If you have time – this is a fascinating read. You will have to create a login and then download the report from SwissRe. The report outlines global challenges that will impact the insurance industry – but in many ways will change our lives. Some of the top trends that will impact your business for those that don’t want to look at the report are:
- Retirement and skills gap – not only in insurance but also in many other specialized industries.
- Insurtec developments may be driven through the Asian markets – this makes sense since many of the insurance companies in Europe and North America have been around for a long time, but China is developing and growing with many new companies.
- Higher volatility in the financial markets – as a result of government intervention in natural market cycles. Elections can drive quick and substantive changes – sometimes unintended.
- New technology intersecting with old hardware will likely cause communication breakdown. Much of this in public transportation – but think about the new technology being introduced and when this interacts with old hardware (computers, cars, etc.) It could have disastrous effects.
- 5G technology will have a substantial impact on everyday live and there is a race to roll out nationally as a matter of national security. There are many unknown issues:
- Security since many items using the Internet of Things don’t have built in security.
- Privacy issues since the world will be much more interconnected.
- Health effects of the ever present new electromagnetic radiation.
- Smart construction will especially be present in commercial new construction projects.
- This is especially apparent where a 57 story building was completed in just 19 days in China!
- How will this impact restoration when many buildings are prefab or printed?
- Global climate change intersects with migration and living changes as more people are living in areas more prone to disasters?
If you have the time I recommend reading the full report: