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2025 GLOBAL INSURANCE OUTLOOK: EVOLVING INDUSTRY OPERATING MODELS TO BUILD THE
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FOCUSING ON AGILITY, INNOVATION, AND CUSTOMERS TO HELP NAVIGATE COMPLEXITIES AND
MEET NEW DEMANDS



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29 September 2024
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Deloitte Center for Financial Services
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KARL HERSCH

United States


KARL HERSCH

Vice chair and US leader | Insurance

United States



Karl is Deloitte’s US Insurance Leader responsible for leading the firm’s
overall insurance sector strategy, bringing the firm’s practice areas together
to serve Deloitte’s portfolio of insurance clients.

Throughout his 30-year career, Karl has served the financial services and
insurance industries extensively, providing him with a well-rounded
understanding of the most complex and critical issues clients face. Karl has
experience working across Deloitte’s Audit, Advisory and Consulting businesses,
enabling him to bring Deloitte’s best to our clients. He served as the Insurance
Finance Transformation practice leader and the FSI Enterprise Performance
practice leader.

Karl’s vision as the US Insurance Leader is to inspire our clients and
professionals to recognize the remarkable purpose-driven impact the insurance
sector has on society through personal and commercial risk management, security
and safety services and products, and on long-term wealth creation and
preservation.




khersch@deloitte.com
+1 908 377 6365
 * 

JAMES COLAÇO

Canada


JAMES COLAÇO

Partner, Global Insurance Sector Leader

Canada



Currently serving as our Global Insurance sector leader and the lead consulting
partner for one of its largest accounts, James operates within our Financial
Services industry group. He is also a strategy partner in the Canadian Monitor
Deloitte practice.

Working around the world throughout his career, James has led numerous
strategic, operational, and transformational engagements with both local and
global insurers. His areas of focus include corporate and business unit
strategy, customer and product innovation, business case development, and
large-scale business transformation.

A frequent speaker at industry events, including the National Insurance
Conference of Canada, Canadian Insurance Financial Forum, and Northwind
Professional Institute, James enjoys riffing on all matters insurance. At the
University of Toronto, he earned his MBA at the Rotman School of Management and
a BASc in aerospace engineering.



jacolaco@deloitte.ca
416-301-7259
 * 

MICHELLE CANAAN

United States


MICHELLE CANAAN

Senior research leader, insurance

United States



Michelle Canaan is the insurance research leader at the Deloitte Center for
Financial Services. As a subject matter specialist for the insurance industry,
Canaan produces thoughtware on current and future trends, including strategies
and solutions for our clients. Several papers most recently authored are, Life
and annuity insurers consider the path less traveled: Core-system modernization
is becoming table stakes and 2024 global insurance outlook: Insurers evolving to
address changing operating environment and precipitate even greater societal
impact.



mcanaan@deloitte.com
+1 212 436 3291
 * 

JIM ECKENRODE

United States


JIM ECKENRODE

Managing Director | Deloitte Services LP

United States



Jim is the managing director of the Deloitte Center for Financial Services,
where he is responsible for defining the marketplace positioning and development
of the Center’s eminence and key activities. Jim is frequently a keynote speaker
at major industry and client conferences. Prior to joining Deloitte, Jim served
in several research and consulting leadership roles at TowerGroup.



jeckenrode@deloitte.com
+1 617 585 4877
 * 
 * 





HOW CAN INSURERS ADAPT TO THE RAPID PACE OF CHANGE?

Insurance is a fundamental component of economy and society: It underpins
progress and helps power humanity forward more securely. However, the
risk-averse nature of insurers’ cultures and their focus on underwriting margins
and solvency have generally reinforced a restrained pace in terms of its own
innovation and modernization.

This has often resulted in unsustainable or nonoptimal strategies to respond to
less predictable spikes or dips in specific business lines and profitability.
For example, high inflation and increasingly erratic climate-related losses put
pressure on non-life insurance lines’ profitability over the past few years.1
Many insurers responded by hiking premium pricing2 and even pulling back
coverage for certain high risks.3 Moreover, as interest rates rose, life
insurance and annuity carriers jockeyed for position in a crowded field to take
advantage of the surge in consumer interest in savings-linked products. These
short-term strategies helped drive the best year-over-year underwriting results
for property and casualty (P&C) carriers since 2007 in the first quarter of
2024,4 and the highest first quarter sales of annuities for life and annuity
(L&A) providers since the 1980s.5


FINANCIAL SERVICES INDUSTRY OUTLOOKS

Read more from the Deloitte Center for Financial Services' 2025 industry
outlooks collection



But, as risks become more complex and unpredictable and consumers more
empowered, particularly with generative AI tools at their fingertips, insurers
can no longer evaluate risks through the rear-view mirror. They should continue
to evolve the way insurance works and how they interact with customers and
distributors. It is becoming increasingly important for carriers to elevate
technological and operational excellence, innovate product solutions, and
broaden the insurance value proposition—making the insurance safety net more
reliable, accessible, and resilient. By modernizing and streamlining
infrastructure, operations, and business models, insurers can develop a more
forward-looking approach to risk modeling, assessment, analysis, and mitigation.

As insurers evolve their business models, it will be important to maintain trust
with the customers and markets they serve. For example, after a period of
consumer “sticker shock” from large non-life premium increases,6 coverage
pullback,7 and fears of surveillance from advanced technologies,8 the industry
may first need to rebuild goodwill among stakeholders to help support their
objectives. Indeed, machine learning and AI can amass and analyze vast amounts
and sources of data, but insurers should provide transparency and fairness to
help make these approaches acceptable to consumers and regulators.

Moreover, rapidly evolving customer preferences and technological advancements
may make it harder for carriers to compete alone. Building or acquiring new
products and capabilities can be time-consuming, uncertain, and
capital-intensive. It may become increasingly necessary to partner with vendors
that can provide carriers with the speed needed to meet customer and distributor
demands and the flexibility to more efficiently adapt to economic, geopolitical,
or climate-related turmoil.

Amid this transformation, new tax rules are expected to present challenges and
opportunities for insurance tax departments around compliance, including
strategies around data collection, reporting, scenario planning, and corporate
restructuring. Insurers may also need to consider changes to pricing, cost
optimization, and M&A strategies in light of the erosion of tax benefits and
uncertainty around the impact of new tax laws.

As known risks escalate and unknown risks arise, insurers should remain a
resilient source of financial security in an environment of change and
uncertainty. This will likely require agile, innovative operating models and
adoption of advanced technologies. As the pace of change accelerates, insurers
should consider becoming nimbler to help them quickly and effectively adapt to
how they interact with consumers, distributors, government agencies, ecosystem
partners, and even their own workforce.




