Atlas Magazine February 2024

Insurance: assessment and outlook for 2024

2023 has been a challenging year: open wars in Europe and the Middle East, geopolitical tensions, mass migrations, the energy crisis, extreme climatic phenomena, supply chain disruptions and an upsurge in cyberattacks.
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Atlas Magazine takes stock of this year's main lessons, highlighting some of the trends that will impact 2024.

The 2023 geopolitical tensions mark the advent of a new global balance, with the ongoing US-China bipolarization not only reflecting Europe's loss of influence, but also posing a threat to American leadership. On the insurance front, Chinese companies continue to make their progression. Since 2022, Ping An has been the world's leading non-life insurer (excluding health insurance), while China Life has dominated life insurance in the same year. The rise of Chinese insurers is accounted for by their massive investment in new technologies.

Equally sensitive is the topic of climatic events. The latter are poised to continue worrying insurers in 2024. The succession of hurricanes, tornadoes and wildfires has already prompted some US insurers to stop underwriting risks in Florida and California in 2023. In 2024, climate risk management will have to rely on more sophisticated analytical tools to better manage the impact of weather events.

The most dreaded risk for businesses in 2023, cybercrime, will continue to be rampant in 2024, prompting insurers and regulators to better identify the risk and strengthen the operating system security.

The final major trend in 2024 pertains to insurers who will be gearing up their investment in digital technology. Modeling tools, data collection, artificial intelligence, blockchain and the Internet of Things are the keys to the insurance of the future.

Atlas Magazine N°208 February 2024

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