EY – Global Insurance Outlook 2023

The EY Global Insurance Outlook 2023 report provides an overview of the challenges and opportunities facing the insurance industry in 2023. The report highlights that the industry is now confronted with greater macroeconomic uncertainty and geopolitical volatility than it has seen in decades, due to the ongoing effects of the global pandemic. However, the report also notes that there are many compelling opportunities for insurers to innovate and create more value for their customers and shareholders, as well as society as a whole. The report explores the complex market dynamics and their impact on insurers' growth and transformation plans, product and investment portfolios, and financial performance. The report also highlights the importance of the industry's purpose and the growing need for insurance against a range of complex and proliferating threats, such as climate and cyber risks. The report notes that customer needs have changed and insurers that move swiftly to satisfy them will be in the best position to navigate the recession. The report also highlights the potential for innovation and new business models that combine conventional protection with risk prevention and other high-value services, and the benefits of operational agility and resilience for insurers in the turbulent market ahead.