HOW CAN EACH SECTOR KEEP UP WITH RAPID CHANGE TO CREATE OPPORTUNITIES FOR
LONG-TERM GROWTH AND INCLUSIVITY IN 2025?


NON-LIFE (PROPERTY AND CASUALTY) SECTOR

Overall, the non-life (P&C) insurance sector in the United States achieved a
US$9.3 billion underwriting gain in the first quarter of 2024—a significant
recovery from the US$8.5 billion loss in the previous year’s corresponding
quarter.9 The industry’s combined ratio improved to 94.2% in the same quarter,
year over year, driven by multiple rate increases in the personal lines sector,
which outpaced claims costs.10

Pretax operating income increased by 332%, to US$30 billion, in the first
quarter of 2024, year over year, which was bolstered by underwriting gains and a
33% increase in earned net investment income.11 The sector’s net premium growth
of 7.4%, combined with a 2.2% reduction in incurred losses and loss-adjustment
expenses, further strengthened its financial position in the same period.12

In commercial lines, US insurers should address escalating loss trends in areas
like employment practices liability insurance and may choose to adopt a cautious
approach to some of the underpriced segments, such as directors’ and officers’
liability.13 As social inflation—the rising costs of insurance claims resulting
from litigation over plaintiffs seeking large monetary relief for injuries—leads
to larger settlements and jury verdicts, insurers appear increasingly compelled
to bolster their liability reserve estimates.14 While this has historically has
been a growing issue in the United States, there are now signs of social
inflation challenges in Australia as well.15

Geopolitical tensions, particularly in regions like Russia-Ukraine and the
Middle East, continue to heighten risk assessments. This is prompting insurers
to scrutinize things like cyber, political, and marine exposure more
meticulously.16

For the first time in six years, worldwide insured losses from natural
catastrophes surpassed US$100 billion without a single event causing over
US$10billion in damages.17 This indicates a broader spread of smaller, yet
costly, events. It also underscores a need for the reinsurance industry to
closely monitor and reassess underwriting practices as more geographic areas
fall into high-risk zones.

Economic losses from natural catastrophes reached US$357 billion in 2023
globally. Yet only 35% of these losses were insured, leaving a protection gap of
65% or US$234 billion.18 This gap is particularly pronounced in countries in the
Middle East, Africa, and Asia (figure 1).

TABLE OF CONTENTS

 * Insurers adapting to rapid change
 * Long-term growth and inclusivity in 2025
 * AI leaving insurers on the outside looking in
 * Getting data and governance right for AI
 * Right talent and culture to capitalize on AI
 * Elevating societal purpose in a financially sustainable way
 * New global tax requirements
 * The road less traveled





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To remain viable, insurers implemented higher-than-average price increases
across many P&C insurance lines.19 Globally, non-life premiums grew by 3.9% year
over year in real terms in 2023, partly because insurers increased rates to
offset rising claims costs.20 In the United Kingdom and Australia, for example,
personal property and auto insurance premium growth outpaced inflation and
disposable income growth over the past three years.21 In Germany and Japan,
property insurance premiums exceeded increases in income and inflation, and auto
premiums grew more moderately.22

This strategy seems to be improving insurers’ profitability. But for consumers,
it could make it more difficult to afford coverage options for damages due to
the increasing frequency and severity of catastrophes.

Insurance regulators and several government entities around the world are asking
for greater transparency from insurance providers in how they account for
climate risks in their investment strategies. They are also focused on making
insurance coverage accessible and affordable for consumers, especially those in
more vulnerable communities.23

Voluntary disclosures, such as the Task Force on Climate-related Financial
Disclosures, the Carbon Disclosure Project, and the Global Reporting Initiative,
continue to shape this landscape.24 But recent regulatory updates aim to bolster
transparency and investor confidence and provide more robust strategies for
assessing progress (figure 2).


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There may be reason to be optimistic that non-life sector performance could
improve in 2025. The recent surge in claims severity, driven by higher inflation
and supply chain shortages, is waning.25 This, combined with rapid growth in
written premiums from sizable rate increases and higher investment yields, is
expected to provide some relief.26

At a global level, estimates suggest that insurers’ return on equity could
improve to about 10% in 2024 and 10.7% in 2025.27 Insurance premiums are
estimated to grow by 3.3% in 2024, with advanced markets contributing 75% of the
expansion in premium volumes (figure 3).28


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Profitability is expected to improve in the United States as well. Estimates
suggest a reduction in the combined ratio for the non-life sector to 98.5% in
both 2024 and 2025, from an estimated 103% in 2023.29 The sector is expected to
continue to benefit from deceleration in claims costs because of lower
inflation, which decreased to 3% in June 2024 after reaching a peak of 9.1% in
June 2022.30

As carriers regain their footing, emerging risks and changing customer
expectations could present numerous growth prospects for non-life insurance
carriers in 2025.

For example, a recent Deloitte FSI Predictions article revealed that businesses
across all industries are investing in and deploying AI,31 and the liabilities
arising from its use and development can potentially be massive for non-life
insurers.32 The research predicts that by 2032, insurers could potentially
generate approximately US$4.7 billion in annual global premiums from AI-related
insurance, yielding a robust compounded annual growth rate of around 80%.33

Demand for customer-centric experiences has contributed to the popularity of
embedded insurance (distributing insurance policies at the point of sale), which
is projected to exceed US$722 billion in premiums globally by 2030.34 Embedded
insurance allows insurers to bundle products and offer integrated solutions
through partnerships with industries like automotive, retail, and real
estate.35 For example, to reach a broader audience, insurers are partnering with
real estate companies to offer homeowner’s insurance directly through the real
estate’s sales platform. Such partnerships could provide customers quick and
easy access to insurance, as well as broaden distribution options for insurers.
They also typically require a less significant investment of capital or time
compared to build-or-buy alternatives.36


LIFE AND ANNUITY SECTOR

In the L&A sector, persistently elevated interest rates have driven demand for
savings-type products.37 In fact, total US annuity sales increased 23% year over
year to US$385 billion in 2023, led by a 36% jump in fixed annuities, to
US$286.2 billion.38 In the first half of 2024, total US annuity sales rose 19%
to US$215.2 billion, year over year, with registered index-linked annuities and
fixed-income annuities setting new records.39 Even as the Federal Reserve
signals cuts to interest rates, annuity buyers looking to lock in higher
guarantees are now driving a further surge in sales.40 Tailwinds from the
growing middle class in emerging markets, and declines in pension provisions
from governments and businesses are expected to continue to fuel growth in
savings products over the next several years.41

While annuities seem to be dominating the headlines, new annualized life
insurance premiums, which have set a sales record in each of the past three
years, also benefited from an additional 1% growth in 2023, to US$15.7
billion.42 However, in the first quarter of 2024, both total new premiums and
total number of policies sold fell 1% year over year.43 Notwithstanding the
modest drop, younger demographics (below 50 years of age) are the ones driving
life application growth, and social media is a key factor in educating and
influencing these consumers about life insurance products.44

Life premiums are expected to increase 1.5% through 2025 in advanced markets.
Strong sales in more emerging markets like China, India, and Latin America could
potentially boost premiums by 7.2% and 5.7% in 2024 and 2025, respectively
(figure 4).45


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Higher interest rate levels are also fueling better investment yields for life
carriers, which is expected to boost profitability through 2025.46

While these carriers appear to be enjoying the current environment, they may
also recognize that neither the pandemic-fueled interest that boosted mortality
product sales nor the higher interest rates that drove interest in savings
products are likely sustainable growth drivers. Meaningful transformation may be
necessary to help support long-term success.

