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Natural disasters linked to climate change, cyber security, artificial intelligence and regulations relating to consumer protection have been identified as the biggest challenges facing insurers in 2024, according to the sixth edition of Global Insurance Law Connect’s annual Risk Radar report.

The report is a collection of insights from law firms in 26 countries, covering 29 jurisdictions. Each firm provides details on the key changes to the insurance market in their region and provides an outlook for the coming year in that country. The report provides a valuable insight into the varying – and sometimes similar – concerns of those who work in the insurance industry around the world.

Gillian Davidson, Chair of Global Insurance Law Connect and Partner at Sparke Helmore, commented: “We continue to see the emergence of major trends that are reshaping the insurance industry in every market and that have a significant global impact. The report shows that insurers everywhere are grappling with climate-driven disruption, responding to a heightened sensitivity to cyber threats, and embracing the potential for innovation presented by artificial intelligence, all against a backdrop of increased geopolitical risks.

“A new theme that has appeared in this year’s report is the focus on the regulatory and compliance challenges facing insurers relating to consumer protection. Customers want a fully customised and personalised experience, and regulators are pushing for a stronger focus on customers’ interests. They want more transparency, stricter regulations on insurance practices, and fair treatment of policyholders.”

In the Australian market, three issues stood out for their importance to the health of the local industry, for their recognition of dynamic industry conditions and for the ability to address the task of ensuring a sustainable insurance market as part of a well-functioning economy.  These three issues are: continuing on the path to resilience in the face of ongoing natural disasters; data protection, cybersecurity, and the impact of AI; and regulatory, obligations and compliance.

Continued Gillian Davidson, “The insurance industry in Australia is on an upward growth trajectory.  The mood of insurers is positive, resilient and future-focused with respect to risk mitigation strategies in support of its many stakeholder communities. The industry has concentrated on assisting those affected by climate-driven disruption, responding to a heightened sensitivity to cyber threats, and embracing the potential for innovation presented by artificial intelligence.”

The Risk Radar report covers Australia, Austria, Belgium, Brazil, Chile, China, Denmark, Finland, France, Germany, Greece, India, Ireland, Italy, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Romania, Spain, Switzerland, UAE, Ukraine, United Kingdom and the United States. Click here to access the full report.

Click here to visit the Global Insurance Law Connect website.

About Sparke Helmore

We’ve come a long way since our doors first opened in the Hunter in 1882. We’ve had an office in Sydney since the ‘60s and we recently opened our ninth office in Darwin.

We cover six key areas of law – Corporate & Commercial, Commercial Insurance, Government, Property Environment & Finance, Statutory Lines of Insurance and Workplace – with more than 30 specialised areas of expertise. We’re a truly national, full service and proudly Australian firm that delivers results through deep collaboration with our clients. Wherever our clients need us, that’s where we’ll be.

Covering a big country needs a big team—we’re more than 850 people now and still growing. And in true Australian spirit, we’re friendly, approachable and easy to work with. And when you work with one of us, you get the expertise of all of us.

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