KPMG 2020 CEO Outlook: Insurance COVID-19 Special Edition
The COVID-19 crisis is making demands of CEOs that few people could have predicted just months ago, and in many ways, has already redefined leadership. Every person, business and country has somehow been impacted by this pandemic; all are at different stages. For many, uncertainty is the only certainty.
In an effort to bring some clarity to the complex world we find ourselves in, KPMG interviewed thousands of CEOs from many of the world’s largest companies, first in January and then again in July and August, to get their perspectives and to understand how their priorities have changed. We asked about their confidence in the future and examined how they are approaching this once-in-a-generation crisis.
We analysed the insurance data cut form the global survey and created the following point of view based on the most significant data points coming out of the results. What we have been provided with, is a unique snapshot of the views of insurance CEOs, their current mindset, business concerns and priorities at this unprecedented time.
First in a three packed series, we share insights on Confidence amidst uncertainty: Insurance CEOs have lost some confidence about the future since the pandemic emerged.
In January, 65% expressed confidence in the growth of the global economy and 85% voiced confidence in their company’s growth prospects. Just six months later, our results suggest confidence in the global economy had been cut in half (to 32%) and confidence in their own company’s growth fell by around 20%.
Insurance CEOs fully understand they need to move quickly, boldly and deliberately if they hope to drive growth in the future. They recognise that many of the trends accelerated by COVID-19 are enduring and indelible; all they can do is look ahead.
In this first edition, we also share 5 key areas (refer to table below) where Insurance CEOs should be focusing in order to regain their confidence in the current environment.