2021 saw widespread vaccine deployment and easing of pandemic-related restrictions—important catalysts that helped rebuild confidence among people and businesses alike, while fueling economic recovery. But the battle with COVID-19 is far from over, and a level of uncertainty will likely persist— perhaps indefinitely. Might this undermine the insurance industry’s outlook heading into 2022? Our research found that despite ongoing COVID-19 concerns, insurers in general expect more rapid growth next year—although nonpandemic challenges around regulation, talent, sustainability, and evolving consumer preferences may present speed bumps. A lot will depend on how effectively insurers manage their investments in people and emerging technologies. Flexible work models, balancing automation with the need to maintain a human touch with customers and being more proactive in bolstering stakeholders’ trust should be among the industry’s strategic priorities.
Here are some of the key findings from Deloitte’s 2022 insurance industry outlook.
Insurers are buckled up to accelerate growth in 2022
Despite lingering concerns about COVID-19 variants, most insurers expect an accelerating economic recovery and additional digital technology investments in 2022. About one-third of the survey respondents expect revenues to be “significantly better” next year. The demand for insurance is expected to keep rising worldwide (figure 1).
