21st CEO Survey: Key findings from the Insurance industry

Maintaining optimism while grappling with transformational changes

According to PwC’s 21st CEO Survey, insurance CEOs continue to report that theirs is one of the most disrupted industries. However, their outlook is increasingly positive. Half of insurance CEOs say that they believe global economic growth will improve over the next 12 months, up from only 19% in 2017. And more than 90% report that they are confident about their own organisations’ revenue prospects over the next three years (43% are very confident and 49% are somewhat confident).

Among the many reasons for the positive outlook is that the anticipated disruption from incoming competitors (e.g. InsurTech and digital platform players) hasn’t materialised to the extent that was feared. Indeed, partnership with new entrants rather than rivalry is the order of the day. Moreover, new risk mitigation opportunities – sensors and cyber assessments, for instance – are opening up.

But, having perhaps overestimated the impact of outside threats and short-term disruption in the past, could insurers now be underestimating the urgent need to become digitally-enabled, customer-focused organizations with flexible business and operating models?

Read the full study

 

Contacts

Immy Pandor
Insurance Sector Leader
PwC Switzerland
immy.pandor@ch.pwc.com

Patrick Maeder
Financial Services Leader
PwC Switzerland
maeder.patrick@ch.pwc.com

Jan Ellerbrock
Head of Insurance Management Consulting
PwC Switzerland
jan.ellerbrock@ch.pwc.com

Published by

Immy Pandor

Immy Pandor

Immy Pandor
PwC
Birchstrasse 160
Postfach, 8050 Zurich
+41 58 792 4878

Immy leads the Swiss Insurance Practice. Immy has more than 25 years of insurance sector experience, is a qualified accountant and holds a BA in Accounting and Law. Immy has been advising Insurance clients in a variety of topics from strategy to operational excellence for over 10 years.