International law firm DAC Beachcroft has published over 140 predictions across the full spectrum of insurance risks, identifying key opportunities and challenges that the global insurance industry may face in the year ahead.
Accessed via the firm’s Informed Insurance thought leadership portal, the predictions are broken down under six themes:
• class actions • climate change • global risk • modernising the workplace • regulation • technology
The predictions are also grouped under 17 different lines of insurance business (from aviation, cyber and international casualty through to marine, property and reinsurance), as well as by three jurisdictions (Asia Pacific, Europe and The Americas).
Helen Faulkner, Global Head of Insurance at DAC Beachcroft, commented: “We hope insurers will find our insights valuable in planning for a resilient future.
“What is most striking in reviewing our full suite of 2023 predictions is the prominence of regulation, albeit in the widest sense. Over a third of all our predictions fall within the regulation theme, with almost all 17 lines of insurance business affected.
“With a growing expectation around ESG issues, the prominence of regulation reflects a change in emphasis from environmental to social and governance issues. The new Protect Duty legislation is a good example. The proposed new duty to protect the public from terrorist attacks was included in the Queen’s Speech in May 2022 and further details were provided just before Christmas, with a draft Bill now anticipated early this Spring. There are significant implications for businesses, charities and the insurance industry as a whole.”
The full suite of predictions is available here.
Be the first to comment