To achieve the levels of operational excellence and strategic nimbleness that
entice both consumers and distributors, many L&A carriers may need to invest in
core system modernization, automation, and process redesign initiatives.

L&A core system modernization would not necessarily require replacement or
conversion of infrastructure, but an analysis of what the current architecture
cannot support, which capabilities may be required going forward, and then
prioritizing where to invest. One solution may be to invest in an application
programming interface-based architecture, which can enable digital distribution
and give carriers more flexibility with distribution channel interactions.

To further improve their competitive advantage with intermediaries, carriers may
consider providing predictive models to brokers and advisors. This can help
differentiate the distribution experience by enabling more effective targeting
of prospects who are most likely to purchase L&A coverage.

There are vast unmet needs for global life insurance and savings: In the United
States alone, the mortality coverage gap is an estimated US$25 trillion,47 while
the current global retirement savings gap is around US$70 trillion.48 Meeting
these needs could be a large opportunity for insurers that effectively leverage
digital advances.

Insurers that have these capabilities could make it easier for consumers to
learn about and buy L&A products and make selling these policies to lower-income
populations more profitable. For example, currently in Brazil, a key development
is helping to democratize life insurance. Digital banking in the region has
increased the banked population in the past decade, contributing to higher
financial inclusivity. These banks are now adding life insurance to their
service offerings, enabling millions to have access to these products for the
first time.49

Moreover, by modernizing their operating models by breaking down silos and
becoming more customer- and product-centric, carriers can improve their ability
to respond quickly to changes and disruptions in the market. Since so many
business-critical systems and processes span various functions and ancillary
applications, any inefficiencies can slow the pace of business and directly
impact customers and distributors. Investments in process redesign and
straight-through processing can improve experiences, reduce costs, and help
enable scalable, profitable growth. Many carriers are also turning to
outsourcing; they are using managed services and third-party administrators to
help improve operational efficiency and reduce costs (figure 5).


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Life and annuity carriers are experiencing record-high sales volumes. Still,
these results could be even better if carriers were able to penetrate more of
the global market. Absent transformation that may be needed to minimize the
customer and distributor impact from back-office inefficiencies and aging core
systems, carriers will likely be challenged to grow current levels of
profitability, especially during periods of disruption and fluctuating demand.


GROUP INSURANCE

Relatively high persistency (renewal premiums) and elevated wage inflation have
helped group insurance performance results over the past few years, reducing
reliance on new sales growth. But diminishing persistency due to a slower pace
of employment growth is expected for 2025. Deloitte economists forecast US
unemployment to rise above 4% by 2026 and the employment cost index to decline
to 3.3% in 2025, from 4% in 2023.50 Group carriers may need to consider some
alternative avenues for growth in 2025.51

Group life insurance sales for the fourth quarter of 2023 totaled US$857
million, an 8% increase year over year, while the annual growth rate was
6%.52 However, in the first quarter of 2024, total new premiums for workplace
life insurance declined 2% year over year.53

Supplemental health insurance sales, which include accident, critical illness
and cancer, and hospital indemnity, posted a 5% annual growth in 2023, year over
year,54 and an increase of 3% in the first quarter of 2024, compared to the same
period last year.55 One survey revealed that 86% of respondents consider it very
important for employers to offer them supplemental insurance benefits to protect
against the loss of income or expenses arising from an unexpected event.56

Disability insurance had mixed results: Sales increased by 8% overall in 2023
compared to 2022,57 but decreased by 12% year over year in the first quarter of
2024.58 However, long-term disability incidence rates continue to trend
downward,59 which could be due to wage inflation remaining relatively high. This
may be enticing workers who might otherwise opt to claim disability benefits to
do their best to stay in the labor market.

As employers across industries continue to face substantial competition for
talent, more than 70% of respondents to a 2023 US consumer sentiment survey say
their company’s benefits package is critical to attracting and retaining the
best employees.60 Likely because of this high interest, 51% of respondents to
the same survey said their company will increase benefits offerings in the
future.61 To take advantage of this potential uptick in demand for employee
benefit offerings, carriers will likely need to find ways to stand out in an
intensely competitive environment.

To differentiate themselves, carriers could consider developing alignments with
ecosystem participants that can provide advanced administration platforms, as
well as with insurtechs that offer skills, capabilities, and data sources that
group carriers do not otherwise have access to. For example, in July 2023,
Prudential Financial announced a partnership with Nayya to harness AI and data
science to help employees make better workplace benefits decisions during open
enrollment.62


COULD ARTIFICIAL INTELLIGENCE LEAVE INSURERS ON THE OUTSIDE LOOKING IN?

One important piece of insurers’ transformation journeys across all sectors
could be effectively embedding advanced technology capabilities into their
business models. Insurers have been working with AI tools for several years.
However, until very recently, many insurance leaders may not have seen the need
to focus on strategically embedding AI throughout the organization.

But following the release of multiple publicly available gen AI tools over the
past two years, AI seems to be having its “iPhone moment."63 Free public access
and increasing curiosity is driving experimentation and adoption across
industries and among consumers as they begin to realize the true transformative
capabilities of these tools. Even for the most risk-averse insurers, gen AI is
at an inflection point, driving multiple commitments and investments in the AI
space.

