In today's fast-changing world, companies face risks that span borders and regulatory regimes, which is resulting in growing interest in multinational insurance, a complete end-to-end customized service for the cross-border exposures of organizations, including risk transfer and captive services. What are some of the current and future trends in this space?

1. Cross-border exposures have never been more volatile for multinationals. Expect the unexpected.

The volatile socio-political environment has dramatically impacted the risk landscape, presenting risk managers with the challenge of how best to protect their companies in the face of conflict, political unrest, economic risk, supply chain disruption, increasing cyber threats and climate change. Most experts, including Allianz Risk Barometer respondents, predict that businesses will continue to experience significant disruption around the world for some time yet. Scenario planning is vital to plan for the growing number of crises, as is ensuring holistic insurance cover is in place.

2. A complex regulatory environment, broadening client footprints and improving technology mean the global program market is poised for sustained growth.

The global programs market is set to grow in 2023 aligned with the general growth rate of multinational enterprise, which is estimated to be beyond 60% globally since 2010. Anticipated drivers of future growth include the ever more interconnected world, a broadening customer footprint as international companies expand, the increasingly complex regulatory, tax and reporting environment around the world, and lower barriers of entry as digital tools and portals help facilitate service improvements. Global programs ensure full insurance coverage and can help prevent any regulatory violations. At the same time, global risk consulting and claims services are becoming increasingly important, given this current environment.

3. Digitalization is unlocking real-time data and enabling greater collaboration.

Companies have woken up to the power of data in their businesses, and increasingly want to conduct business digitally. When it comes to global programs, firms now expect much faster turnaround times than in the past.