Top 10 risks for P&C insurers in 2023

These factors should be considered and incorporated into strategies, and adjusted as needed throughout the year. (Photo: Diki/Adobe Stock)

Every year presents risks for the P&C insurance industry — some more traditional, others new and emerging. SMA’s annual research on the strategic initiatives of P&C insurers reveals that for 2023, the inexorable march to digital transformation will continue along with the expansion of channel options, enhanced coverages, new partnerships and more. However, this is juxtaposed against more cautious budgets and the pullback of some more innovative initiatives.

How this will play out by the end of 2023 is a task for other industry prognosticators and seers. In the meantime, the ten key risk factors identified in this article should be considered and incorporated into strategies, and adjusted as needed throughout the year. The implications of each risk factor will vary, but most apply in some way to every segment of the market.