Did I say that out loud?
Sorry.
From Artemis:
The speed and magnitude of change that is coming over the next five to ten years will completely revolutionise the commercial insurance and reinsurance space, according to partners at PwC.
The insurance and reinsurance industry has already witnessed significant change in the last two decades, not least thanks to the entry, growth and innovation related to the capital markets and the development of insurance-linked securities (ILS).
In particular this has already affected the commercial insurance and reinsurance or retrocession markets the most, with effects now also being felt more broadly across P&C insurance as well.
With technology now promising even more meaningful change, to the way insurance business is conducted and risk transfer in general is effected, PwC looked ahead at its annual PwC Insurance Summit conference in Bermuda yesterday.
Arthur Wightman, PwC Bermuda, commented, “Over that last decade we have witnessed significant transformative change within the industry and at PwC we believe that both the speed and magnitude of change to come will revolutionise how the business of commercial insurance and reinsurance is conducted.
“Thematically, when PwC conducted our last Global CEO Survey, we coined the phrase the ‘anxious optimist’ and in speaking with CEOs it is clear that there are a lot of disruptive forces that preoccupy their attention. That said, in equal measure confidence does abound that opportunities are out there and that they are meaningful. Some 90% of CEOs are confident about their revenue prospects over the next three years. And so we look forward to gathering perspectives on strategies for success in this ever changing and new environment, particularly, when it comes to thoughts around mainstreaming innovation and deploying technology.”...MORE
