2024年全球保险调查报告 Revealing the paths to 2040 global insurance survey report

Revealingthepathsto2040:

globalinsurancesurveyreport

SPONSOREDBY

Revealingthepathsto2040:globalinsurancesurveyreport2

Contents

5

Executivesummary

7

Navigatingopportunitiesandrisksinachanginginsurancelandscape

11

Thepromiseoftechnologyandbarrierstochange

13

Affordabilityandtrust:keystounlockinggrowthandclosingthe

protectiongap

18Eyesonthehorizon

©TheEconomistGroup2025

Revealingthepathsto2040:globalinsurancesurveyreport3

©TheEconomistGroup2025

Abouttheresearch

Tounderstandhowleadersviewtheforces

transformingtheinsuranceindustry,EconomistImpact,sponsoredbySAS,conducteda

globalsurveyofmorethan500insuranceexecutivesinSeptemberandOctober2024.

Morethan500executivesacross17countriesresponded,fromorganisationsspanning

subsectorssuchaslife,propertyandcasualty,accidentandhealth,andinsurtech.

Thisreportsummariseskeyfindingsfromthesurveyandcomplements

Revealingthepaths

to2040:fourpossiblescenariosforinsurance

,anin-depthlookatthechallengesand

opportunitiesthesectorfacesthroughto2040.

Wewouldliketothankthefollowingexpertsfortheirtimeandinsights:

•AndreBelelieu,headoffinancialservicesindustries,WorldEconomicForum

•QuentinGisserot,headofpartnership,AXA

•Ruo(Alex)Jia,directorofdigital

technologies,TheGenevaAssociation

•AnaarKara,seniorfinancialsectorspecialist,CGAP,TheWorldBank

•KipkorirKoskei,directorof

strategicpartnershipsandpolicy,InsuranceDevelopmentForum

•MarcRagin,associateprofessorofriskmanagementandinsuranceprogram,UniversityofGeorgia

•HannevanVoorden,headofsupervisorypracticesandoperations,International

AssociationofInsuranceSupervisors

EconomistImpactbearssoleresponsibilityforthecontentofthisreport.Thefindingsandviewsexpressedhereindonot

necessarilyreflecttheviewsofoursponsor,partnersorinterviewedexperts.

•MaryamGolnaraghi,directorofclimatechangeandenvironment,TheGenevaAssociation

Revealingthepathsto2040:globalinsurancesurveyreport4

AboutSAS

SASdataandAIsolutionsprovideourglobalcustomerswithknowledgetheycantrustinthemomentsthatmatter,inspiringboldnewinnovationsacrossindustries.Formoreinformation,visit:

.

Revealingthepathsto2040:globalinsurancesurveyreport5

©TheEconomistGroup2025

Executivesummary

Insurershavelongbeeninthebusinessof

helpingcustomersmanagerisksinanuncertainworld.Butnowleadersaregrapplingwith

uncertaintiesgrowingaroundtheindustry

itself.Howwillmorefrequentextremeweathereventsimpactriskmodelsandpricing?How

willrapidlyadvancingtechnologieslikeartificialintelligence(AI)andastaggeringamountof

dataenablenewproductinnovationsand

operationalefficiencies?Whatshouldinsurersdotoaddressthegrowingglobalprotectiongap?

Theanswerswillreshapeinsurancefirmsin

thecomingyears.Tounderstandhowleadersperceivetheirindustryinatimeofgrowing

risk—andopportunity—EconomistImpact

conductedasurveyofmorethan500insuranceexecutivesinSeptemberandOctober2024.

Revealingthepathsto2040:globalinsurancesurveyreport6

Keyfindingsinclude:

•Manyinsuranceleadersviewthetwomostsignificanttrendspoisedtoshapethe

sectorinthecomingdecade—changing

marketdynamicsandtheriseofAI

(includinggenerativeAI)—asopportunitiestobeseized.AI’sbenefitstoinsurers’

business,suchasimprovedriskassessmentsandstreamlinedclaimsprocessing,are

seentooutweighthedownsides.Similarly,

executivesviewnewcompetitorsaspotentialinnovationpartnersratherthansimplythreats.

•Leadersviewclimate-relatedrisks

andextremeweatherevents,growing

geopoliticaltensions,andincreasing

cybersecurityrisksasthegreatestriskstotheirorganisationoverthenextdecade.Still,oneinfour(25%)respondentsalsosee

climaterisksandgeopoliticaluncertaintyasopportunities,areminderthatinsurerscanhelpbuildresilienceagainstclimateimpactsandenablebusinessestooperateconfidentlyinuncertaingeopoliticalenvironments.

