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The Insurance Outlook for 2024 is Positive
Despite an overall positive outlook, four factors will contribute to an uncertain environment for the insurance industry in 2024, according to a pair of Conning researchers.
Those factors are:
1. Insurance technology: Tech will continue to reshape the industry, with artificial intelligence remaining the top-of-mind tech issue for insurers, said Scott Hawkins, head of insurance research at Conning.
2. Cyber security: An outgrowth of technology’s role in the industry will be a greater focus on cyber security and cyber risk in 2024.
3. Regulatory pressures: Conning predicted insurers will see greater federal and state regulatory activity in 2024.
4. Economic uncertainty: The economy is the perennial issue affecting growth and profitability, Hawkins said.
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