Prepare For What's Ahead: Five Predictions For Insurers In 2023

The business of insurance is about expecting the unexpected, but 2022 took everyone by surprise. Russia’s invasion of Ukraine and the impact on energy prices; extreme drought in food-producing regions around the world; and red-hot wages are creating a return to 1970s-style stagflation that will ultimately hit consumer decisions about insurance. At the same time, those interest rate increases to tamp down inflation offer upsides for life and annuities insurers. War, cost-of-living crises, and access to subsistence-level resources like food, clean water, and heat all highlight another risk — social unrest — with the potential for costly insurance claims. 

In 2023, insurance leaders will be navigating turbulence not seen since the financial crisis. These pressures on insurance finances will express themselves in changing business and budget priorities that will impact product development and promotion, policy sales and servicing, M&A strategy, and tech spend.

Key takeaways:

• Learn what market forces drove our 2023 insurance predictions.
  
• Understand how geopolitical, economic, technical, and social forces will shape insurance business, digital, and regulatory strategies in 2023.
  
• Gain insight on how these forces will reshape the insurtech landscape and the level of startup capital.
• Hear how technology spend will be impacted and what will — and won’t — get budget.
  

Target audience level: all levels