Underwriters/Insurers/Reinsurers
3. Insight Managers/Marketing Executives/Strategy Teams/ Investment Analysts and Portfolio Managers
4. Business Development and Market Intelligence
5. Professional Services – Investment Banks, PE/VC firms
6. M&A/Investment, Management Consultants and Consulting Firms

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Insurance Predictions Theme Analysis Report Overview

The top 15 themes in insurance predictions for 2024 are classified into three groups – industry, technology, and macroeconomic. The major industry themes impacting the insurance sector in 2024 are personalization, wellbeing, embedded insurance, and insurtech, among others. AI, big data, IoT, and the future of work are expected to be the most talked about technology themes in Insurance Predictions in 2024.

The Insurance Predictions in 2024 thematic intelligence report identifies the top themes that will impact the insurance sector’s growth in the coming years. For each theme, the report offers a series of predictions, identifies winners and losers, and points one to further reading. Moreover, the report assesses how leading players within the market are positioned for the future.

Insurance Predictions – Top Themes

The top themes analyzed in the report are:

1. Personalization
2. Wellbeing
3. Embedded Insurance
4. Insurtech
5. Parametric Insurance
6. Cyber Insurance
7. ESG – Environmental (Nat Cat)
8. Electric Vehicles
9. AI
10. Big Data
11. IoT
12. Future of Work
13. Inflation
14. ESG
15. Geopolitics

Artificial Intelligence: The COVID-19 pandemic in 2020 and the cost-of-living crisis starting in 2022 created difficult investment environments in both years. Therefore, there were significant drop-offs in deals completed in 2020 and 2022. Although the cost-of-living crisis continued and worsened in 2023, the excitement around the application of generative AI in the insurance sector resulted in a surge in investment within the AI theme. Insurance industry insiders believe that AI will have the most positive impact in the underwriting and risk assessment segment of the value chain.

Inflation: Inflation and the cost-of-living crisis are the most immediate concerns facing the insurance industry. Currently, consumers and businesses have extremely stretched budgets. This is because expenditure increased at an unprecedented rate during the latter half of 2022 as well as during all of 2023, across the world. Insurers have been facing challenges to keep retention rates high even while pushing their rate rises to pay for their own running and staff costs.

ESG: In current times, ESG is an important factor for all consumers and businesses and there have been protests and demonstrations across the world focused on climate change challenges. Hence, any business seen as a laggard within this theme will start facing challenges while working with consumers and businesses.

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Scope

– The emergence of generative AI in 2023 has caused a great deal of excitement within the insurance industry. It offers a wide range of capabilities that insurers, reinsurers, and brokers can utilize to transform their service and processes, while potentially saving both time and money.

– The leading theme in the 2023 version of this report was inflation and the cost-of-living crisis and its impact continues to be felt across the insurance industry. As a result, keeping retention rates high across all product lines will be the key challenge for insurers going into 2024.

– Insurers need to combat climate change due to the cost they endure from severe weather events, but the most significant point in the short term is that action will be driven by consumer demand and insurers will need to be proactive as a result. Insurance Predictions in 2024.

United Kingdom (UK) Household Insurance Distribution Dynamics and Future Market, 2023 Update

This report explores how purchasing preferences have changed over time in the UK’s household insurance market. It discovers what is most influential to customers when purchasing a household insurance policy and reveals the market’s most popular providers. New trends and innovations are highlighted, as well as the key factors that will influence the market over the next few years.

GlobalData expects the household insurance market to have rebounded in 2023, increasing by 2.9% to GBP6.1 billion in terms of gross written premiums. The seasonal trend of premiums declining in the first quarter and rising in the second quarter came to an end in 2023. Combined, buildings-only, and contents-only premiums continued to rise in Q1 2023 and Q2 2023 as per the Association of British Insurers (ABI). This trend was driven by higher average claim costs, high property prices and maintenance costs, and increased risks from severe weather events. As a result, consumers have become increasingly price-sensitive in this market. Insurance Predictions in 2024.

Scope

1. The insurer channel was preferred among combined insurance customers, accounting for 35.6% of sales in 2023.
2. According to GlobalData’s 2023 UK Insurance Consumer Survey, online via a PC/laptop is the most popular method of purchasing contents-only insurance across all distribution channels, except for brokers.
3.  Embedded home insurance has a great deal of room to grow in the upcoming years. Its progress will be closely tied with the development of smart home technology and related insurance products.

