Intelligent Insurer asked a wide range of companies to identify some of the challenges they see the insurance industry facing in the near to medium term. Some of the answers were humdrum, others surprising. But they all share one thing—they will have to be faced by the market and then dealt with. In the first of a two-part feature here are five of 10 challenges the industry must overcome. For the next five challenges, see the November issue of this magazine.
The insurance industry has always faced challenges. In the days when Lloyd’s of London was still a coffee house it worried about pirates such as Blackbeard and masts snapping in storms. It still worries about pirates, but now insures far more than ships.
Challenges are not new and the insurance industry endures. Recent years have seen it cope with volcanic eruptions that shut down the airspace over Europe, terrorist attacks that have rocked major cities and hurricanes that left a trail of devastation around the Gulf of Mexico.
But natural catastrophes are becoming the old threats for the industry. In an increasingly complex and interconnected world, a whole plethora of new dangers have emerged, including the danger of cyber attacks, the arrival of new and deadly viruses and the use of driverless cars.
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Carlos Wong-Fupuy, AM Best, Irfan Akhtar, Aon Benfield, Paul Upton, JLT Re, Chris Holt, JLT Speciaty, Lloyd's, Trevor Maynard, London, Europe