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EY: ‘’Insurance Companies should Continue their Purpose-Driven
Transformation Journeys’’

The “Global Insurance Outlook 2023” study conducted
by EY sheds light on the agenda and priorities of the
insurance industry in an environment of uncertainty.
The research emphasizes the need for the industry to
continue its transformation journey despite challenging
macroeconomic conditions and market turbulence.

International consulting, auditing, and tax firm
EY (Ernst & Young) has released the latest version
of its annual Global Insurance Outlook research.
The study focuses on the impact of current complex
market dynamics on insurance companies’ growth and
transformation plans, as well as their product portfolios,
investment portfolios, and financial performance.

The EY Global Insurance Outlook 2023 research
indicates that companies that effectively direct
their transformation-focused investments in today’s
environment will strengthen their organizational According to the research, climate-related risks and
resilience and gain sustainable competitive advantage cyber risks are at the top of the list for insurance
with the economic recovery. The research, which customers of all scales and types. Ultimately, insurers
examines current market conditions from the who respond the fastest to changing customer needs
perspective of the sector’s objectives and priorities, will be in the best position to emerge from stagnation.
clearly shows that the growing security and savings
gaps continue to drive the need for insurance among Levent Atakan, the Financial Services Sector Leader
an increasing number of individuals facing increasingly and Tax Partner at EY Turkey, provided the following
complex and multiplying threats. assessment regarding the research:

The research, which focuses on achieving goal-oriented “The research prepared by EY focuses on the current
transformation in a period of uncertainty, emphasizes state of the global insurance industry and its future
that current conditions have made business agility the growth expectations under the current macroeconomic
top priority for insurers. According to the study, insurers and geopolitical conditions. Today, the impacts of
who are quick to respond to changing customer needs the COVID-19 pandemic on the workforce and supply
and effectively utilize innovation and transformation to chains continue. Additionally, the disruptive effects
meet these demands can be more successful not only in of conflicts, global geopolitical tensions, high interest
the current turbulent environment but also in periods rates, inflation, and volatility have become almost
when the market rebounds. a ‘new normal’ caused by various factors. Global
economic downturn and contraction are among the
The EY Global Insurance Outlook 2023 research top priorities for senior executives and boards of
highlights that the growing security gaps in climate insurance companies. There are several interconnected
risks and cyber risks, as well as the deficiencies in trends that affect and reshape the industry. Constant
health insurance and retirement savings, present technological advancements, evolving and increasing
attractive opportunities for the sector. Accordingly, consumer expectations, and a challenging competitive
the path to growth for insurance companies lies in new environment are among these factors. However,
solutions and business models built on core protection macroeconomic conditions also pose risks such as
offerings that provide greater value to customers. The increasing demand for simpler and more accessible
research focuses on the following topics: insurance while geopolitical tensions escalate
climate-related risks and hinder progress towards
Uncertain and turbulent macroeconomic and a lower-carbon economy. The EY Global Insurance
geopolitical landscape. Enormous global security gaps Outlook 2023 research provides valuable insights and
resulting from the combination of climate change, cyber recommendations to help insurance companies progress
threats, and social and demographic changes. Need and sustain their growth under these conditions.”
for new value propositions and innovative solutions.
Attractive opportunities for insurance companies The EY Global Insurance Outlook 2023 research can
to innovate and create more value for customers, be accessed through the EY website.
shareholders, and society as a whole.