•Insurersviewminimisingunderwriting

andoperatingcostsaskeytostaying

aheadofandtakingadvantageofindustrytrends.Acrossallregionsandindustry

subsectors,leadersseecostminimisationasatopgoal.Thisappearstoreflectmanyleaders’awarenessofandoptimismtowardAIanditscost-savingbenefits.Indeed,

industryleadersperceivegenerativeAI

anddigitalprocessautomationasthetoptechnologiestoharnesstotakeadvantageoffuturetrendsfacingtheindustry.

•Newtechnologiesarethekeydriverof

changeintheindustry.Butmost(~75%)

leadersarecognisantofmyriadinternal

barrierstoadaptationandevolution,

includinglegacysystems,departmentalandfunctionalsilos,andaslowrateofinnovation.Thissignalsthat,althoughAIisproviding

tangiblebenefits,manyinsurersmaynotbeabletorealisethemasquicklyasdesired.

•Insurersviewclosingthelargeglobal

protectiongap,thedifferencebetween

insuredanduninsuredlosses,asboth

anethicalresponsibilityandabusiness

opportunity.Butthreeinfourleadersalso

seetwomajorbarrierstothis:diminishedtrustinthesectorandalackofafordability.Inthisregard,surveyrespondentspointedtowardshowtechnologyimprovesafordability,

howinnovationcreatesmoreaccessible

productsandtheimportanceofgreater

engagementwithregulators.Yetmost

organisationshavenotbegunimplementingthesestrategiestoclosetheprotectiongap.

©TheEconomistGroup2025

Revealingthepathsto2040:globalinsurancesurveyreport7

©TheEconomistGroup2025

Navigatingopportunitiesandrisksinachanginginsurancelandscape

Recentyearshavepresentedinsurerswith

avolatileoperatingenvironment.High

inflationhaspushedthecostsofclaims1

higherinsomemarkets.Lowgrowthin

industrialisedeconomies—wherethemajorityofpremiumsarecollected—2havecreated

headwinds.Cybersecurityandfraudrisks

aregrowing.Newinsurtechcompetitors

areemerging.Andtheimpactsofclimate

changearebecomingmoretangible:2023setanewglobalrecordofUS$108bnininsuredlossesduetonaturalcatastrophes.3

Manyleadersviewthemajortrends

impactingtheinsuranceindustrywith

cautiousoptimism.Executivesinallgeographiesidentifiedchangingmarketdynamicsandthe

riseandspreadofAIasthetwomostsignificanttrendspoisedtoshapethesectorinthecomingdecade—andtheyweremorelikelytoviewthemasopportunitiesratherthanrisks(seeFigure1).

Figure1.Insuranceexecutivesareoptimisticaboutthemajortrendsinfluencingtheirindustry,butremainawareofcriticalrisksinfluencingtheirorganisation.

Thetrendsthatsurveyrespondentsexpecttomostinluencetheirindustryduringthenextdecade,andtheperceived

opportunityandriskfortheirorganisation.Bubblesizerepresentshowmuchatrendisperceivedasinluencingtheindustry.

Opportunity(%total)

60

Growingmiddleclass

50

Marketdynamics

40

Artificialintelligence

ESGprinciples

ESGregulations

Geopoliticaltensions

30

Dataregulations

Ageingpopulations

Climaterisks

20

Pandemicriskfraud

Increasing

Cybersecurityrisks

10

102030405060Risk(%total)

Revealingthepathsto2040:globalinsurancesurveyreport8

TheriseandspreadofAIwasperceivedasthe

secondmostsignificantopportunity.ThisfindingsuggeststhatexecutivesseevaluableAIusecasesintheirbusinesses,suchasusinggenerativeAI

toimproveriskassessment,personalisepolicyoferingsandstreamlineclaimsprocessingandotheroperations.Theperceivedadvantagestobegainedappeartooutweighthepotentialchallenges—forinstance,thoserelatingto

dataprivacy,pricediscrimination,technologyimplementationandskillsdevelopment.

