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We have once again sponsored the Insurance Banana Skins 2021 survey in conjunction with the Centre for the Study of Financial Innovation (CSFI), which details the risks facing the insurance sector across the globe in the next 2-3 years.
Now on its 8th edition, this survey describes the most urgent risks, or "Banana Skins", facing the global insurance industry in the latter half of 2021 as seen by a sample of over 600 practitioners and close observers, in 47 territories.
The insurance industry has had a significant involvement in responding to the impacts of the pandemic with business interruption and contingency policies paying out huge volumes of claims. There has also been criticism at times over coverage issues and resultant legal cases around the world. These matters are all commented on by the respondents in the survey, but overall reputational risk has stayed fairly consistent in the past year.
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Although this year’s responses expressed concern about the impact of Covid and other challenges facing insurance companies, they were balanced by a more upbeat view of the economic outlook and the industry’s ability to manage change.
The three themes below are all connected and have been amplified by the pandemic but overall the industry has been incredibly resilient – both in human and capital terms – and this is borne out in the respondents’ increasingly positive view of our industry’s preparedness to respond to the risks it faces. It is noteworthy that Pandemic did not feature at all in our last report and a testament to the industry’s resilience that it is not seen as a significant banana skin in this report either.