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COVID-19: UK industry focus: Where next for insurance?
COVID-19 has brought the role of insurers and the importance of insurance to the public’s attention. But that’s also highlighted challenges for the industry: policy coverage limitations, falling asset values affecting capital, changes to customer attitudes, and difficulties recruiting and retaining talent.
The crisis will have a severe and immediate impact on the scope and scale of claims, policy wordings, top-line growth, insurers’ capital bases and their investment returns. To respond, insurers will need to transform and digitise operating models to build in flexibility and agility, as well as look to maximise new income.
Our experts look at what insurers need to think about now, how they learn from this setback and what plans they can put in place to ensure greater resilience in the future.
"We expect consumers and businesses to reassess their attitude towards insurance and reconsider the risks to which they have been exposed.”
How we can help
This insight is brought to you using the capability of Strategy&, PwC’s global strategy house, alongside our PwC industry experts. Together, we transform organisations by developing actionable strategies that deliver results.
We are uniquely placed to combine strategy with technical, industry and execution expertise. We embed our strategy capabilities with expert teams across our PwC network, to show you where you need to go, the choices you’ll need to make to get there, and how to get it right.
The result is an authentic strategy process powerful enough to capture possibility, while pragmatic enough to ensure effective delivery. It’s the strategy that turns vision into reality. It’s strategy, made real.
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