Reasons to Buy

1. Understand consumer purchasing decisions and how these will influence the market over the next few years.
2. Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs. Insurance Predictions in 2024.
3. Compare the Net Promoter Scores of key insurance providers.
4. Discover which providers lead the way in the household insurance space and learn about new product innovations. Insurance Predictions in 2024.
5. Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

Artificial intelligence in insurance: AI in driver risk profiling

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Unparalleled Expertise:

Our research team consists of seasoned analysts with deep knowledge and experience in the insurance industry’s AI in driver risk profiling within Artificial intelligence .We’ve collaborated with leading experts, conducted extensive market research, and carefully curated the most relevant and accurate data to deliver unparalleled insights.

Comprehensive Coverage:

Our report provides a holistic view of the insurance industry’s AI in driver risk profiling landscape, covering a wide range of topics such as product innovations, market dynamics, and future growth prospects. We leave no stone unturned to ensure you have a complete understanding of the market. Insurance Predictions in 2024.

Actionable Insights

We go beyond just presenting information; we provide actionable insights that you can implement immediately. Our report highlights the latest innovations driving the AI in driver risk profiling industry and identifies key opportunities for growth, enabling you to make informed decisions and stay one step ahead of your competitors.

Future-proof Strategies:

The insurance industry’s AI in driver risk profiling area within Artificial intelligence is evolving at a rapid pace. Our report not only helps you understand the current landscape but also equips you with forward-thinking strategies to navigate future challenges and capitalize on emerging trends. Stay future-proof with GlobalData!

Data-driven Analysis:

Our research is grounded in robust data and meticulous analysis. We leverage advanced research methodologies, conduct in-depth interviews, and gather insights from industry leaders to ensure our findings are accurate, reliable, and actionable. Insurance Predictions in 2024.

Scope

Decode the key disruptive innovations leveraging GlobalData’s innovation s-curve for the insurance sector, with specific focus on AI in driver risk profiling and its trends in patent filing, identifying the leading companies and start-ups (and those with unicorn potential), key application areas plus examples from real-world scenarios and leading countries driving the innovation. In addition, we gauge the adoption trends in AI in driver risk profiling, by analyzing funding/investing trends, demand for human capital/jobs, social media buzz, company filings, and the latest news in the area Insurance Predictions in 2024.

Key Highlights

AI in driver risk profiling: innovation landscape, patent filings trend, leading countries innovating, key application areas, top innovators, potential unicorns, real-world innovations, alternative dataset to track adoption trends using deals, jobs, social media, company filings, latest news, plus deep dive on key companies in the insurance industry’s AI in driver risk profiling. Unlock the potential of insurance industry’s AI in driver risk profiling today!Don’t miss out on this incredible opportunity to gain a competitive edge in the insurance industry’s AI in driver risk profiling within Artificial intelligence theme. With GlobalData’s Artificial intelligence in insurance: AI in driver risk profiling report, you’ll have the knowledge and insights needed to make informed decisions, devise effective strategies, and propel your business forward.Take the first step towards success. Purchase our report today and become a leader in the insurance industry’s AI in driver risk profiling within Artificial intelligence theme.

Reasons to Buy

1. Identify emerging, accelerating, and maturing innovations in the sector likely to be disruptive in the future.
2. Evaluate key companies at the forefront of these innovations and their disruptive impact.
3. Discover key start-ups innovating in the area and uncover those with unicorn potential.
4. Build strategic technology / product roadmaps to stay ahead of disruption through actionable intelligence.

Ireland Insurance Industry – Key Trends and Opportunities to 2028

GlobalData’s ‘Ireland Insurance Industry: Key Trends and Opportunities to 2028’ report provides in-depth market analysis, information, and insights into the Ireland insurance industry.

The report provides a detailed outlook by product category for the Ireland insurance industry.

It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period (2019–23) and forecast period (2024–2028).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Ireland economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling, and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the Ireland insurance industry –

1. It provides historical values for the Ireland insurance industry for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
2. It offers a detailed analysis of the key categories in the Ireland insurance industry and market forecasts to 2028.
3. It profiles the top life insurance companies in Ireland and outlines the key regulations affecting them.

Key Highlights

1.  Key insights and dynamics of the Ireland insurance industry.
2.  A comprehensive overview of the Ireland economy, government initiatives, and investment opportunities.
3. The Ireland insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
4. The Ireland insurance industry’s market structure giving details of lines of business.
5. Ireland’s reinsurance business’s market structure giving details of premium ceded along with cession rates.

Reasons to Buy

1. Make strategic business decisions using in-depth historic and forecast market data related to the Ireland insurance industry, and each category within it.
2.  Understand the demand-side dynamics, key market trends, and growth opportunities in the Ireland insurance industry.
3. Assess the competitive dynamics in the Ireland insurance industry.
4. Identify growth opportunities and market dynamics in key product categories.