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Insurance Outlook Report 2020/2021

A closer look into the insurer of the future

While insurers have been able to absorb the underwriting impacts of large loss events such as COVID-19, the impact on insurance companies’ profitability is still uncertain.

Despite the efforts put in place by governments to cushion the public from the adverse economic effects of the pandemic, the outlook on long-term impacts and recovery from the pandemic is still uncertain. However, COVID-19 has also brought the digital revolution in insurance closer than before. Insurers have traditionally been on the outside of insurance innovation and are now facing the pressure to transform their operating and business models.

Moreover, the effective date of 1 January 2023 for IFRS 17, the most significant change in financial reporting that the industry has ever experienced, is fast approaching.

With growth in premiums already constrained moving in to 2021, insurers need to immerse themselves into transforming their businesses from the inside out. Insurers will need to rethink their operating models, reimagine their workforce, and start thinking of agile ways to bring innovative products to the market. Our report takes a deep dive into these themes and brings our global expertise on how insurers can respond, recover and thrive amidst the effects brought about by the pandemic and digital revolution.