In fact, in a June 2024 survey of 200 US insurance executives conducted by the
Deloitte Center of Financial Services, 76% of respondents said that their
organization has already implemented gen AI capabilities in one or more business
functions.64 Many insurers in Asia Pacific are also leaping ahead with AI and
gen AI implementation initiatives, primarily driven by favorable technical
talent availability and cultural acceptance in the region.65 One example is Hong
Kong–based life insurer AIA Group, which plans to transition from investing in
foundational tech and data transformation to embedding intelligence, including
gen AI, into distribution, operations, and customer service.66 Moreover,
Shenzhen-based insurer Ping An owns the second highest number of patents on gen
AI technology in the world, only behind Chinese tech giant Tencent.67

While many insurers remain in the proof-of-concept stage, some are starting to
integrate gen AI into prioritized areas like claims and customer service. These
use cases may provide better risk-reward and scalability opportunities in the
short term, both from a regulatory perspective and acceptance within insurance
organizations. In fact, a Deloitte Center for Financial Services (DCFS) survey
of insurance executives found that the areas with the highest number of gen AI
implementations to date were in distribution, risk management, and claims
handling.68

For an impactful approach to scaling, it is important for insurers to have the
right value levers. Over the next few years, realizing efficiencies and
enhancing experience (for both customers and employees) could turn out to be
more important than measuring direct business growth. Most respondents surveyed
by the DCFS said they are using profitability, efficiency in handling customer
queries, and employee satisfaction scores as key success metrics for assessing
current and future gen AI initiatives.69


GETTING DATA AND GOVERNANCE RIGHT COULD BE FOUNDATIONAL TO AI STRATEGY

Insurers may not be able to realize business value without accurate underlying
data to train and feed the models. Respondents to the DCFS survey revealed that
data security and privacy, data quality, and data integration (internal and
external) were the top challenges for implementing gen AI adoption at scale.70

While insurers have prioritized building the data foundation over the last
decade to enable analytics and digital capabilities, the focus is now on
enabling their data ecosystems to be able to support and scale AI. This includes
fostering a convergence that supports both real-time and batch environments.
There is also a growing trend toward developing data products, which means
establishing a data environment to support use cases such as pricing
optimization, fraud detection, segmentation, churn, and lifetime value. These
data products are facilitated by data mesh architecture, which enables insurers
to transition away from massive data warehouses toward a more compartmentalized
approach that is tailored to specific business needs and can underpin scaling
AI.

Effective governance for AI includes robust data management and control. As AI
adoption exposes the organization to a myriad of risks—from hallucinations to
propagating biases in data—insurers are actively working to thoroughly
understand their data sources and inventory. Focusing on governance and data
management could be critical for compliance, while developing frameworks of
transparency and accountability can help foster a culture of responsible AI use.


GETTING THE RIGHT TALENT AND CULTURE TO CAPITALIZE ON AI OPPORTUNITIES

Developing this culture of accountability among the workforce could be crucial:
Employees already perceive employers to be as much as 2.3 times less empathetic
and human when AI tools are offered.71 The success of AI initiatives relies on
having buy-in from the workforce, so as insurers develop their strategies, they
should emphasize human sustainability, where organizations choose to focus more
on how they can help their employees rather than how their employees can benefit
their bottom line.72 Therefore, AI initiatives designed to help employees do
their jobs with less friction are likely to be successful ones.

When asked about organizational readiness for gen AI adoption in the DCFS
survey, respondents said they are least prepared in terms of talent availability
and existing talent skillsets compared to other readiness factors.73

As expected, respondents said they are rethinking their talent strategies and
organizational structures to adapt to the new AI reality. Although many insurers
are already undergoing long-term organizational structural changes that can
complement AI efforts, such as shifting to skills-based frameworks and promoting
cross-functional collaboration, they are also focusing on some areas to prepare
their organizations for AI in the short term.

The need for more technical talent is clear. In the DCFS survey, prioritizing
candidates with digital literacy and AI knowledge for new job openings was the
top-ranked change that respondents are making in terms of how they manage and
hire talent to prepare for the long-term adoption of AI,74 Beyond technical
skills, insurers will likely also need to hire for uniquely human capabilities
such as imagination, curiosity, empathy, and analytical thinking to
differentiate themselves because rote tasks could become increasingly automated.

However, relying on new talent won’t be enough. Many insurers are also focusing
on developing their existing internal talent, in which AI can be an educational
aid itself. For example, Zurich is using analytics to assess workers’ current
skills and future skill requirements to curate learning and development
opportunities.75 Insurers may also choose to rely more heavily on outsourcing
and shared services if they are unable to attract and develop their own internal
talent in the short term.

As insurers continue to invest heavily in AI technology, they may need to
complement it with investments in talent. According to Sandee Suhrada, principal
at Deloitte Consulting LLP, “In the AI space, technology and talent are two
sides of the same coin. Insurers are building AI technology for the talent, by
the talent.”


HOW CAN INSURERS ELEVATE THEIR SOCIETAL PURPOSE IN A FINANCIALLY SUSTAINABLE
WAY?

At face value, it may seem that insurers could be forced to confront the choice
between doing well or doing good. But this does not necessarily need to be the
case.

Over the past few years, the rise in extreme weather events, combined with high
inflation raising the cost to repair vehicles, homes, and commercial real
estate,76 pushed claims losses to unprofitable levels in related lines of
business.77 To return to profitability, many insurance providers hiked premiums
in impacted lines; some even retracted coverage altogether.78 Faced with fewer
options and rising costs of coverage, more and more customers are now at risk of
being underinsured or uninsured.79

While this scenario may seem dire, insurers who innovate and collaborate could
use this as an opportunity to foster resilience and sustainability and create a
better balance between profitability and equity. Emerging technologies and
alternative data sources are now available to help stem the mounting losses,
which can benefit many stakeholders. Insurers should ensure these technologies
and data sources are used properly and with transparency to build trust and be
recognized as stewards of purpose.

However, a perceived lack of transparency around the collection and use of some
of the data currently being included in underwriting decision-making is becoming
concerning to both consumers and regulators. For example, while consumer uptake
of telematic devices that monitor driving behavior has been underwhelming since
its inception in some regions,80 it is now possible for insurers to harvest this
data from less obvious sources, such as apps that drivers already have on their
phones.81 They can then use this data to underwrite policies, often without full
transparency to the driver.82

While these data points can generate more precise underwriting, to help minimize
mistrust among consumers and regulators, insurers should be transparent and
disclose the information they are using to rate drivers. Insurers can also
consider incentivizing mitigation strategies, such as issuing a driving score
(similar to a credit score) to policyholders. These scores can be raised when
driving behavior improves and then reflected in pricing.

