Understanding 2024 Insurance Industry Priorities: AI, Climate Change, and Inflation Lead the Way

The 2024 Global Priorities Report from the International Insurance Society identifies critical issues facing the insurance industry. Top priorities include artificial intelligence (AI), which has surged as the leading technology concern, with 55% of executives marking it as crucial. However, 35% of these executives feel unprepared to address AI advancements. Climate change remains a significant challenge, with 60% of respondents prioritizing it, particularly those in property and casualty insurance.

Inflation continues to be the most pressing economic concern for the third consecutive year, cited by 69% of executives. Other persistent priorities include cybersecurity, social and political instability, and operational efficiency. The report also delves into growth opportunities, with product innovation and targeting underserved customer segments emerging as key strategies for 2024.

Executives are focusing on modernizing technology and enhancing operational efficiency to stay competitive. However, challenges such as talent shortages and the need for extensive reskilling in the workforce remain. Overall, the industry is gearing up to tackle these priorities with a mix of preparedness and caution, aiming to navigate the complexities of the evolving global landscape.