As we bid farewell to 2024, it’s the perfect moment to look back on the year’s key developments in the insurance sector through our special report on Insurance News Analysis.
Climate-Related Challenges
This year has witnessed a landmark shift in climate-related losses, with records showing that 2024 experienced some of the highest temperatures ever recorded.
For the fifth consecutive year, the financial toll from climate-related disasters surpassed $100 billion in insured losses.
Within this report, we investigate how insurance providers are navigating this changing landscape of risk and loss, along with the repercussions these shifts have for the types of products and services they offer.
Additionally, we highlight the essential role public-private partnerships play in improving insurability in this dynamic environment.
Evolving Medical Risks
In conjunction with climate challenges, evolving medical risks require creative collaborations not just within the insurance industry but also across public sectors.
With an aging demographic, there’s a growing concern regarding the financial strain on individuals facing undiagnosed cognitive decline.
We explore potential strategies the industry could implement to protect these at-risk consumers, as well as the ways in which employee benefits can be leveraged to support caregivers in the Sandwich Generation.
Innovations in Security
Another pressing issue is the rise of porch piracy during the festive season.
Startups like Porchpals are stepping up with innovative solutions to help online shoppers mitigate this risk, prompting a intriguing question about how traditional insurers might engage with this emerging market.
With new risks surfacing and models evolving, the future of insurance is brimming with possibilities.
We wish everyone a joyful holiday season and look forward to reconnecting in 2025!
Source: Accenture