Moreover, as technology evolves, insurance companies should work to free their
underwriting models of all inherent bias. This could be particularly important
where those preconceptions adversely affect vulnerable communities already
plagued with affordability and access challenges due to their location.
Regulators are already looking into this. For example, Colorado is currently
developing a regulatory framework for insurers to help prevent bias and
discrimination in AI models.83

Insurers are also recognizing the importance of conserving natural capital to
drive down claims costs. They may need to guide clients to move away from a
linear economy (take-make-waste) to a circular economy approach
(reuse-transform-recycle). Doing so can help foster an ongoing product life
cycle,84 ensuring that the parts used to repair damaged assets stay in
circulation for a longer time. For example, some European insurers allow auto
vendors to reuse spare parts for repairs, making the process environmentally
friendly as well as economical.85

Insurers could further incentivize supply chain partners to use renewable raw
materials and recycle end products, as well as convert their own insurance
products into services like usage-based auto insurance, which tailors pricing
based on the actual driving behavior of the policyholder. They can also consider
giving premium discounts to clients in the construction and real estate sector
that apply green chemistry, an approach that aims to prevent or reduce pollution
and improve overall yield efficiency.86 These discounts could be applied across
the life cycle of construction products, including its design, manufacture, use,
and ultimate disposal, since it could reduce risk exposure for insurers.

For risk elements that insurers have less influence over, like climate change,
insurers can influence, collaborate, and incentivize mitigation strategies to
ensure more profitable and equitable coverage. One program in Alabama offers
homeowners discounts on their insurance policies when they follow specific
standards for construction or retrofits.87 In Mississippi, a bill pending in the
state House could create a trust fund that could provide grants to homeowners
for fortifying their homes against severe weather or building safe rooms for
tornadoes.88

In a recent Deloitte FSI Predictions article, analysis revealed that if
insurers, in partnership with government entities and policyholders, invest
US$3.35 billion in residential dwelling resiliency measures, the two-thirds of
US homes that are not currently built to adopt and follow hazard-resistant
building codes can become resistant enough to reduce many weather-related claims
losses. This could save insurers an estimated US$37 billion by 2030.89

For life insurers, climate change impacts health/morbidity and mortality in a
more subtle way. Factors such as poor air quality due to increased pollution or
wildfire smoke can exacerbate respiratory and cardiovascular conditions, leading
to higher morbidity and premature mortality.90 To help minimize the overall risk
profile, insurers, in partnership with other stakeholders, could explore
collaborative investments in communities residing in these detrimental living
conditions and promote health awareness and the benefits of early prevention of
diseases. For example, several insurance companies in India that offer coverage
for diseases caused by pollution, like asthma and chronic obstructive pulmonary
disease, also include the cost of air purifiers and specialized respiratory
medications.91

Regulators could introduce policies that encourage insurers to underwrite
certain emerging risks like renewable energy technology. Government support and
incentives could potentially lower the capital charge on assets or liabilities
associated with renewable energy projects, benefiting society and potentially
lowering insurers’ risk profile.92

Many of the risk mitigation and incentivization strategies being employed are
still in their nascent stages. Insurers that are already experimenting have the
ability to make adjustments to the way data is collected, processed, and used.
As regulatory bodies, insurers, vendors, data suppliers, and policyholders get
aligned, insurers that can transform traditional mindsets and processes in this
challenging environment can take advantage of unprecedented opportunities to
more effectively balance profitability with purpose. 

The US National Association of Insurance Commissioners announced its strategic
priorities early this year, launching a state-level data collection drive to
better understand localized protection gaps in property insurance markets. These
insights can provide guidance to state insurance regulators to address climate
risk resilience and increase access to consumers at a national level.93

In the insurance industry, where 75% to 90% of emissions are Scope 3 (indirect
greenhouse gas emissions that occur outside an organization's direct control),
direction on measurement is also critical.94 The Partnership for Carbon
Accounting Financials has released guidance on measuring insurance-associated
emissions for commercial and personal motor lines, but it could require insurers
to collect vast amounts of data that is often not readily
available.95 Calculating financed emissions also presents similar challenges, in
particular for life insurance companies, which tend to have a large long-term
investment profile.

As sustainability programs evolve, they are shifting from quantity to quality.
Insurance companies are increasingly focusing their resources on reporting
what’s most crucial to their organization rather than striving to cover
everything.96 Moreover, the industry could see a shift from siloed compliance
reporting to embedding sustainability into business strategy decisions.
Introducing new metrics, such as implied temperature rise97 and portfolio
warming potential98 —designed to assess and manage climate-related impacts of
investment portfolios—involve complex, multidimensional data analysis.
Therefore, they are expected to require long-tail investment portfolios to
develop new modeling capabilities.99


COULD NEW GLOBAL TAX REQUIREMENTS IMPACT ORGANIZATIONAL STRUCTURING
CONSIDERATIONS FOR INSURERS?

Profits for insurers operating in low-tax jurisdictions may be impacted as a
result of new global minimum tax rules. Pillar Two tax laws are expected to take
effect in many jurisdictions in Europe and across the world in 2024. Many
insurers are now focusing on compliance, reporting, and scenario planning.

Many countries have already passed or introduced legislation that would
implement Pillar Two tax rules, which require multinational organizations with
€750 million or more in annual revenues to pay a minimum tax of 15% on net
income earned in each country where they operate, adding an additional burden to
insurers’ bottom lines.100 Even if an entity’s jurisdiction of domicile has not
adopted these rules, which is currently the case for insurers in the United
States, a tax liability could still be due if they operate in a different
jurisdiction that has adopted them.

Bermuda, which enacted a Corporate Income Tax of 15% on businesses that are part
of multinational enterprise groups with annual revenues of €750 million or more,
serves as an example of the impact Pillar Two is having on jurisdictions that
have historically imposed low or no taxes.101

To respond to these new rules, insurance tax departments should understand the
rules and model potential tax impacts. They may also want to analyze corporate
restructuring considerations that could help mitigate adverse impacts. Even
those insurers that may not see an increased tax liability as a result of Pillar
Two could be subject to these rules and may need to invest resources toward
reporting and compliance.

As a new global tax regime, many questions remain about how individual
jurisdictions could implement and draft new regulations in accordance with
Pillar Two. Therefore, insurers may need to stay updated on new rules and
requirements to remain in compliance as things evolve.

In the short term, data wrangling, reporting, and compliance will likely be the
biggest challenges. Although Pillar Two is nominally a tax reform, finance,
legal, IT, and other impacted stakeholders may need to educate themselves on
these new rules and the potential implications to their functions. These
impacted units may need to collect, organize, and share financial information,
operational data, and transfer pricing data from multiple sources—and,
potentially, multiple geographies. These activities reinforce the potential need
to invest in modern and centralized data collection capabilities.

It’s too early to assess the full impact of this new tax regime. However, the
erosion of tax benefits could lead to pressure for higher pricing and greater
cost optimization. And while reporting and compliance could be a significant
effort in and of itself, some insurers may opt for more drastic restructurings
because of these new rules, either through choice of domicile or overall
corporate structuring.


