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InsureInsight: Insurance Sector Trends 2023

26 January 2023
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In the last few years, the insurance industry has faced unprecedented levels of change and continuous new challenges. As we plan ahead for what 2023 has to hold, we delve in to some of the key trends that we expect to be high on the agenda for the industry this year.

Last year we were conscious that hope for a period of calm following the Covid-19 pandemic may have been optimistic, and so it has proven to be the case as political and economic volatility, not just in the UK but around the world, has followed in its wake, with heightened repercussions caused by the Russian invasion of Ukraine in late February 2022. Indeed there has probably never been a more challenging or uncertain period in our history for the insurance industry.

Many of the themes for the sector we highlighted last year continue to be relevant, and indeed have intensified with the addition of new issues that come to the fore amid challenging economic conditions. Further, to compound matters, the challenges of the past two years are yet to subside, with Covid-19 and Brexit still having a significant impact across so many areas of the insurance industry.

InsureInsight: Insurance Sector Trends 2023

This year's report falls into three key themes:

  • Strategic considerations
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    Strategic considerations

    • Surveying the regulatory horizon
    • The sector through a regulatory lens: Governance, misconduct and greenwashing
    • Data protection and cyber security risks: Ransomware, reforms and reprimands
    • Diversity and inclusion during a cost of living crisis
    • A year on…what has changed for insurers and ESG?
  • Areas impacted by the macro-economic climate
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    Areas impacted by the macro-economic climate

    • Economic crime & fraud: Helping insurers and their insureds to navigate the approaching storm
    • Stability or seesaw? Impact and expectations of fiscal policy
    • The rise of class actions in the UK and the EU – why now?
    • Redefining opportunity: M&A, investment and access to capital in a challenging economic climate
    • September 2022 mini-budget fallout: Claims in the wake of the pensions LDI crisis
  • Key business considerations
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    Key business considerations

    • Changing consumer expectations for the future of insurance
    • Dealing with business as usual in a different way for greater efficiencies
    • Key employment law considerations: Responding to changing demands
    • The war on talent and how insurers can overcome it
    • Sustainability agreements and competition law

We hope that you find our insights useful in helping to navigate a fast changing insurance sector, and prepare your business for some of the issues that lie ahead. We will continue to make all efforts to support you with existing challenges and help you prepare for those emerging. 

InsureInsight event series

In this series we bring a wealth of expertise in the sector, over-laying our knowledge of commercial, legal and regulatory matters to bring you targeted updates and live sessions on issues that are highly relevant to you. The InsureInsight 2023 series will consist of in-person and online sessions throughout the year, covering a diverse round-up of the key legal, commercial and regulatory issues on the horizon. 
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Further Reading