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2015 Property and Casualty Insurance Industry Outlook
Focusing on the bigger picture
In many ways, property and casualty i...
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2015 Property and Casualty Insurance Industry Outlook: Focusing on the bigger picture

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In many ways, property and casualty insurers are better positioned for sustained growth than in quite some time. As the US economic recovery gains momentum, there will be a surge of insurable exposures in both personal and commercial lines. Yet plenty of challenges remain to keep industry executives on their toes. Discover the bigger picture issues likely to have a significant effect on property and casualty insurer operations in 2015 and beyond.

Read the full report here: http://www2.deloitte.com/us/en/pages/financial-services/articles/2015-property-and-casualty-insurance-outlook.html

Publié dans : Économie & finance

2015 Property and Casualty Insurance Industry Outlook: Focusing on the bigger picture

  1. 1. 2015 Property and Casualty Insurance Industry Outlook Focusing on the bigger picture In many ways, property and casualty insurers are better positioned for sustained growth than in quite some time. As the US economic recovery gains momentum, there will be a surge of insurable exposures in both personal and commercial lines. Yet plenty of challenges remain to keep industry executives on their toes. Discover the bigger picture issues likely to have a significant effect on property and casualty insurer operations in 2015 and beyond. Achieving information fluency Many insurers are not positioned to capitalize on the vast amount of data they already have, let alone from new sources such as auto telematics and the Internet of Things. Carriers may want to consider: • Breaking free of outdated, siloed data systems • Establishing a more flexible data management infrastructure and governance architecture • Upgrading their cyber security systems to take into account all the new ways data is collected, handled, and stored Bottom line: Maintaining information fluency throughout an insurance company will be an ongoing journey rather than a final destination. Overcoming regulatory challenges Insurers can rely on regulatory uncertainty as an ongoing way of life rather than a passing conundrum as multiple overseers — state, federal, and international — sort out new standards and rules. P&C insurers will want to look out for: • The first Own Risk and Solvency Assessment filing • The potential for new group capital requirements • The FIO’s examination of the availability and pricing of auto insurance in poorer areas Bottom line: It may be time for insurers to consider compliance transformation, to facilitate the ongoing process of planning for change, and create value from mandatory regulatory exercises. Upgrading capital management P&C insurers will need better frameworks and models to meet the increasing demands of stakeholders for more robust stress testing and scenario planning, as well as to support growth needs. Carriers may want to think about: • How to maintain ROE at a time when alternative investors are pouring funds into the business and helping establish record levels of capacity • Reviewing the return potential and pricing of products in light of persistently low interest rates • Establishing a more robust internal risk-adjusted capital framework that incorporates a multitude of approaches Bottom line: A growing number of insurers will look to follow the lead of other financial institutions by implementing an internal risk-adjusted capital adequacy framework that accounts for economic as well as regulatory factors under one integrated system. Getting ahead of climate change US insurers have generally been slow to follow the lead of their European counterparts in addressing how to mitigate factors likely to spur climate change and trigger more frequent and severe weather-related events. Carriers are primed to become more engaged on this issue for three reasons: • Intensifying regulatory and rating agency scrutiny into how insurers are accounting for climate change issues • It is better to prepare for the potential impact of climate change in case scientific warnings turn out to be well-founded • There is growth potential for insurers that capitalize on an expancing market for sustainability-related products and services Bottom line: Beyond risk management, insurers could seize an opportunity around product innovation, perhaps even building a brand that resonates with sustainability-conscious consumers and businesses. As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2015 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited

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