3 key challenges facing the insurance industry says Deloitte
There are three main issues facing the insurance industry in 2016 according to an outlook from Deloitte. The consulting firm’s US insurance leader Gary Shaw says that they are growth, technology and regulatory uncertainty.
Growth is impacted by a slowdown in the global economy but Shaw says that insurers can offset that by harvesting data in new ways and being “more nimble” in how new products are launched. Technology plays a key part in helping to drive those mechanisms for growth with digital technology and systems helping the business to be more efficient and boosting the customer experience.
Shaw says that mergers and acquisitions are likely to continue the pace of 2015. He also believes that a technology-based disruptor may not arrive this year but that the insurance sector should aim to be developers of it rather than watching it happen. In the short-term he says that regulation may be the largest disruptor.
Zurich among top companies for women
Global insurer Zurich has been named one of the 2016 Top Companies for Executive Women by the National Association for Female Executives. The awards recognize firms which create a culture that encourages and supports women in their careers and has moved women into senior positions. Zurich currently has around 1,800 members of its Women’s Innovation Network in its North American units.
Lloyd’s of London expects doubling of Chinese market
The Chinese division of the Lloyd’s of London insurance market is expected to more than double its premiums in 2016 compared to 2015. Reuters reports that the division made 900 million yuan ($137 million) last year but is expecting 2.5 billion yuan in 2016. Lloyd’s chairman John Nelson said that the market is an important market for the syndicate but that regulation made China a tough market for foreign insurers.
Canada calls for more women to be part of climate change solutions
Canada’s foreign minister has highlighted the difference in how men and women are impacted by climate change and natural disasters and joined calls for women to be more involved in designing solutions.
Speaking at a United Nations Human Rights Council, Mr Stephane Dion said: “Climate change does not affect women and men in the same way, and has a gender-differentiated impact. It is important to apply gender analysis to meet specific needs of women and men when mitigating the effects of climate change.”
The head of the UN’s Office for Disaster Risk Reduction added: “Women and girls have a fundamental role in designing solutions to the problems that they and their communities face in a variety of contexts.”
The UN is calling for women not to be sidelined in climate change risk reduction planning.
