Global Insurance Execs Rank Cyber Among Biggest Trends Affecting Industry

According to Earnix, which surveyed 400 executives from a range of departments, including C-level, IT, underwriting and product, at global insurance companies, insurers still using legacy systems could be more exposed to growing cyberthreats. “Replacing outdated IT infrastructure with more modern systems can help them address security gaps and stay a step ahead of the bad guys,” the report authors wrote.

Around 40% of North American executives said macroeconomic changes were the biggest trend affecting the insurance industry, while 33% of European and Australian insurance executives said the same.

Earnix noted concerns among insurers for the changing macroeconomic environment are well-founded, as these shifts can result in less demand, rate increases, new cost and competitive pressures, more regulations and the need to develop business models to meet the changing market.