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2024 Global Insurance & Reinsurance Outlook

Global risks are intensifying in 2024. From climate change impacts to heightened cyber attack risks, the insurance sector is in the hot seat to hedge against prevalent risks in society.

Many insurance agencies have already taken a proactive approach to risk reduction, implementing actionable strategies to minimize the likelihood of risks occurring in the first place.

However, the global insurance industry has a long and challenging road ahead as 2024 ramps up to be another year of unprecedented events and changing customer demand.

2024 Key Trends in Global Insurance & Reinsurance

• Global insurance organizations will need to shift their approach to be customer centric, requiring new technology to maximize both customer and employee satisfaction.
• The levels of mergers and acquisitions will grow following expected interest and inflation rates subsiding.
• Personalizing customer experience with generative AI presents new opportunities to gain market share.
• Evolving customer needs require organizations to adapt and overcome or be left behind, particularly in technology, product portfolios, and core business models.

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