Changingmarketdynamics—specifically,theentryofnewcompetitorsandindustryconsolidation—wasn’tfarbehindAIintermsofperceived

opportunity.Althoughexecutivesacknowledgecompetitionasanimportantchallenge,they

mayviewnewplayersaspotentialinnovationpartnersratherthanthreats.4“Theso-called

‘firstmovers’ondigitaltechnologiesinthe

insuranceindustryhaveasignificantadvantageinattractingnewcustomers.Thisholdstrue

acrossmatureandemergingmarkets,withtheefectbeingmorepronouncedinfast-growingmarkets”saidRuo(Alex)Jia,directorofdigitaltechnologiesatTheGenevaAssociation.

Infact,insurtechwillplayanimportantrole

insupportinginsurancecompanieswiththeir

digitaltransformation,especiallyinareaslike

frauddetectionandclaimsprocessing.5Aglobal

studypublishedin2023,whichassessesthe

impactofinsurtechinnovationontheinsuranceindustry,alsorevealeda‘contagionefect’.Inotherwords,competitorscanadopttheseinnovationsrelativelyeasilytoenhancetheirproductivity.6

Inthirdposition,pressuretoprioritise

environmental,socialandgovernance(ESG)

principlesisalsoexpectedtoinfluencethe

industry.Forinstance,climatechangeis

consideredasacriticalcorebusinessissue,

whichposesamajorrisktoinsurersastheyaredirectlyexposedtotheincreasingfrequencyandseverityofextremeweatherevents.

Additionally,transitionrisksarisingfromthe

globaleconomy’sdecarbonisation—such

aspolicyandlegalchanges,technological

shifts,marketdisruptionsandreputational

challenges—mustbeaddressed.Failingtodosocouldnegativelyimpactcompanyvaluationsandafecttheavailabilityandafordability

ofinsuranceproductsincertainsectors.7

Revealingthepathsto2040:globalinsurancesurveyreport9

©TheEconomistGroup2025

“Notably,overthelastfewyears,

addressingclimatechangehasevolved

fromacorporatesocialresponsibilitytoamajordriverofsocioeconomic

development,energysecurity,

technologicalleadershipandtrade.”

MaryamGolnaraghi,directorofclimatechangeandenvironment,TheGenevaAssociation

“Notably,overthelastfewyears,addressing

climatechangehasevolvedfromacorporate

socialresponsibility,orapurelyscientific

andenvironmentalissue,toamajordriverof

socioeconomicdevelopment,energysecurity,

technologicalleadershipandtrade,”saidMaryamGolnaraghidirectorofclimatechangeand

environmentattheGenevaAssociation.8,9,10“OurresearchanddiscussionswithinsuranceC-suiteexecutivesindicatethatfocusingonstrengtheningclimateresilienceandenabling

theenergytransitionpresentastrategic

opportunityimpactingcorebusinessdecisionsandoperations,aswellasgeneratingsignificantsocioeconomicvalue,”sheadds.“Thisisnotjustanexercisetomeetregulatoryobligations.”

Beyondclimate,ESGconsiderationsinclude

theneedforgreaterworkforcediversityand

greateraccesstohealth,lifeandaccident

insuranceproductsindevelopingeconomies.Onthegovernanceside,ESGisassociatedwithanincreasingrangeofreportingrequirements.

However,perceptionsoftheserequirementsvary:37%ofnon-C-suiteexecutives

highlightedESGregulationsasatoptrend

influencingtheindustry,comparedwithonly25%ofC-suiteexecutives(seeFigure2).

Figure2.C-suiteexecutivesviewESGasameasureoftheirbusiness’resiliencetoabroadrangeofsocietalissues,ratherthanmerelyanexercisetomeetregulatoryobligations.

Thetrendsthatsurveyrespondentsexpecttomostinluencetheirindustryduringthenextdecade,percentageofrespondents

Non-CxOCxO

Changingmarketdynamics

4945

Changingmarketdynamics

ArtificialIntelligenceESGpressures

43

39

40

34

ESGpressures

ArtificialIntelligence

ESGregulations

Dataandprivacyregulations

Climaterisks

Geopoliticaltensions

Cybersecurityrisks

Growingmiddleclass

Pandemicrisk

Increasingfraud

37

29

29

25

25

25

21

32

28

28

25

25

25

2123

20

Dataandprivacyregulations

Climaterisks

Increasingfraud

ESGregulations

Geopoliticaltensions

Cybersecurityrisks

Pandemicrisk

Growingmiddleclass

Ageingpopulations

146

Ageingpopulations

Revealingthepathsto2040:globalinsurancesurveyreport10

©TheEconomistGroup2025

Despitetheoptimism,insuranceleadersviewclimate-relatedrisks,growinggeopolitical

tensionsandincreasingcybersecurityrisksasposingthegreatestchallengetotheirorganisationoverthenextdecade.

