Executive Outlook for 2024 | RRJ Insurance Group, Abraham Baboujian
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Our efforts to address the three main issues affecting the P&C industry in 2024—cyber, digital/technology transformation, and climate change—will be more composed and mature.
Although there will still be a lot of noise from cyberspace, it won’t be as frightening because of rising awareness, ongoing education, risk reduction from improved baseline cyber security, and a larger selection of insurance options.
We will continue to prioritize cyber insurance for the foreseeable future, as it is expected to grow from an estimated $12 billion market to $27 billion over the next three years. The more we discuss it, the more we inform, educate, and resolve issues pertaining to this emerging line.
With AI and machine learning algorithms used for underwriting and claims handling, technology integration will continue to spur innovation and improve risk assessment, fraud detection, and more cost-effective claim settlements.
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Better cost control and customer experience will result from this. This is a topic that I think will deservedly become more prominent in the P&C conversation.
Impacts from climate change are becoming more frequent and severe, and they will keep getting worse. Initiatives utilizing multiple channels will be necessary to address and reduce its effects.
initiatives from the public and commercial sectors will be crucial in addressing this.
In addition to attending to new concerns, we must continue to concentrate on serving the general insurance requirements of both businesses and consumers.
As we change and adjust with the support of With the availability of more data and greater capacity, the market will become more inventive and competitive while still needing to prioritize profitability.
The stewardship of the insurance sector needs to be strengthened. We need stable, balanced, and focused leadership in addition to a cogent and “noise-free” approach to educate, inform, and simultaneously find solutions.
We must comprehend the effects and ramifications of inflation and high interest rates on diverse market segments and demographics in order to customize insurance solutions in time for 2024.
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We must always be mindful of geopolitical concerns, the effects of worldwide instability, the uncertainty that results for economies, and potential problems with supply chains.
The industry needs to promote education beyond the requirements of the law and highlight its advantages. It should also act as a catalyst, mandate, or both.
Curiosity and satiate it; demonstrate the benefits of regulatory latitude and adaptability in light of the rapid rate of change.
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