THE ROAD LESS TRAVELED MAY BE TRICKIER TO NAVIGATE BUT MORE REWARDING

The only constant is change. And when change is coming from many
directions—customer expectations around products and experiences; emerging
technologies reshaping many aspects of our lives; growing climate-related risks;
tax laws; evolving regulatory scrutiny; and macroeconomic and geopolitical
volatility—the insurance industry may have to pivot in the way it does business
to keep pace.

The journey from underwriting via the rear-view mirror to helping consumers
proactively mitigate risks and offering protection more inclusively could
require transformative strategies. It could also require investments to help
improve agility, form strategic alliances, and cultivate the workforce of the
future while sustaining profitable growth.

For insurers, their policyholders, and society at large, the bottom line is that
the best claim is the one that never happens. While total elimination of risk
for society may not be achievable, the insurance industry now increasingly has
the tools to help bring this pipe dream closer to fruition. In fact, 2025 could
potentially be the year carriers consider taking the road less traveled to
position themselves for long-term success.


CONTINUE THE CONVERSATION

MEET THE INDUSTRY LEADERS

Karl Hersch

US insurance sector leader | Principal

James Colaço

Global insurance sector leader | Partner

Jim Eckenrode

Managing director

Michelle Canaan

Insurance research leader

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BY

KARL HERSCH

United States


KARL HERSCH

Vice chair and US leader | Insurance

United States



Karl is Deloitte’s US Insurance Leader responsible for leading the firm’s
overall insurance sector strategy, bringing the firm’s practice areas together
to serve Deloitte’s portfolio of insurance clients.

Throughout his 30-year career, Karl has served the financial services and
insurance industries extensively, providing him with a well-rounded
understanding of the most complex and critical issues clients face. Karl has
experience working across Deloitte’s Audit, Advisory and Consulting businesses,
enabling him to bring Deloitte’s best to our clients. He served as the Insurance
Finance Transformation practice leader and the FSI Enterprise Performance
practice leader.

Karl’s vision as the US Insurance Leader is to inspire our clients and
professionals to recognize the remarkable purpose-driven impact the insurance
sector has on society through personal and commercial risk management, security
and safety services and products, and on long-term wealth creation and
preservation.




khersch@deloitte.com
+1 908 377 6365
 * 

JAMES COLAÇO

Canada


JAMES COLAÇO

Partner, Global Insurance Sector Leader

Canada



Currently serving as our Global Insurance sector leader and the lead consulting
partner for one of its largest accounts, James operates within our Financial
Services industry group. He is also a strategy partner in the Canadian Monitor
Deloitte practice.

Working around the world throughout his career, James has led numerous
strategic, operational, and transformational engagements with both local and
global insurers. His areas of focus include corporate and business unit
strategy, customer and product innovation, business case development, and
large-scale business transformation.

A frequent speaker at industry events, including the National Insurance
Conference of Canada, Canadian Insurance Financial Forum, and Northwind
Professional Institute, James enjoys riffing on all matters insurance. At the
University of Toronto, he earned his MBA at the Rotman School of Management and
a BASc in aerospace engineering.



jacolaco@deloitte.ca
416-301-7259
 * 

MICHELLE CANAAN

United States


MICHELLE CANAAN

United States



Michelle is a Manager in the Deloitte Center for Financial Services in New York.
As a subject matter specialist for the insurance industry, Michelle produces
thought ware on current and future trends, including strategies and solutions
for our clients. Several  papers most recently authored are, “2019 Insurance
Outlook: Growing economy bolsters insurers, but longer-term trends may require
transformation" and "Closing the gap in fintech collaboration: Overcoming
obstacles to a symbiotic relationship".



mcanaan@deloitte.com


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ENDNOTES

 1.   AM Best, “Best’s Market Segment Report: Weather, reinsurance and inflation
      once again drive U.S. P/C results”, press release, March 6, 2024.
      
      View in Article

 2.   Ibid.
      
      View in Article

 3.   Emily Flitter and Christopher Flavelle, “States dig into homeowners
      insurance and why it’s hard to buy,” The New York Times, March 8, 2024.
      
      View in Article

 4.   Fitch Ratings, “US P/C insurance poised for 2024 profit recovery post
      strong 1Q results,” press release, June 21, 2024.
      
      View in Article

 5.   Life Insurance Marketing and Research Association (LIMRA), “LIMRA: First
      quarter U.S. annuity sales mark 14th consecutive quarter of growth,” press
      release, May 22, 2024.
      
      View in Article

 6.   AM Best, “Best’s Market Segment Report: Weather, reinsurance and inflation
      once again drive U.S. P/C results.”
      
      View in Article

 7.   Flitter and Flavelle, “States dig into homeowners insurance and why it’s
      hard to buy.”
      
      View in Article

 8.   Kashmir Hill, “Is your driving being secretly scored?,” The New York
      Times, June 9, 2024.
      
      View in Article

 9.   Claire Wilkinson, “US property/casualty industry swings to underwriting
      gain,” Business Insurance, June 6, 2024.
      
      View in Article

 10.  Ibid.
      
      View in Article

 11.  Ibid.
      
      View in Article

 12.  Ibid.
      
      View in Article

 13.  Evan G. Greenberg, “Chubb Limited 2023 Letter to Shareholders,” Chubb,
      accessed Sept. 16, 2024.
      
      View in Article

 14.  Lockton, “Lockton Market Update,” June 2024.
      
      View in Article

 15.  Swiss Re, “Sigma 3/24—World insurance: Strengthening global resilience
      with a new lease of life,” July 16, 2024.
      
      View in Article

 16.  Ibid.
      
      View in Article

 17.  Natural catastrophes include earthquakes, droughts, severe convective
      storms, European windstorms, tropical cyclones, wildfires, winter weather,
      and flooding; Gallagher Re, “2023 Natural catastrophe and climate report,”
      January 2024.
      
      View in Article

 18.  Gallagher Re, “2023 Natural catastrophe and climate report.”
      
      View in Article

 19.  Thomas Holzheu and James Finucane, “US Property & Casualty outlook: Strong
      momentum into 2024, led by personal lines,” Swiss Re, Jan. 9, 2024.
      
