Old rules need to be broken and new ones need to be made to guarantee customer satisfaction and retention in uncertain times. Insurers also should expect leading tech companies such as Google and Amazon to extend their influence into the sector. (metamorworks/Shutterstock)
When 2020 ended, insurers predicted pandemic-related changes to the industry and anticipated the growth of coverages in business disruption or virus-specific catastrophes. However, few envisaged that 2021 would be a banner year for climate-related risk. The year brought to light the need for increased speed to market when launching new products, and agility when it came to customization.
With the annual severe weather insured losses for 2021 surpassing $20 billion in the U.S. alone, accidents caused by climate change are a key risk sector insurers will have to look at going forward. S&P research found that 66% of major global companies have at least one asset that a natural disaster could highly impact, it is clear that advancements in this sector are needed.
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