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Insurance Industry’s ‘Greatest Risks’ Revealed

The “Insurance Banana Skins 2017” report
May 31, 2017

A new report from the Centre for the Study of Financial Innovation and PricewaterhouseCoopers reveals that even though Brexit appears to be a top concern for insurers, there are other issues that are bigger priorities. The “Insurance Banana Skins 2017” report found that Brexit ranked last in a list of the 22 “greatest risks” faced by the industry over the next two to three years. The top five risks were change management, cyber risk, technology, interest rates, and investment performance, according to insurance industry stakeholders in 52 countries.

“Rapidly evolving markets, rising customer expectations, and new distribution channels threaten traditional insurance business models, while incumbents held back by legacy systems and traditional modes of thinking struggle to innovate in an unfamiliar environment,” said the report. Cyber risk narrowly missed the top spot. “A large number of respondents warned that major attacks on insurers were inevitable, and many added that their impact could be catastrophic,” found the report.

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