2023 industry outlook reports

2023 Global insurance outlook

Over the last few years, most insurance carriers have demonstrated remarkable flexibility and resilience in overcoming a host of obstacles, especially the impact of the pandemic and the economic fallout from the Russia–Ukraine conflict. Systems and capabilities were improved; while agile talent and technology strategies paid off. But is the industry ready for emerging challenges heading into 2023 (and beyond)? The road ahead is dotted with hurdles—rising inflation, interest rates, and loss costs; the looming threats of recession, climate change, and geopolitical upheaval; and competition from insure tech companies and even noninsurance entities such as e-tailers and manufacturers to name a few. This is no time for carriers to be satisfied with the adaptations they’ve had to make.

Here are some of the key findings from Deloitte’s 2023 insurance industry outlook:

• Inflation hampers nonlife profitability even while boosting prices and top-line growth
• Life insurers transformation is likely key to sustainable growth
• Insurers are reinventing workplace strategies and culture as talent war intensifies
• It is ime to make ESG (Environmental, Social, and Governance) a competitive differentiator
• More needs to be done to step up diversity, equity, and inclusion (DEI) efforts

Interested in the details?
Access full 2023 Global insurance outlook

Contact:
James Colaco
Partner, National Insurance Sector Leader
jacolaco@deloitte.ca
416-874-3152

2023 Global commercial real estate outlook

Following a pandemic-fueled course correction, the global real estate industry faces transformational shifts in how buildings will be used, valued, and transacted in 2023 and beyond. Our research uncovers priorities CRE leaders can focus on to help their firms traverse this period of uncertainty and emerge stronger. Real estate firms should make informed, innovative plans to meet the evolving needs of investors, tenants, and regulators. Strategic portfolio execution, prioritizing ESG to meet regulatory and stakeholder demands, understanding recent and pending changes to tax structures, rethinking talent approaches, and using technology to innovate and improve efficiency stood out as top priorities when planning for a year that, at the moment, is difficult to predict.

Here are some of the key findings from Deloitte’s 2023 insurance industry outlook:

• New concerns about revenue are prompting real estate leaders to reassess firm strategies
• Despite near-term performance reservations, respondents remain optimistic about real estate fundamentals
• As the regulatory environment heats up globally, CRE firms will need to focus more on ESG disclosure requirements and addressing trends in tax regulation
• Employee expectations have shifted and grown since the pandemic began
• Companies planning to curtail their technology spending could miss out on opportunities to innovate and improve efficiency

To learn more,
read the 2023 global commercial real estate outlook

Contact:
Tony Cocuzzo
Partner and National Real Estate Leader
acocuzzo@deloitte.ca
416-601-6432

2023 investment management outlook

Strong connections between leadership, culture, and operating results are helping investment management companies drive success in a virtuous cycle. Two of the findings in our latest survey—a consistency of opinion between organizational functions on the health of company culture, and an agreement on priorities for resource allocation over the next 12 to 18 months—represent a meaningful improvement in coordination across departments from results reported in last year’s outlook.

Other key findings include:

• Professionally managed assets under management (AUM) grew for a third consecutive year

• More needs to be done to optimize talent models

• Digital transformation holds the key to differentiated results

• Culture and purpose are more important than ever

Interested in a deep dive?
Read the 2023 investment management outlook

Contact:
Tony Cocuzzo
Partner, National Investment Management Leader
acocuzzo@deloitte.ca
416-601-6432

2023 banking and capital markets outlook

Over the long term, banks will need to pursue new sources of value beyond their current product, industry, and business model boundaries. The new world economic order that will likely emerge over the next few years will require bank leaders to forge ahead with conviction and remain true to their purpose as guardians and facilitators of capital flows. Bankers should be bold and stay ahead of the curve, shape emerging forces, and envision the possibilities beyond the current fog of uncertainty.

Here are some of the key findings:

• Retail banking: envision new ways to serve and engage with customers
• Consumer payments: unlock deeper financial relationships beyond transaction flows
• Wealth management: create a new recipe for greater success
• Commercial banking: design a new service model bolstered by insights and digital tools
• Transaction banking: shape the future of global money flows
• Investment banking: weather the storms with patience and ingenuity
• Market infrastructure: carve out a new identity by creating differentiated sources of value

Find out more in the 2023 banking and capital markets outlook

Rob Galaski
Managing Partner, Financial Services
rgalaski@deloitte.ca
416-601-4594