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February 15, 2023
COVID-19 caused a quick shift in the insurance industry in a number of ways. Technology is now more essential than ever in order for companies to run smoothly utilizing a virtual workspace.¹ As a result of the low-interest rates, demand for liquidity and the possibility of unexpected occurrences, organizations are being forced to modify their practices and specialize their insurance programs.¹
The lack of adequate coverage is not only an issue for developing and established companies, but is also mirrored on a worldwide scale.¹ As the post-pandemic world gains more visibility, insurers will need to reassess how they connect with their customers, distributors, investors and other important parties.¹ There is growing anticipation for the industry to take the lead in creating transformation regarding environmental, social and governance (ESG) concerns worldwide.¹
Amid a backdrop of complex financial, geopolitical, legal, technological and climate-related risks, companies are being forced to adjust their pricing structures, underwriting, reserving and distributing.¹ Businesses swift and ready to demonstrate fact-filled data will be rewarded, while the complacent and unprepared will be penalized with pricing and capacity constraints. To learn more about these and other factors impacting the industry, please read our latest opens in a new windowMarkets in Focus :: General report.
1 The Big Picture 2022 Insurance Industry Outlook | S&P Global Market Intelligence (spglobal.com)
The views and opinions expressed within are those of the author(s) and do not necessarily reflect the official policy or position of Parker, Smith & Feek. While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or changed circumstances of any information herein or for the consequences of any reliance placed upon it.