In a year of ongoing change caused by geopolitical tensions and uncertain economic challenges, CEOs continue to face an evolving landscape. With swirling changes across the industry, we surveyed 134 insurance CEOs as part of the KPMG 2022 CEO Outlook, to gather their insights and perspectives on how to remain relevant and ahead of the competition by navigating through key topics impacting the insurance industry over the next 3 years.
Percent of insurance CEOs believe a recession is likely in the next 12 months
Indicated confidence for growth prospects in the industry versus their own organization
Have a strategy in place to drive digital transformation to remain relevant and competitive
Are seeing increased demand from stakeholders for reporting and transparency on ESG issues
Believe that their organization is under extra pressure to increase reporting of global tax contributions
Believe they have a responsibility to drive greater social mobility
(Source: KPMG 2022 CEO Outlook, KPMG International, October 2022)
As the insurance industry copes with rising costs, global political and economic uncertainty, new laws and regulatory guidance and rapidly changing operating models, the ability to anticipate change and effectively adapt to it quickly and early is as important as ever. Insurers should prepare for these uncertainties and anticipate the change that will likely continue.
Global Head of Insurance