To achieve growth in what is shaping up to be a challenging 2013, insurers must recognize obstacles in the coming year and identify both the threats and opportunities they present, a recent Deloitte report says.
Deloitte says while the economy will continue to challenge insurers, companies should identify growth sectors and “piggyback” off of them. The report, “2013 Property and Casualty Industry Outlook,” says insurers can take advantage of opportunities from rebounding auto sales, greater construction, and millions of new insureds brought into the healthcare market due to the Patient Protection and Affordable Care Act. Overseas as well, a growing middle class in China, India and Brazil are creating new market opportunities, Deloitte says.
The firm says it also sees an improving mergers and acquisitions landscape in 2013, although Deloitte notes that it's hard to say where the capital markets — “a noteworthy predictor of M&A activity” — will go over the next 6-12 months. Still Deloitte says the environment seems “ripe for an acceleration of insurer deals.”
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