The global insurance industry’s readiness for structural and technological change is now the greatest risk it faces. This is the headline finding from the latest Insurance Banana Skins 2017 survey, conducted by Centre for the Study of Financial Innovation (CSFI) and PwC.
In Ireland, there was concern over cyber risks. There was also a strong focus on the threats and opportunities presented by technological advance, which came with a note of anxiety about the industry's level of agility.
The economic outlook was also seen to be uncertain, particularly in light of the election of President Trump and the prospect of Brexit, which ranked higher as a risk in Ireland than in any other country, even the UK.
Globally, change management is at the head of a cluster of operating risks which have jumped to the top of the rankings. The report raises concerns about the industry’s ability to address the formidable agenda it faces, including digitisation and transformative technologies, new competitors in the market, consolidation and cost reduction.
Canvassing the opinions and insights of 836 insurance practitioners and industry observers in 52 countries, the survey looks at the way that members of the industry perceive risk, and ranks and analyses each risk individually.