2021 Global Insurance Outlook: Transforming the Business to Be More Agile, Digital and Customer-Centric (EY)

Summary

• 49% of European insurers want to move at least 80% of their business to the cloud.p.25
• Investment in InsurTechs reached US$7.1 billion in 2020, the highest ever.p.27
• The median combined ratio of the top 50 global P&C insurers was 98.1% in 1H20, versus 96.2% in 2019.p.8
• 43% of US consumers lack confidence that insurers will treat them fairly when they have a claim.p.12

Key insights

1. 63% of individual insurance customers do not completely understand the extent of their life insurance coverage.p.9
2. 49% of European insurers want to move at least 80% of their business to the cloud.p.25
3. Investment in InsurTechs hit a record US$7.1 billion in 2020.p.27
4. The median P&C combined ratio worsened from 96.2% in 2019 to 98.1% in 1H20.p.8
5. 43% of US consumers lack confidence that insurers will treat them fairly when they have a claim.p.12
6. Approximately 40% of digital transformation programs at insurers in Europe and the Asia-Pacific region are focused on customer experience.p.21
7. A group of approximately 120 global CEOs, with EY, proposed a common set of 22 metrics for measuring long-term value.p.13