Deloitte's 2023 Insurance Outlook suggests insurers should operate more proactively than reactively. (Gajus/Adobe Stock)
Given the persistence of many long-time challenges facing insurers, the overriding theme of the 2022 Property-Casualty Joint Industry Forum held in December might've been a much-quoted quip from Yankee Hall of Fame catcher Yogi Berra: "It's like déjà vu all over again."
Whether in terms of renewed calls to emphasize risk management over risk transfer or the chronic challenge in attracting and retaining talent, insurers were urged to change their approach to overcome many of the same issues hindering top- and bottom-line growth raised in prior-year forums. What might the industry do to break this logjam and reinvent itself for competitive differentiation?
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