The insurance industry is always subject to micro and macro economic fluctuations that both brokers and end clients need to take into account.
As brokers at the coalface, here are a few predictions that we think will be important in the months and years to come.
Digital will be a key consideration.
While the digital enhancements that every industry is making will lead to streamlined processes and efficiencies in the market, in the high net worth industry, there will still be a elevated importance of personal interactions within this sector. People still want to speak to people.
We’re not out of the woods yet
The market over the last few months has proven to be very challenging with increase in prices and a reduction of providers due to constriction in the market. Fewer choices, means that the demand has increased amongst the suppliers.
Natural disasters
Natural weather extremes are on the rise. We are seeing more flooding, droughts and extreme heat in areas where this is not the norm. This will impact the way in which insurance policies are underwritten.
The world is getting smaller but potentially more dangerous
Business travel is back on the increase after the COVID pandemic. The increase in worldwide political and economical problems however, make business and personal travel threat as a consideration for ‘western’ travellers. High net worth individuals are at a higher risk of kidnap and extortion and therefore should be taking extra precautions that a standard travel insurance policy may not cover.
