Global forecast 2024: Evolving insurance risks

5 Key takeaways
14 Countries surveyed

Our 'Global forecast 2024: Evolving insurance risks' report draws on insights from a selection of our lawyers from around the world to analyse and explore the priority themes expected to have the biggest impact on the insurance market in the year ahead.

The environmental, social and governance (ESG) agenda, developing technologies, geopolitics and claims inflation all remain top concerns for the insurance sector. The risks examined in our previous reports on these topics – such as supply chain disruption, climate change and cyber breaches – are all still firmly in place, but alongside these, the risks have evolved and diversified.

This report also looks at the new risks emerging from under the following themes - artificial intelligence, greenwashing, biodiversity and deglobalisation - and what the insurance sector should consider when evaluating their business strategies and commercial response.

Global forecast 2024: Evolving insurance risks

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Those who do not respond to ESG concerns are being scrutinised and risk finding their non-compliant business practices exposed.

John Bruce, Partner

Key takeaways

Regulatory landscape

Global regulations are evolving to address areas such as data privacy, AI, cyber, climate change, trade, diversity, and more.

Artificial intelligence

Embrace new technologies – responsibly. Human error at the deployment stage of AI technologies could have a widespread impact.

Environmental, social and governance

Biodiversity loss is emerging as a parallel challenge to climate change risks.

Geopolitics

2024 is a pivotal election year with uncertain outcomes, making for a challenging geopolitical landscape for insurers to navigate.

Reputation

As well as staying ahead of legal developments, companies should embrace technological tools to protect their commercial and financial reputation.

Deborah_Newberry Square — Deborah Newberry, Corporate Affairs Director

This report includes insights from a selection of partners from across our global network, who highlight some of the developments, trends and events to watch in their jurisdictions. This has enabled us to not only map regional variations around drivers of risk, but also to compare these findings with the results of a recent global insurance market survey conducted by Gracechurch Consulting.

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