Page 9 - Turkinsurance Digital Magazine

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Two global companies, Ernst & Young and
Allianz, published two reports focusing on the
insurance market on a global scale and revealing

trends for 2020. According to these two reports,
2020 will bring both opportunities and risks for
the insurance market.

Ernst & Young, audit and consultancy company, prepared a report
that focuses on the trends dominating the insurance market. “2020
Global Insurance Outlook” report includes the opinions of market
leaders from three regions: Asia-Pacific, Americas and Europe. The
report states that due to the low interest rates in 2019, insurance
businesses in global markets are going through a stagnant growth
trend; underlining that expectations towards digital experience which
are increasing due to shifting demographics of consumers on a global
scale bring both opportunities and risks for insurance companies.

Companies that can win the war for talent
and investments in technology will gain com-
petitive edge

Revealing the priorities for life and non-life insurance is the “secret
sauce” for maximizing returns on all types of large-scale investments
— from new technology deployments and digital transformation, to

TOP 10 THREATS – GLOBAL

Macroeconomic developments 11%

New technologies 13%
Loss of reputation or brand value 15%
Climate change 17%

Fire, explosion 20%
Market developments 21%
Natural catastrophes 21%

Changes in legislation and regulation 27%
Business interruption 37%

Cyber incidents 39%