General Insurance Article - PwC report launched on Insurance 2020 & beyond

 In his speech, McGavick will highlight what he believes are the key trends including recent headline grabbing mergers and acquisitions and their consequences for the industry as a whole. 

  

 McGavick will tell the audience, comprising CEOs and chairmen from the sector, that innovation and investment in analytics and talent will be defining for those wishing to succeed in the future:

  

 “We are experiencing something of a renaissance in our industry as we look to how we can respond to the changes brought about by the rapid technological developments occurring both across sectors and the globe.

  

 “The industry has never been so reflective – asking what part must we play in economies worldwide and how can we not only respond to, but anticipate the risks facing our clients? Here to reflect is to progress – but we cannot afford to ponder too long.”

  

 PwC has today launched a new report, ‘Insurance 2020 & beyond: Reaping the dividends of cyber resilience’, which highlights the need for the insurance industry to innovate and invest in their data analysis, as well as their own cyber resilience in order to capitalise on the great opportunities for the industry with cyber liability.

  

 Stephen O’Hearn, global insurance leader at PwC, commented:

 “Stepping up to the challenge of delivering real value to customers concerned with cyber attacks is a huge opportunity for the insurance industry to show it is relevant and innovative in providing the protection required by business leaders today.

  

 “If insurers are slow in finding ways to offer their clients more tailored coverage and pricing, there is a real risk that a disruptor will move in on the market. Deeper understanding of rapidly evolving cyber risk and more proactive underwriting is required for insurers to fully protect their clients and capitalise on this business opportunity.”

   

 To download the report Insurance 2020 & beyond: Reaping the dividends of cyber resilience please click on the duciment below