We recently conducted a quick ‘pulse check’ survey of more than 50 insurance CEOs from around the world.1 Their confidence was palpable: 94 percent said they are confident in their company’s growth prospects over the next three years; and more than a quarter think they may see earnings growth of more than 5 percent per year over that period. As I said, the confidence is palpable.
What is particularly interesting about this level of confidence is that the path to growth has clearly changed over the past year. Up until the pandemic (and, arguably, for the past few centuries) the path to growth in insurance was largely a numbers game: it was about scale, costs and margins. Decisions were made based on cold, hard math and a deep assessment of the risks.
This survey suggests that the path to growth has changed. And insurance CEOs know they must change as well.