2024, Just another year?
Every year, for the past 35, COVER kicked off the year with an Industry Outlook. Although there is always the Yin and Yang of challenges and opportunities, the various drivers of industry growth and the factors impacting them, keep on evolving. Societal pressure seems to be number one in both the short-and long term industries, with ESG being the main impactor in the investment space, and societal pressure, whether economic, geo-political or environmental, changing the property and casualty risk landscape.
Uncertainty and volatility remains in the red, but the picture painted by most industry leaders is that our industry thrives on risk, with the silver bullet being effective management of data. Go back a few steps and it becomes clear that managing risk is the strategy and data is the fuel. Leveraging technology and especially AI, is accepted by all as a ticket to the game. More than 50 countries globally, are going to the voting stations, and the issues raised above will be driving the outcomes.
Buckle up and, if you love roller coasters, you will have a lot of fun this year. Embrace the Yin and Yang, leverage the adversity and share the results. Wishing you a memorable 2024.
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