      View in Article

 20.  Swiss Re, “Sigma 3/24—World insurance.” 
      
      View in Article

 21.  Ibid.
      
      View in Article

 22.  Ibid.
      
      View in Article

 23.  Deloitte, “Creating a climate of change digest,” May 2024.
      
      View in Article

 24.  Discussion with Deloitte Sustainability subject matter specialists, May
      2024.
      
      View in Article

 25.  Fitch Ratings, “U.S. property/casualty insurance outlook 2024,” Dec. 11,
      2023.
      
      View in Article

 26.  Ibid.
      
      View in Article

 27.  Swiss Re, “Sigma 3/24—World insurance.”
      
      View in Article

 28.  Ibid.
      
      View in Article

 29.  Holzheu and Finucane, “US Property & Casualty outlook.”
      
      View in Article

 30.  Ibid.
      
      View in Article

 31.  Sandee Suhrada, Kate Schmidt, and Dishank Jain, “Providing insurance
      coverage for artificial intelligence may be a blue ocean
      opportunity,” Deloitte Insights, May 29, 2024.
      
      View in Article

 32.  Ibid.
      
      View in Article

 33.  Ibid.
      
      View in Article

 34.  Puneet Kakar, Manmeet Singh Bawa, Emily Koenig, “Unlocking the strategic
      power of partnerships in insurance,” Deloitte, June 2024.
      
      View in Article

 35.  Ibid.
      
      View in Article

 36.  Ibid.
      
      View in Article

 37.  International Association of Insurance Supervisors, “Global Insurance
      Market Report: Mid-year update,” July 2024; Lucia Bevere et al., “Sigma No
      6/2023: Risks on the rise as headwinds blow stronger: Global economic and
      insurance market outlook 2024‒25,” Swiss Re, Nov. 11, 2023.
      
      View in Article

 38.  LIMRA, “LIMRA: U.S. annuity sales post another record year in 2023,” press
      release, Jan. 24, 2024.
      
      View in Article

 39.  LIMRA, “LIMRA: Annuity sales set another record in first half of 2024,”
      press release, July 24, 2024.
      
      View in Article

 40.  Cyril Tuohy, “Annuity sales surge ahead of expected interest rate
      cuts,” Life Annuity Specialist, Aug. 5, 2024.
      
      View in Article

 41.  Swiss Re, “Sigma 3/24—World insurance.”
      
      View in Article

 42.  LIMRA, “LIMRA: U.S. life insurance premium sets new record in 2023,” press
      release, March 14, 2024.
      
      View in Article

 43.  Ibid.
      
      View in Article

 44.  Doug Bailey, “Life insurance applications up 3% in 2023; first rise in
      nearly 4 years,” InsuranceNewsNet, Jan. 11, 2024.
      
      View in Article

 45.  Swiss Re, “Sigma 3/24—World insurance.”
      
      View in Article

 46.  International Association of Insurance Supervisors, “Global Insurance
      Market Report: Mid-year update,” July 2024; Bevere et al., “Sigma No
      6/2023.”
      
      View in Article

 47.  Stephen Abrokwah et al., “Life underinsurance in the US: Bridging the USD
      25 trillion mortality protection gap,” Swiss Re Institute, Sept. 21, 2018.
      
      View in Article

 48.  Han Yik, “Solving the global pension problem,” World Economic Forum, Sept.
      10, 2024.
      
       
      
      View in Article

 49.  Roopali Aggarwal, Shelly Habecker, and Melissa Leitner, “The life & health
      insurance inclusion radar,” Swiss Re Institute, March 14, 2023.
      
      View in Article

 50.  Robyn Gibbard, “United States Economic Forecast Q2 2024,” Deloitte
      Insights, June 20, 2024.
      
      View in Article

 51.  Deloitte subject matter specialist analysis.
      
      View in Article

 52.  LIMRA, “LIMRA: Strong year for U.S. workplace benefits sales in 2023,”
      press release, May 1, 2024.
      
      View in Article

 53.  “LIMRA’s U.S. Workplace Life, Disability, Dental & Vision and Supplemental
      Health Insurance Sales Surveys, First Quarter 2024”, lifehealth.com, June
      25, 2024; Lifehealth.com, “U.S. workplace benefits sales results mixed in
      first quarter 2024,” June 25, 2024.
      
      View in Article

 54.  LIMRA, “LIMRA: Strong year for U.S. workplace benefits sales in 2023.”
      
      View in Article

 55.  “LIMRA’s U.S. Workplace Life, Disability, Dental & Vision and Supplemental
      Health Insurance Sales Surveys, First Quarter 2024”, lifehealth.com, June
      25th 2024; Lifehealth.com, “U.S. workplace benefits sales results mixed in
      first quarter 2024,” June 25, 2024.
      
      View in Article

 56.  Lincoln Financial Group, “Eight in 10 of those surveyed say insurance
      benefits other than medical insurance are a “must have or very important”
      from an employer, according to new research from Lincoln Financial Group,”
      press release, Nov. 6, 2023.
      
      View in Article

 57.  LIMRA, “LIMRA: Strong year for U.S. workplace benefits sales in 2023.”
      
      View in Article

 58.  “LIMRA’s U.S. Workplace Life, Disability, Dental & Vision and Supplemental
      Health Insurance Sales Surveys, First Quarter 2024”, lifehealth.com, June
      25th 2024, Lifehealth.com, “U.S. workplace benefits sales results mixed in
      first quarter 2024,” June 25, 2024.
      
      View in Article

 59.  Deloitte’s group insurance morbidity survey.
      
      View in Article

 60.  LIMRA, “The world of work – and workplace benefits – is changing,” July 2,
      2024.
      
      View in Article

 61.  Ibid.
      
      View in Article

 62.  Nayya Health, “Prudential and Nayya partner to bring personalized benefits
      to millions of American employees,” press release, July 13, 2023.
      
      View in Article

 63.  Laura Forman, “AI has its ‘iPhone moment’,” The Wall Street Journal, March
      2, 2023; The 2025 Global insurance outlook is an independent publication
      and has not been authorized, sponsored, or otherwise approved by Apple
      Inc. iPhone is a trademark of Apple Inc., registered in the United States
      and other countries.
      
      View in Article

 64.  A survey of 200 US insurance executives conducted by the Deloitte Center
      of Financial Services (DCFS) in June 2024, for the purpose of an upcoming
      generative AI for Insurers publication to be released in late 2024.
      
      View in Article

 65.  Deloitte subject matter specialist analysis.
      
      View in Article

 66.  Digital Finance Media, “AIA’s digital strategy moves on from
      transformation”, Digital Finance Media, Jan. 10, 2024.
      
      View in Article

 67.  World Intellectual Property Organization, “Patent Landscape Report:
      Generative artificial intelligence,” accessed Sept. 18, 2024.
      
      View in Article

 68.  A survey of 200 US insurance executives conducted by the Deloitte Center
      of Financial Services (DCFS) in June 2024, for the purpose of an upcoming
      generative AI for insurers publication to be released in late 2024.
      
