Insurance Banana Skins 2023

What are the top risks facing the insurance industry?

Insurance Banana Skins
  • Insight
  • November 13, 2023

The last edition of the Insurance Banana Skins focussed on the impact of Covid-19, with top risks being amplified by the pandemic, but showing the industry being incredibly resilient. Fast forward two years and the risks associated with the pandemic are far less of a worry. Whilst the top risks are broadly similar to the last edition, we have seen fundamental shifts in the way people work, accelerated advances in technology, and significant economic shocks.

Going back to 2007, the latest survey in this series describes the most urgent risks, or “Banana Skins”, facing the global insurance industry in mid-2023 as seen by a sample of 589 practitioners and close observers in 39 territories.

The 2023 edition of the Insurance Banana Skins survey shows some interesting trends:

  • Covid-related risks have slipped down in the ranking of the top risks

  • Cyber crime risks are in the top spot for the second year in a row

  • Climate change and its associated risks are rapidly rising in the list of top risks

What are the top risks facing the insurance industry? Find out here

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Romina Soler

Romina Soler

Assurance Partner, PwC Malta

Tel: +356 2564 7293

Christopher  Cardona

Christopher Cardona

Assurance Partner, PwC Malta

Tel: +356 2564 2610

Bertha Toledo

Bertha Toledo

Manager, Assurance, PwC Malta

Tel: +356 7973 8489

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