Artificial Intelligence, Sustainability and Cyber Risks to Shape Insurers’ Business in 2025
The global insurance industry will be impacted by AI, environmental, social and governance (ESG) and cyber risks by 2025, according to a new report from global research firm GlobalData.
“As consumers increasingly make decisions based on AI and show growing interest in personal cyber insurance, insurers will face both challenges and significant opportunities to innovate, personalize offerings and integrate new technologies,” the GlobalData report says.
The GlobalData study surveyed insurance consumers aged 18 and over, with more than 5,500 respondents from 11 countries and regions around the world.
According to the survey, 43% of respondents use AI tools, with “Chinese consumers clearly the most open to this technology, while Australians are the least open.” More than half (51.3%) of respondents believe that insurers should play a role in building a sustainable society using ESG principles. More than a quarter of survey participants (26.4%) are interested in purchasing a policy that would cover cyber risks.