With Pandemic Concerns Fading, Insurance Executives Cite Geopolitical and Economic Issues in Annual IIS Survey
New York, New York – April 13, 2023: The 2023 Global Priorities Survey conducted by the International Insurance Society (IIS) indicates executives are moving on from pandemic recovery and directing focus to geopolitical and economic issues.
The survey, which was distributed to more than 20,000 global C-suite insurance executives and senior leaders, shows that within their respective categories, the top priorities have remained climate change, cyber security, competition for talent, and data security over the past three years.
In addition to the top priorities, inflation has been the top economic priority for the past two years, following the decline of executives prioritizing the pandemic recovery.
Similarly, as concerns over competition from outside of the insurance sector have waned, expense management has emerged as the top business and financial priority.
Executives feeling increasingly prepared and having a stable set of priorities seems to be paying off. Respondents report a higher sense of preparedness year-over-year across each of the top priorities.
The study also reveals that pandemic concerns are quickly fading. Three years after the outbreak of Covid-19, concerns over pandemic-related issues have shown some of the sharpest drops in prioritization.
For example, in 2021 the pandemic response was the top economic priority, with 63% of executives saying that the pandemic recovery was one of their top-3 economic issues. In 2023, however, the pandemic is a top-three economic priority for only 11% of executives, making it the least-selected economic priority.
Many executives also voice concerns over attracting employees to the industry to replace an aging workforce. “Insurers need to be thinking very carefully about the people they have on their teams that are equipped to understand the transformational issues associated with technology,” says John Spence, retired executive at Generali Asia and chair of the 2023 Global Insurance Forum.
Finally, geopolitics and instability loom large on the minds of executives, with social/political instability and geopolitical conflicts joining cyber security as their top three political and legal priorities. According to Andreas Berger, CEO of Swiss Re Corporate Solutions and chair of the IIS, “the state of flux and uncertainty now permeates the global economic system. We expect this to lead to a renewed focus on real economic issues.”
Josh Landau, president of the IIS, adds that “the issues facing insurance executives in 2023 continue to be global in scope. Economic Inflation, cyber security, climate change, data security, and competition for talent are not unique to any country or region. By coming together on such important topics, we can continue to make a meaningful impact on society.”
The Global Priorities Survey drives IIS thought leadership offerings throughout the year and forms the backbone of the Global Insurance Forum, IIS’s signature annual event. The Forum will take place Nov. 5-7, 2023, at the Hilton Singapore Orchard.
About International Insurance Society
IIS is a diverse and inclusive platform for all stakeholders of the global insurance and risk management community, providing knowledge, research, thought leadership and connectivity to support the betterment of society. As a non-advocative organization, the IIS serves as a neutral platform for active collaboration and examination of issues that shape the future of the global insurance industry. Its signature annual event, the Global Insurance Forum, is considered the premier industry conference and is attended by 400+ insurance leaders from around the globe. Founded in 1965, the IIS is a 501(c) 3 not for profit organization based in New York, NY. IIS is an affiliate of The Institutes.
About The Institutes
The Institutes are a global not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world.
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