There was an impressive variety and significant volume of interesting news in 2015, and I think that Shefi Ben Hutta of IE (insuranceentertainment.com) summarises it effectively in her fantastic graphic (follow the link for a better resolution).
The big question is what can we expect from 2016?
I think a couple of things are quite likely:
- More M&A across the (re)insurance sector
- InsurTech/InsTech will significantly impact the insurance landscape
Another relatively benign loss year in 2015 will undoubtedly have put pressure on rates in the 1/1 renewals (at time of writing I have not had an opportunity to review all the news on this). Hence, one would expect firms to continue to look to gain an improved market position through strategic alliances.
The latter part of 2015 saw a significant increase in the number of new startups seeking to capitalise on technological advances and reinvigorate the insurance sector. As the market invests more heavily in supporting these initiatives, and also non-insurance capital invests, the impact of InsurTech is sure to be significant.
Strap yourselves in! 2016 is going to be exciting!
2015 Insurance Recap