Climateandweather-relatedriskswerethemostlikelytobeseenasatoprisk(43%).Buttherewerediferencesacrossgeographies.Respondents

inLatinAmericaandNorthAmericasignalledthehighestlevelsofclimateconcerns(52%and51%,respectively),whileAsia-Pacific(40%)andEuropeandtheMiddleEast(37%)respondentsreportedlowerlevelsofconcern.ThefactthatLatinAmericarecentlyexperiencedsignificantElNiño-relatedlosses11andUShomeowner

insurersareontrackforrecordlossesin

202412maypartlyexplainthesedisparities.

Concernsaboutrisinggeopoliticaltensions

weremoreconsistentacrossmarkets,with

38%ofrespondentsseeingthisasamongthetopfivetrendsposingthegreatestriskstotheirorganisation.Thisisnotsurprising,especially

since2024wasthebiggestelectionyearinhistoryandsawoverfourbillionpeoplevoting.Indeed,

electionresultscanintroducesubstantialpolicychangesandincreasegeopoliticaluncertainty,especiallyindemocraticcountrieslikeFrance,Germany,India,theUSandtheUK.13Ongoing

conflictsinUkraineandtheMiddleEast,alongwithtradewars,negativelyimpactsupplychainsandsparkeconomicdownturns,withinsurers

seeingdecliningbusinessandrisingclaims.14

Increasingcybersecurityriskswasn’tfarbehind

geopoliticaltensions,with36%ofsurveyed

leadersseeingthisasatoptrendthreateningtheirorganisation.Aswithclimatechange,therewas

heightenedawarenessofcybersecurityrisksinLatinAmerica(45%)andNorthAmerica(43%)

comparedwithEuropeandtheMiddleEast(31%)andAsia-Pacific(29%).High-profilecyber-attacksinrecentyearsincountrieslikeCostaRicaand

ColombiahaveunderscoredtherisksinLatin

America,promptinggovernmentsandbusinessestostrengthencybersecuritymeasures.15

Figure3.NorthAmericaandLatinAmericaperceiveheightenedclimateandcybersecurityriskscomparedwithotherregions.

Theshareofrespondentswhoexpectthefollowingtrendstopresentthegreatestriskstotheirorganisationoverthenextdecade(%,topthreeriskslisted).

NorthAmericaLatinAmericaAsia-PacificEurope,MiddleEastandAfrica

60

50

40

30

51

52

45

46

43

41

40

35

37

34

31

29

20

10

0

Increasingclimate-relatedrisksGeopoliticaltensionsCybersecurityrisks

andextremeevents

Revealingthepathsto2040:globalinsurancesurveyreport11

©TheEconomistGroup2025

Thepromiseoftechnologyandbarrierstochange

Acrosssectors,reducingcoststoensure

competitivenessandprofitabilityisauniversalbusinessimperative.Giventhetwotoptrendsthatsurfacedinthesurvey—changingmarketdynamicsandtheriseofAI—itmakessense

thatinsuranceleaderswouldbeparticularlyattunedtocost-savingopportunitiesright

now.Still,thedegreetowhichrespondentspointedtocostminimisationasatopwaytostayaheadofandtakeadvantageofindustrytrendsisstriking.ButthesurveyalsomakesclearthatcapturingAI-relatedbenefitsisbynomeansstraightforward,giventheinternalbarrierstochangeflaggedbyrespondents.

Abouthalf(46%)ofsurveyedleaderssay

minimisingunderwritingandoperational

costsisakeyoutcomefortakingadvantageofindustrytrends,partlydrivenbyAIoptimism.

Acrossallgeographicalregionsandindustry

subsectors,thistargetedoutcomeconsistentlyrankedfirst.Nootheroutcomeswereclose:

marketexpansion(33%)andimprovedinformationsharingbetweendiferentdepartments(29%)

rankeddistantinsecondandthirdpositions.

Figure4.Minimisingcostswasakey

focusamonginsuranceexecutivestotakeadvantageoffutureindustrytrends.

Percentageshareofrespondentsmentioningthefollowingoutcomesasbeingamongthethreemostimportantto

stayaheadofandtakeadvantageofindustrytrends.

