From ‘Big Government’ to Remote Working, Pandemic Shifts Bring Fundamental Changes to Insurance, Says The Geneva Association


img

– In his new report, The Geneva Association provides a comprehensive projection of the risk landscape in the post-pandemic world, or ‘New Normal’, describing the four most profound shifts for insurers: accelerated digitalisation, ‘Big Government’, pivot to resilience and sustainability, and more at a distance to work.

– The study is based on 25 interviews with industry experts and executives and on a customer survey in 2021 from 8,000 insurance customers – both retail and commercial – in eight countries (Brazil, China, France, Germany, Italy, Japan, UK and US).


– In their survey responses, insurance customers share their experiences with insurers during the pandemic, updated perceptions of risk and insurers’ expectations for the future.

– This is the third report in The Geneva Association’s research series on pandemics and insurance, following studies on the insurability of pandemics and solutions for pandemic risk.

Zurich, Switzerland, June 10, 2021 /PRNewswire/ — COVID-19 has initiated or accelerated major changes in 2020 and 2021 — social, economic, political and technological. The new report of the Geneva Association, The global risk landscape after COVID-19: what role for insurance?, sheds light on what trends will continue and how insurance will be impacted.

Key findings from the 2021 Geneva Association Global Customer Survey:

  • Of customers who interacted with their insurer during the pandemic, 88% of retail customers and 86% of small businesses had a positive experience.
  • ‘Remote working’ was cited most by retail (64%) and small businesses (62%) as the pandemic trend most likely to continue.
  • When asked about their biggest concerns going forward, ‘prolonged hospitalization’ was most frequently mentioned by retail customers (64%) and by small businesses, ‘to let employees go or resign’ (69%).
  • The highest expectation for insurers in the post-pandemic world most cited by retail and small business customers is ‘more comprehensive policies to account for future crises’ (39% / 39%).

Based on research findings, in-depth interviews and research from the Geneva Association, the report offers recommendations for a greater role for insurance in the post-pandemic risk landscape.

Jad ArissThe general manager of the Geneva Association said: “Our large survey of insurance customers offers many new insights. It is commendable that insurers remained available and responsive to customers during the pandemic, despite having to quickly transform their own operations. of the environment and the risks that develop around it.However, this does not necessarily lead to the purchase of additional insurance policies, increased cyber risk is an example.It is a call to action for insurers to inform customers about the value of what they to offer.”

Kai-Uwe Schanz, The Geneva Association’s Head of Research & Foresight and author of the report, said: “Opportunities abound for insurers in the post-pandemic world. Individual and business awareness of risks to life, health, income and wealth has reached new heights. More generally At a societal level, the pivot to sustainability will make it easier for insurers to propagate their social purpose: building resilience and promoting sustainable development At the same time, stakeholder expectations have risen. the protections being exposed by COVID-19.”

About the Geneva Association

The Geneva Association is the only worldwide association of insurance companies; its members are CEOs of insurance and reinsurance. Based on thorough research conducted in collaboration with its members, academic institutions and multilateral organizations, The Geneva Association identifies and examines the key trends and risk areas likely to shape or affect the insurance industry, and develops corresponding recommendations for the industry and for policy makers.

In total, the companies of the Geneva Association members are headquartered in 25 countries around the world; manage USD 17.1 trillion in assets; 2.4 million people employed; and protect 1.8 billion people.

Logo – https://mma.prnewswire.com/media/714100/Geneva_Association_Logo.jpg

SOURCE The Geneva Association

This div height required for enabling the sticky sidebar