Start the year off with strong insurance-industry insights
What does 2020 have in store for the insurance industry?
A new year has begun, and with it comes a wave of ‘new’ — rising trends, risks, changing regulations and more that will shape the economy and insurance for the months to come.
Take, for example, the California Consumer Privacy Act that went into effect Jan. 1, 2020. The comprehensive law obligates businesses that handle California residents’ personal information to comply with a range of new requirements governing the collection, use and sharing of a person’s information. With more than 39 million people living in the state, the law will affect thousands of businesses around the country — and will undoubtedly have an impact on the framework of cyber insurance policies moving forward.
When looking at the landscape of the industry, developing trends in different areas of the business are poised to transform insurance in 2020. One such development is the emergence of risktech, a growing subset of InsurTech. Consisting of tools related to InsurTech that are specifically designed for risk management professionals, risk managers will come to rely on risktech tools and data-driven insights to chart a risk’s trajectory. As more and more startups enter this fresh space, new technologies and business models will impact how insurance companies approach investments, partnerships and more.
With so much happening around the industry this year, it’s easy for things to get lost in a barrage of headlines. To help insurance professionals start the year off strong and informed, we have gathered the articles that share insights into what’s to come for the industry in one place.
Visit our Instant Insights page, “The insurance industry in 2020,” to learn more about what 2020 has in store for the P&C insurance industry and how to succeed in this new year.