      View in Article

 69.  Ibid.
      
      View in Article

 70.  Ibid.
      
      View in Article

 71.  Sue Cantrell et al., 2024 Global Human Capital Trends, Deloitte Insights,
      Feb. 5, 2024.
      
      View in Article

 72.  Sue Cantrell et al., “When people thrive, business thrives: The case for
      human sustainability,” Deloitte Insights, Feb. 5, 2024.
      
      View in Article

 73.  Ibid.
      
      View in Article

 74.  Ibid.
      
      View in Article

 75.  Cantrell et al., 2024 Global Human Capital Trends.
      
      View in Article

 76.  Renea Burns, Tim Coy, and Niall Williams, “Climate change impacts elevate
      US commercial real estate insurance costs,” Deloitte Insights, May 29,
      2024.
      
      View in Article

 77.  Kelly Cusick, David Sherwood, Michelle Canaan, and Namrata Sharma,
      “Bridging insurance gaps to prepare homeowners for emerging climate change
      risks,” Deloitte Insights, May 2, 2024.
      
      View in Article

 78.  Ibid.
      
      View in Article

 79.  Ibid.
      
      View in Article

 80.  Discussion with Deloitte subject matter specialists, June 2024.
      
      View in Article

 81.  Hill, “Is your driving being secretly scored?.”
      
      View in Article

 82.  Ibid.
      
      View in Article

 83.  David Sherwood, Irena Gecas-McCarthy, and Jim Eckenrode, ”2024 insurance
      regulatory outlook,” Deloitte, accessed Sept. 16, 2024.
      
      View in Article

 84.  Products that are sold and consumed might go to landfills. Instead,
      insurers can educate businesses/clients to try to reclaim the product and
      use the remains as input in new production. This way, the product will not
      end up getting wasted at the end of its product life cycle but be used for
      a new life cycle or alternate purpose.
      
      View in Article

 85.  DPA, “German insurer Allianz to allow use of used parts in auto repair,” A
      News, May 10, 2024.
      
      View in Article

 86.  Green chemistry is an approach to chemistry that aims to prevent or reduce
      pollution and improve the yield efficiency of chemical products. It is
      characterized by careful planning of chemical synthesis and molecular
      design to reduce adverse consequences.
      
      View in Article

 87.  Mary Perez, “Grants will help retrofit MS Coast homes against
      hurricanes,” The Sun Herald, March 5, 2024.
      
      View in Article

 88.  Ibid.
      
      View in Article

 89.  Kelly Cusick, Michelle Canaan, and Namrata Sharma, “Climate change and
      home insurance: US insurers have been hit hard by severe weather-related
      claims,” Deloitte Insights, May 29, 2024.
      
      View in Article

 90.  Sue Cantrell, Jen Fisher, Joanne Stephane, Jason Flynn, Amy Fields, and
      Yves Van Durme, “When people thrive, business thrives: The case for human
      sustainability,” Deloitte Insights, Feb. 5, 2024.
      
      View in Article

 91.  Anshul Majumdar, “The insurance cover you should have if you live in
      polluted metropolises like Delhi,” CNBC-TV18, Nov. 7, 2023.
      
      View in Article

 92.  Discussion with Deloitte Sustainability subject matter specialists, June
      2024.
      
      View in Article

 93.  The idea of financial inclusion is to ensure access to financial products
      and services for all, including insurance, regardless of net worth.
      
      View in Article

 94.  Discussion with Deloitte subject matter specialists.
      
      View in Article

 95.  Partnership for Carbon Accounting Financials, “PCAF launches the global
      GHG accounting and reporting standard for insurance-associated emissions,”
      Nov. 16, 2022.
      
      View in Article

 96.  Discussion with Deloitte sustainability subject matter specialists, June
      2024.
      
      View in Article

 97.  Estimates the global temperature increase that would occur if all entities
      in an investment portfolio emitted greenhouse gases at their current rates
      indefinitely, providing a way to gauge the alignment of an investment
      portfolio with global climate targets, such as those set by the Paris
      Agreement.
      
      View in Article

 98.  Calculates the potential temperature impact of the portfolio based on the
      current and projected greenhouse gas emissions of the entities within the
      portfolio.
      
      View in Article

 99.  MSCI, “Implied temperature rise methodology,” February 2024.
      
      View in Article

 100. Deloitte, “Getting ready for Pillar Two global tax rules,” accessed Sept.
      16, 2024.
      
       
      
      View in Article

 101. Government of Bermuda, “Bermuda corporate income tax,” accessed Sept. 16,
      2024.
      
      View in Article




ACKNOWLEDGMENTS

This report was researched and co-authored by Niall Williams, Namrata Sharma,
and Dishank Jain.

The Center would like to thank the Deloitte professionals who provided
additional insights and perspectives in the development of this outlook in the
following areas:

US leaders

 * Karl Hersch (Consulting)
 * Rich Godfrey (Advisory)
 * Joe DeSantis (Audit)
 * Doug Welch (Life insurance)
 * Mark Yoest (Group insurance)
 * Chris Albert (Tax)
 * Chris Puglia (Tax)
 * Kelly Cusick (P&C insurance)
 * David Sherwood (Regulatory/ESG)

Global leaders

 * James Colaço (Global insurance leader)
 * Claude Chassain (France)
 * Arthur Calipo (AP, Australia)
 * Teodoro Gomez Vecino (Spain)
 * Andy Masters (UK)
 * Joanna Wong (China)
 * Nils Dennstedt (Germany)
 * Debashish Banerjee (India)
 * Holger Froemer (Japan)
 * Marco Vet (NSE, Netherlands)
 * Andrew Warren (Africa)
 * Nuno Schaller Goncalves (Portugal)
 * Sergio Biagini (Brazil)
 * Alexandre Paraskevopoulos (Brazil)

Subject matter specialists

 * Non-life insurance: Kelly Cusick, Gurpreet Johal
 * Life insurance: Kevin Sharps, Doug Welch, Puneet Kakar, Nathan Bernardi
 * Group insurance: Mark Yoest
 * Talent: Nicole Holger, Jeff Goodwin, Anna Nowshad (FoW), Tina Whitney, Andy
   Liakopoulos, Nicole Scoble-Williams (FoW), Holger Jens, Roger Froemer (FoW)
 * Technology: Arun Prasad, Sandee Suhrada, Cindy MacFarlane, Joanna Chung Yen
   Wong
 * Sustainability and purpose: Christina Brodzik, David Sherwood, Greg Lowe,
   Donna Szatkowski-Zych – US A&A, Brandon Righi, Rajat Bahl, Alana Burton,
   Francesco Nagari, Brandon Cobb
 * Tax: Chris Albert, Eli Katz, Matt Bernard

Cover Image by: Natalie Pfaff



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