Minimisingunderwritingandoperationalcosts

46

Marketexpansion

33

Improvedinformationsharingbetweendiferentdepartments

29

Improvedclaimprocessingtime

28

Improvedproductdeploymenttime

28

Abilitytooperateanddeliverservicesintheeventofadisruption

27

Improvedcybersecurityanddataprotection

26

Improvedemployeeretentionandsatisfaction

25

Improvedpolicyrenewalrate

25

Improvedwell-beingwheremyorganisationoperates

23

ProgresstowardESGgoals

23

Revealingthepathsto2040:globalinsurancesurveyreport12

©TheEconomistGroup2025

Notably,theshareofrespondentswhoidentifiedcostminimisationasatopsought-afteroutcomewasevenhigher(58%)amongthosewho

alsoviewtheriseofAIasoneofthebiggest

opportunitiesfortheirorganisation.Thissignalshowmuchthepromiseofnewtechnologies

andtheprospectofnewefficienciesaretiedtogetherasleaderslooktothefuture.

Indeed,fourofthetopfiveoutcomesleadersidentifiedarearguablytechnology-related(seeFigure4).Alongwithcostminimisationand

informationsharing,improvedclaimprocessingandproductdeploymenttimeswereflagged

asthemostimportant.Leadersappeartobeacutelyawarethattheinsuranceindustry’sfuturewillbedominatedbytheorganisationsbestabletodeploytechnologyinwaysthatacceleratethepaceofdoingbusiness.

Additionally,insuranceexecutivessaid

generativeAI(46%)wasamongthemost

importantdigitalcapabilitytoharness,

followedbydigitalprocessautomation(40%)andadvanceddataanalytics(37%).These

resultssupportabigtakeawayfromthesurveyrelativetoAIandthefutureofinsurance.

Asawhole,theindustryhasjustbegunto

developgenerativeAIusecases.Butwithin

organisationsleadingthepack,thetechnology’spotentialtocreatenewvalue—whether

throughoperationalefficienciesorotherwise—appearstangible.Whetherinvolvingenhancedproductoferings,refinedactuarialprocessesorstreamlinedclaimsmanagement,arange

ofgenerativeAIusecasesarenowtakingrootacrossdiferentindustrysubsectors.16,17

Leadersappeartobeacutelyawarethattheinsuranceindustry’sfuturewillbe

dominatedbytheorganisationsbestabletodeploytechnologyinwaysthatacceleratethepaceofdoingbusiness.

Revealingthepathsto2040:globalinsurancesurveyreport13

©TheEconomistGroup2025

Nonetheless,thesurveyhighlightsmajorinternalbarriersthatinsurersfaceastheylooktostayaheadofandtakeadvantageofindustrytrends.Forexample,threein

four(75%)respondentssaidthatoutdatedtechnologywillverymuch/significantlybeabarriertotakingadvantageoffuturetrends.

Leadersatsmallerorganisationsweremore

likely(80%)toviewthisasachallenge,comparedwiththoseatlargercompanies(70%).

Aninsurer’sinabilitytomovebeyondlegacy

technologyhasimplicationsformanagingarangeofrisksandseizingvariousopportunities.It’s

aboutmuchmorethandeployingnewAIsystemsandcapabilities.Fromcreatingnewmodelsto

dynamicallyanalyseandpricefast-evolving

climateriskstodevelopingdigital-firstcustomerexperienceaimedatthegrowingtech-savvy

middleclass,theabilitytoimplementcutting-edgetechnologytoleveragenewdatastreamsandpowerinnovationisincreasinglyessential.

It’sworrisome,then,thataboutthree-quarters

(74%)ofrespondentsalsoviewedtheslowrateofinnovationandchangeinorganisationalcultureanddepartmentalsilosassignificantbarriers.

Silosimpedecross-functionalcollaboration,includingdata-sharing,decision-makingandtechnologyimplementation—allofwhicharecriticalforrespondingtoemergingchallenges.

Finally,mostleadersseealackofunderstandingoftheexternalenvironment(suchasregulationsandcompetitors),includinginsufficientknowledgeofchangingcustomerneeds,asmajorbarriers.

Again,aboutthree-fourthsofrespondents

sharedthisperception.Ifthesebarrierspersist,theimplicationsforinsurersarewide-ranging.

Justontheconsumerfront,organisationscouldstruggletodevelopnewproductsandcustomerexperiencesthatappealtonewconsumers

andnewmarkets.Inotherwords,theywillmissnewmarketopportunitiesthatcouldpower

growthintothenextdecadeandbeyond.

Figure5.Respondentsseeanarrayofinternalbarrierslimitingtheirorganisations,abilitytotakeadvantageofindustrytrends.

