Asia-Pacific markets in general and China We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Source: CB Insights. While growth will inevitably slow down, considerable opportunities remain, especially in those areas where the region’s insurers are aggressively experimenting and innovating. Overall, the team found that global insurance sector growth is expected to remain weak, though there are many reasons for optimism. Review our cookie policy for more information. EY 2020 Europe Insurance Outlook: Balancing Talent and Transformation Opportunities with Cost and Regulatory Pressures Published on December 5, 2019 December 5, 2019 • 35 Likes • 0 Comments Home to nearly one-third of the world’s population, the Asia-Pacific region holds the key to the insurance industry’s future. and Peter Manchester, EY EMEIA Insurance Leader, says: “With a high likelihood of the prolonged low interest rate environment continuing, European insurers need to continue reducing their dependency on investment income for profitability. But with the industry struggling to attract the right talent, the report finds that insurers need to either reposition themselves as technology firms or proactively communicate on why the industry matters, what value it brings to society and the overall appeal of an insurance career. Committed to help strategically reshape the industry’s business model for today’s digital age. That's why it’s an opportune time for insurance industry stakeholders to take stock, as the EY insurance team has done with . For more information and to download the report, visit EY Insurance Outlook 2020. It is an exciting time in the insurance industry globally, as insurers are investing more than ever to transform their business models and seize subtly different growth opportunities around the world. innovations that are impacting the global insurance industry, and offer recommendations for how all types of insurers can navigate the challenges and seize the opportunity. And this disruption is not just digital. Both digital and direct distribution channels are imperative for growth, though traditional human channels are not going anywhere soon. will also influence the future of insurance because they are hotbeds of innovation. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. The EY 2020 Insurance Outlook report was developed based on collective sector know-how, virtual workshops with insurance leadership across the globe, a formal internal survey of EY insurance professionals, and inputs from select clients and external analysts. This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients. Deloitte’s new report, “ 2020 Insurance Outlook: Insurers adapt to grow in a volatile economy,” breaks down a variety of topics related to running, growing, and regulating insurers. Where do insurers stand as they enter 2020? EY | Assurance | Consulting | Strategy and Transactions | Tax. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. For non-life insurers, digitizing distribution and developing the right strategies to collaborate – and compete – with new entrants (Insurtechs, big techs), remain a priority. Will COVID-19 turbo-charge M&A and transformation? All Rights Reserved. Please refer to your advisors for specific advice. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. This means companies must focus on using technology and innovative initiatives to optimize costs, drive wider distribution and market reach, and explore local niche market segments to spur growth. our latest Interestingly, the war for talent is a top priority for non-life, along with navigating sustainability and climate change, while life remains focused on navigating sustainability and climate change and leveraging the Internet of Things (IoT). Intense profit pressures. Achieving operational excellence and cost efficiency, Mastering emerging and disruptive technology, Navigating the risks and opportunities of climate change. Total in-force annuity contracts, US, 2012-2017. On 2 September 2020, the Government of British Columbia (BC) announced that 1 April 2021 is the effective date for the implementation of the expanded Provincial Sales Tax (PST) registration requirements introduced by the 2020 BC Budget on 18 February 2020. No or slow growth in revenues. EY insurance outlook: US-Americas 2019 (PDF), EY insurance outlook: Asia-Pacific 2019 (PDF). In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Life insurance premiums may decline 6% globally through the end of 2020 and by 8% in advanced economies, while a recovery of 3% growth is projected overall for 2021. The Americas life insurance market has remained weak for years, though recent developments look promising. EY Nexus for Insurance utilizes many established and emerging technologies, all sitting on Microsoft Azure – but the key to its adaptability is that it does not limit EY teams or clients to specific technology providers. The EY Insurance Outlook 2020 report – based on collective sector workshops with insurance leadership across the globe (Americas, Asia-Pacific and Europe) and a formal survey of EY insurance professionals and external analysts – reveals what life and non-life global insurers plan to prioritize in the year ahead to remain competitive in this new paradigm. Executive summary Setting the context: The fundamentals and forces shaping the market. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. 2020 insurance outlook Insurers adapt to grow in a volatile economy As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability to integrate technology, talent, and business-model innovation into legacy environments may be the key to success. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. The four trends that define insurance in 2020. 