2022 insurance industry outlook

Deloitte Insights

2022 insurance industry outlook

Digital and talent transformation accelerating as insurers adapt for postpandemic growth

Author: Gary Shaw (US)

2021 saw widespread vaccine deployment and easing of pandemic-related restrictions—important catalysts that helped rebuild confidence among people and businesses alike, while fueling economic recovery. But the battle with COVID-19 is far from over, and a level of uncertainty will likely persist— perhaps indefinitely. Might this undermine the insurance industry’s outlook heading into 2022? Our research found that despite ongoing COVID-19 concerns, insurers in general expect more rapid growth next year—although nonpandemic challenges around regulation, talent, sustainability, and evolving consumer preferences may present speed bumps. A lot will depend on how effectively insurers manage their investments in people and emerging technologies. Flexible work models, balancing automation with the need to maintain a human touch with customers and being more proactive in bolstering stakeholders’ trust should be among the industry’s strategic priorities.

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