Internalbarrierstotakingadvantageofindustrytrends,byshareofrespondents.

Significantly/verymuchSomewhatMinimally/notatall

Understandingofconsumerneeds

Understandingofexternalenvironment

OutdatedtechsystemsWorkinginsilos

SlowrateofinnovationLackofresources

Focusonnearterm

0%100%

76

16

8

75

15

9

75

16

9

74

19

6

74

20

6

73

17

10

61

29

10

Revealingthepathsto2040:globalinsurancesurveyreport14

©TheEconomistGroup2025

Affordabilityandtrust:keystounlockinggrowthandclosingtheprotectiongap

Astheglobalrisklandscapehasgrownmore

crowdedinrecentyears,itsunprotectedrisk

exposurehasalsogrown.Thisistheglobal

protectiongap:thediferencebetweeninsured

anduninsuredlossesacrosslife,health,natural

catastropheandcropinsurance.Thisgaphas

grownbymorethanathirdoverthepastdecade,reachingUS$1.8trnin2022.18Theglobalprotectiongapwasparticularlyhighinemergingmarkets,

whereinsurancepenetrationisoftenlimited.

What’satstakeissocietalresilience—the

abilityofsocietiestoquicklyrecoverfroma

rangeofdisasters,bothnaturalandhuman-

caused.Fundamentally,theinsuranceindustryhasalwayssupportedresilience,ofcourse.

Thesurveyresultsmakeclear,however,thatexecutivesseesignificantbarrierstoclosingtheglobalprotectiongap.

Alargemajorityviewsclosingtheprotectiongapasbothanethicalresponsibilityand

abusinessopportunity.Aboutfourinfive

(78%)respondentsagreethattheindustryisethicallyobligatedtoclosetheprotectiongap,withthatsharebeinghighestinNorthAmerica(85%)andlowestinAsia-Pacific(72%).But

insuranceleadersalsoperceiveclosingthegapasasignificantbusinessopportunity.Three

outoffour(76%)respondentsagreed—but

thereasonsaremorecomplexthansimply

wantingmorecustomers,revenueandprofits.

Figure6.Alargemajorityviewsclosingthe

protectiongapasbothanethicalresponsibilityandasignificantbusinessopportunity.

Percentofrespondents

Hasanethicalresponsibilitytoclosetheglobalprotectiongap

Disagree8

Agree78

Neutral13

Hasasignificantbusinessopportunityinclosingtheglobalprotectiongap

Disagree8

Neutral16Agree76

Revealingthepathsto2040:globalinsurancesurveyreport15

©TheEconomistGroup2025

Whenaskedtochoosetheirtopthree

outcomestoachievethroughclosingthe

globalprotectiongap,surveyrespondents

focusedontwomainoutcomes:portfolio

diversification(42%)andanimprovedbrandandreputation(40%).Inthirdposition,moreafordableinsuranceproductsandincreasedprofitswereequallylikely(35%)tobechosen.

Inotherwords,theperceivedbusiness

opportunityrelativetoclosingthegapis

multifaceted.Insurerscanbecomemoreresilientinthefaceofmarket,geopoliticalandclimatic

volatilitybydiversifyinginvestmentportfolios.19Butgrowthintonewmarketsenablingthis

canonlyoccurifprospectivecustomersbothtrustinsurersandcanafordtheirproducts.

Nonetheless,thelackoftrustintheindustryandaffordabilityremaintopbarriersfor

closingthegap.Aboutthree-quarters(77%)ofrespondentssaidthatalackoftrustisasignificantbarrier.Thereasonspeoplemistrustinsurers

arenotmysterious.Indevelopingcountries,

wheretheprotectiongapisgreatest,insurance

productsareoftennottailoredtolow-income

householdswithlimitedliteracy.Individualsmayhavehadpoorexperienceswithformerstate-

runmonopolyinsurersorfallenvictimtoscams.Moreover,alternativedistributionchannels(eg,mobilenetworkoperators)mayfailtoadequatelycommunicateproductfeaturestocustomers.

Morebroadly,alackofinteractionbetween

agentsandpolicyholdersafterasale,often

limitedtoannualrenewalprocesses,candeepenscepticismamongfirst-timepolicybuyers.20

Threeinfour(75%)surveyedleadersalso

viewedtheafordabilityofinsuranceproductsasasignificantbarriertoaddressingtheglobalprotectiongap.Thisisathornyproblem.Lower-incomepeoplehavelessmone