In a year of ongoing change caused by geopolitical tensions and uncertain economic challenges, CEOs continue to face an evolving landscape. With swirling changes across the industry, we surveyed 134 insurance CEOs, as part of the KPMG 2022 CEO Outlook, to gather their insights and perspectives on how to remain relevant and ahead of the competition by navigating key topics impacting the insurance industry over the next three years.
The economic outlook
While 90% of insurance CEOs believe a recession is likely in the next 12 months, 53% believe it will be mild and short and 79% of have plans in place to deal with it. Among their most pressing concerns for their organisation today are pandemic fatigue, economic factors (including rising interest rates, inflation and an expected recession) and emerging/disruptive technology.
Although insurance CEO confidence is high overall compared to other sector CEOs surveyed, signs of headwinds are starting to show and they are preparing for this accordingly. In the coming six months, 50% say they are planning to bring overseas operations back to a local level or even in-house to cope with geopolitical challenges. They are also considering or will consider downsizing their employee base in the short-term and putting a hiring freeze in place.
Uncover more insights in our 2022 Insurance CEO Outlook report.
KPMG 2022 Insurance CEO Out
Discover key trends impacting the insurance sector and priorities for the next 3 years
90 %
of insurance CEOs believe a recession is likely in the next 12 months
87 %
indicate confidence in growth prospects of the industry versus their own organisation
77 %
have a strategy in place to drive digital transformation to remain relevant and competitive
59 %
are seeing increased demand from stakeholders for reporting and transparency on ESG issues
77 %
believe their organisation is under added pressure to increase reporting of global tax contributions
78 %
believe they have a responsibility to drive greater social mobility
Source: KPMG 2022 CEO Outlook, KPMG International, October 2022
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