8 Meanwhile, annuity sales also took a big hit. 2020 Canada Insurance Outlook Trends and imperatives shaping the life and non-life markets Canadian insurers are facing challenges on several fronts — from regulatory pressures, including cyber and IFRS implementations, to InsurTech disruption and more demanding customers, to … The insurance industry stands on the precipice of profound change. They complement the NextWave series, which takes a longer-term perspective (five years and beyond) and examines specific market scenarios that will shape the future of the industry. 1. How can digital government connect citizens without leaving the disconnected behind? Digital trust will be the bedrock of customer relationships and the value insurers provide. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available via ey.com/privacy. There is much more detail in the reports, but three “big ideas” point the way forward for insurers: The entire EY insurance team is energized by the possibilities that exist for insurance – better ways of working, a clearer sense of purpose, more effective use of emerging technologies and ecosystems as well as our industry’s unique ability to promote financial wellness, provide protection and enable insurance customers to better manage risks. Update: Brazil, Canada and Mexico country snapshots. Insurers who are able to innovate boldly, evolve their talent base and enhance customer experience, while remaining focused on operational efficiencies to reduce costs will be best positioned for future growth.”. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Traveler. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. 72% of respondents believe insurance plays a significant role in creating and preserving wealth . Growth in European InsurTech investments, 2016-2017. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. The global insurance sector growth is expected to remain weak, our 2019 insurance outlook reveals. Listener. © 2020 EYGM Limited. They cover the major trends, disruptions We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Without bold action now, they risk seeing more of the same in 2019 and beyond. Life insurers must expand their value propositions and product sets to address all aspects of financial wellness. The EY 2020 Insurance Outlook report was developed based on collective sector know-how, virtual workshops with insurance leadership across the globe, a formal internal survey of EY insurance professionals, and inputs from select clients and external analysts. Source: Swiss Re. remember settings), Performance cookies to measure the website's performance and improve your experience, Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you,  Social media cookies, which allow you to share the content on this website on social media like Facebook and Twitter. Navigating and creating opportunities from these changes is a key challenge we can … According to the report, insurers should leverage the advantage of a relatively young and growing middle class by embracing new technologies. Of course, macroeconomic challenges, demographic shifts After a slightly more positive 2017, growth slowed down again in 2018, although at very different paces within individual markets across the continent. Ed Majkowski, EY Americas Insurance Advisory Leader, says: “The current environment for Americas insurers is as much challenging as it is promising. remember settings), Performance cookies to measure the website's performance and improve your experience, Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you,  Social media cookies, which allow you to share the content on this website on social media like Facebook and Twitter. Digital transformation is critical to optimize costs, boost innovation and drive agility. More than 7,500 finance jobs and a trillion pounds in assets have already left Britain for the European Union as banks prepare for full-blown Brexit in January, consultants EY said on Thursday. and Life insurers, for instance, can't deliver a sense of financial wellness unless consumers trust them. Asia-Pacific, Non-life, CAGR, 2012-2017. Grant Peters, EY Asia-Pacific Insurance Leader, says: “The Asia-Pacific region is a major contributor to future growth of the insurance industry. MDEC announces its Alternative Funding Program for 2021, partnering 11 crowdfunding operators By Digital News Asia January 29, 2021 Low, single-digit growth has been the rule in the non-life sector, thanks to a mix of favorable and adverse trends. Source: S&P. EY 2020 Asia-Pacific Insurance Outlook reveals key trends and forces shaping the insurance industry for the next few years. The region is still riding a strong growth spurt, driven by China, but also buoyed by positive performance in South Korea. For more information about our organization, please visit ey.com. That’s what insurers have experienced in the recent past. The mature economies of Europe and North America are moving towards recovery, while the emerging markets of Asia and Latin America continue to grow. In other words, despite some potentially challenging growth figures in the Americas and EMEA in the short-term, we see cause for optimism in the long-term outlook for insurers. EY is a global leader in assurance, tax, transaction and advisory services. Low interest rates, stagnant growth and the growing likelihood of a global recession define the challenging economic reality for insurers around the world. Isabelle Santenac, EY Global Insurance Leader, says: “In an industry that impacts our lives every day – from natural catastrophes to cyber-risks to better health outcomes – and in an increasing digital world, being more customer-centric and improving the customer experience is an imperative. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. Update: Americas Outlook 2019 now includes country snapshots for Brazil, Canada and Mexico. 022020 Global Insurance Outlook The annual EY Insurance Outlooks represent a perspective on key issues shaping the industry in the near term (three years). Economic Environment “Global growth continues to slow. