The Insurance Banana Skins 2023 report describes the most pressing risks facing the global insurance industry over the next two to three years. 589 practitioners and close observers in 39 countries participated in the survey, which was conducted for the ninth time.
The most important risks for Dutch insurers
Climate change is seen as the most urgent risk for insurers in the Netherlands. They face increasing claims due to natural disasters and uncertainties in premium determination, which increases underwriting risk. They also face transition risks related to their assets and see the need to implement their net-zero strategy. However, managing climate risks is becoming increasingly feasible thanks to better data availability, modeling capabilities and transparent reporting.
Artificial intelligence (AI) has been added as a new 'banana skin' for insurers in sixth place, which is no surprise. 'AI will change the world and the way we do business', says PwC partner Amanda Korver-Heins. 'Around the world, legislators, risk managers and ethics specialists see AI as a real threat. The insurance sector is no exception. In fact, previous research shows that financial services is the riskiest sector due to its many digital products. In short, CIOs and CEOs in the insurance industry have been warned! But AI also offers opportunities for insurers, such as in the areas of productivity, quality and service improvement, and risk management.'
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