Weekly Newsletter - 10.30.2024

2025 Global Insurance Outlook

Author

Zihan Lyu
October 30, 2024 • Estimated Reading Time: 5 minutes

EDITOR’S PICK 🌟

Insights from the recent Insuretech Conference reveal how artificial intelligence is set to reshape the property and casualty (P&C) insurance landscape. From streamlining underwriting to optimizing renewals, AI tools are paving the way for carriers to enhance efficiency and trust. In reflecting on these trends, Lee Arthur highlights Hive Perform as a leader in performance enablement, empowering P&C sales teams to leverage AI for confident client engagement.

INDUSTRY INSIGHTS 🌐

The 2025 Global Insurance Outlook emphasizes the need for insurers to adapt to rapid changes by modernizing operations, embracing technology, and forming strategic partnerships. By focusing on agility, innovation, and customer engagement, insurers can enhance resilience, profitability, and inclusivity, addressing emerging risks and evolving consumer expectations effectively.

The insurance market in Q2 2024 showed growth with competitive pricing and coverage options, especially for preferred risks. U.S. casualty exposures faced scrutiny, while Cyber insurance remained favorable. Reinsurance capital reached a record high, indicating market improvements. Business leaders should address insurance concerns with strategic steps.

INDUSTRY NEWS 📰

Aon's report reveals 2024 insured natural catastrophe losses at $102 billion, surpassing 2023's figures. Key events include hurricanes and severe storms, with significant impacts in the US and Canada. Despite lower economic losses, insurance coverage remains crucial, highlighting the industry's role in managing catastrophe risks effectively.

Image Source: Reinsurance News

Natural disasters, like hurricanes, significantly increase legal work, particularly in Florida's Gulf Coast. Attorneys are busy with storm damage claims and insurance issues. The post emphasizes the importance of legal expertise in navigating post-disaster challenges, highlighting the role of law firms in aiding recovery and ensuring proper insurance coverage.

EVENTS 📆

Join sales enablement expert Roderick Jefferson from @Roderick Jefferson & Associates as he explores "Ever-Boarding" -- a continuous process for developing and upskilling sales professionals.

Date and Time: Nov 13, 2024 (Wednesday), 6 PM GMT / 2 PM ET

You'll learn:

  • How AI can help you provide personalised coaching to sales reps based on their individual strengths and weaknesses, analysing calls, emails, and meetings to identify areas for improvement

  • How to build a culture of continuous learning and development by using AI-powered tools to deliver knowledge bites and reinforce best practices

  • How to design a data-based process that removes time blockers and accelerates the ramping up of sales reps

Sales Intelligence is a Contentive publication in the Sales & Marketing division