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Notes to editors. View original content to download … 3 Mar 2021. All Rights Reserved. Rodney Bonnard, UK Head of Insurance at EY, comments: “Insurers are facing a number of big challenges next year. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. AIA together with EY today launched a new report providing new insights into High Net Worth Individuals (HNWIs) in the context of their views and adoption of insurance solutions. Passionate proponent of new technologies. The following are among the highlights of the report. Persistent slow economic growth, especially when compared to the US and emerging markets, has constrained growth in the European insurance market. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Looking ahead, it's clear that insurers will continue and even accelerate their drive toward digital. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Cision. The EY Insurance Outlook 2020 report – based on collective sector workshops with insurance leadership across the globe (Americas, Asia-Pacific and Europe) and a formal survey of EY insurance professionals and external analysts – reveals what life and non-life global insurers plan to prioritize in the year ahead to remain competitive in this new paradigm. As EY releases our 2020 Japan Insurance Outlook, what’s in store for one of the world’s largest insurance markets?. The EY Insurance Outlook 2020 report – based on collective sector workshops with insurance leadership across the globe (Americas, Asia-Pacific and Europe) and a formal survey of EY insurance professionals and external analysts – reveals what life and non-life global insurers plan to prioritize in the year ahead to remain competitive in this new paradigm. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. EY Global Insurance Outlook 2020: The Best of Times and Worst of Times for Global Insurers Published on December 5, 2019 December 5, 2019 • 87 Likes • 2 Comments Attracting and retaining the right talent as well as reskilling the existing workforce will be essential in this transformational journey.”. 2020 will be a challenging year. Insurers that can make that shift will have the agility to seize emerging opportunities and adapt to rising customer expectations. Alberta budget 2021‑22. 2 2020/21: Low for (even) longer <2% US growth, US 10y yield. Battling regulatory pressures such as IFRS 17 while reskilling talent and enabling digital transformation is proving to be a tricky balancing act for European insurers that are struggling for growth. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. As insurance industry growth remains stagnant for another year due to low interest rates, the shifts in consumer demographics around the world coupled with heightened expectations for digital experiences present insurers with risks and opportunities. Growth of life insurance gross premiums, China, 2012-2017. After a slowdown in 2018, the Chinese insurance market bounced back in 2019. Overall insurance (life and non-life) in Europe, CAGR (gross written premium in US$). EY is a global leader in assurance, tax, transaction and advisory services. Insurance. © 2020 EYGM Limited. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. This in turn, will reduce their cost base and modernize distribution by strengthening direct-to-consumer propositions and leveraging regulatory change to streamline operations. Please refer to your advisors for specific advice. new competitive threats are big challenges – and part of what energizes industry leaders. They will also need to maintain a strong focus on cost efficiency, and selectively invest in digital transformation and talent reskilling to enable new business models and unlock sustainable growth.”. LGBT+ inclusion: Can you apply a globally consistent policy across an inconsistent world? Additional priorities for global life and non-life insurers according to the report include: The top 2020 trends for Americas insurers (both life and non-life) align with some of the global priorities: winning the war for talent, achieving operational excellence and cost efficiency. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. For more information about our organization, please visit ey.com. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. For more information and to download the report, visit EY Insurance Outlook 2020. The global insurance industry’s outlook is improving. How entrepreneurs can transform access to safe water, Nine ways to advance LGBT+ policy throughout global organizations. HONG KONG, 24 June 2020 Download PDF. Rising incomes and expanding populations have benefitted life insurers across the region. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. Life insurers should not simply wait for these fundamentals to work in their favor as they have done in the past. Transformation leader in insurance. EY Insurance Outlook: what should insurers do to prepare for tomorrow? EY | Assurance | Consulting | Strategy and Transactions | Tax. Review our cookie policy for more information. Customer expectations in the region, especially around digital interactions and experiences, are the highest in the world – one reason why insurers are so committed to innovations across their businesses. At the same time, life insurers will look to become more cost efficient by exploring new propositions through connected devices and financial wellness offerings to tackle the challenge of extremely low interest rates. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Constant flux from technology advancements and rising customer expectations. The regional reports covering the Americas, Asia-Pacific and Europe are the result of several think tank sessions conducted with industry and functional professionals, as well as strategists and technologists. Source: Swiss Re. The COVID-19 pandemic, lockdowns and resultant recession will continue to have a major impact on the sector as claims relating to …
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