Insurance Predictions 2023 – Thematic Intelligence

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Insurance Market Analysis Report Overview

The top themes that are likely to impact the insurance industry in 2023 can be classified into technology, macroeconomic, and industry themes. These themes will dictate how the market evolves and how leading players within the market fare in the given year.

The major technology themes that are expected to impact the insurance industry in 2023 are artificial intelligence (AI), big data, cloud, internet of things (IoT), blockchain, cryptocurrencies, robotics, cybersecurity, and the futuristic metaverse among others.

Cyber insurance, direct-to-consumer, health & wellness, insurtech, personalization, and robo-advisory are the major industry themes that are likely to impact the insurance industry in 2023. Furthermore, demographics, FDI, geopolitics, inflation and ongoing regulations are the major macroeconomic themes impacting the insurance market in 2023. Additionally, Environmental, social, and governance (ESG) has been a major theme for all large businesses for a few years now and must be a central part of any leading business’s strategy over the coming years.

Top Themes: Insurance Industry

ESG: ESG-related mentions in company filings has increased significantly between 2016 and 2022. According to GlobalData’s 2022 UK Insurance Consumer Survey, more than 40% of consumers are willing to pay more (to various degrees) for an insurance policy from a provider with a good record in sustainability. This illustrates how much more important ESG has become to insurers in recent years and suggests the trend of sharp growth looks set to continue.

Inflation: Insurers are being hit in two different ways by record-high inflation globally. Firstly, the higher costs incurred to run the business due to soaring energy bills, and secondly, the soaring claims costs, due to rising costs of supplies, services, and energy. Amidst the crisis, consumers will prioritize value and finding the cheapest policies possible, but insurers will struggle to afford even not raising premiums. This will make retaining customers and keeping penetration rates up across the board the greatest challenge for insurers throughout 2023.

Cyber insurance: The behavioral shifts that remain from COVID, such as home working and increased digitalization, have heightened the cyber threat to the insurance sector. A higher proportion of SMEs indicated the likelihood of them purchasing cyber insurance has significantly increased since the pandemic.

Top Themes: Insurance Industry

Top Themes: Insurance Industry

For more information on the top themes driving growth in the insurance industry, download a free report sample

Insurance Predictions 2023 - Thematic Intelligence Report Overview

Technology Themes Artificial Intelligence (AI), Big Data, Cloud, Internet Of Things (IoT), Blockchain, Cryptocurrencies, Robotics, Cybersecurity, and the Metaverse
Industry Themes Cyber Insurance, Direct-To-Consumer, Health & Wellness, Insurtech, Personalization, and Robo-Advisory
Macroeconomic Themes Demographics, FDI, Geopolitics, Inflation and Regulations


  • Policyholders will be the main beneficiaries, as the majority of the themes in this report will lead to policies becoming more instant, digital, interlinked, and easier to access and adjust.
  • The cost-of-living crisis coming almost straight after a global pandemic will hit consumers and businesses extremely hard. They will need to cut bills where possible, meaning it will be challenging for insurers to maintain penetration rates across key products.
  • The losers are typically incumbents that have let startups take the lead in areas of vast potential, such as the gig and sharing economies and cyber insurance.

Reasons to Buy

  • Discover how the likes of ESG, Cyber Insurance, and Inflation will impact the insurance industry over the course of 2023.
  • Ensure you remain competitive in response to new innovations and insurance models entering the industry.
  • Identify the leaders and laggards for the Themes analyzed in this report.

Ping An
Zhong An
By Miles
Swiss Re
Munich Re

Table of Contents


Executive Summary

Top Themes for 2023



Cyber Insurance



Internet of Things

Big Data

Artificial Intelligence


Sharing and Gig Economies

Emerging Economies

Embedded Insurance


Electric Vehicles



Further Reading

Our Thematic Research Methodology

About GlobalData

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