This biennial report is a supplement to the PwC Global Insurance Banana Skins 2021 survey, which measures the most urgent risks in insurance.
What are the top risks facing the insurance industry? This latest report looks at what New Zealand’s insurers consider to be the most significant challenges ahead, including:
Cybercrime and fraud
The impact of new regulatory standards
Technological change
Climate change, both as an underwriting and an operating risk
Access to human talent
Beyond the pandemic: long-term risks for insurers
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Insurance banana skins - Karl
The rise in cybercrime risk is dominating concerns within the insurance industry, and it’s position as most urgent risk reflects serious concerns about both the ability of cyber criminals to attack insurers’ technology systems directly and the potential costs of underwriting attacks against policyholders.
In addition, it’s clear that the impact of climate change is a much nearer-term risk than previously perceived around the world, and in many cases the effects are already being felt.
Thirdly, insurers have identified that regulatory risk is also a key concern particularly in light of the volume of regulatory change they are dealing with.
Watch Karl Deutschle, Partner and Insurance Sector Leader, talk about the issues top of mind for insurers and how to mitigate these risks.
Cyber risks: what is the impact for insurers?
Cyber criminals are becoming more agile and sophisticated in their approach. The increasing corporation of attackers, such as with ‘ransomware as a service’ (RaaS) where ransomware developers lease their malware in exchange for a share of the criminal profits, is enabling and multiplying sophisticated attacks.
The latest edition of the Insurance Banana Skins survey reveals cybercrime is now the top risk for insurers both in New Zealand and globally. A high ranking risk for a number of years, the increase in virtual working and in the type, volume and success of cyber threats have further elevated this risk in the view of insurers.
Watch Ben Coulter, Partner, discuss why cybercrime is the biggest threat to insurers and how the insurance industry can reduce their cyber risk.
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Insurance banana skins - Ben
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Partner, Sustainability Reporting & Assurance Leader, Auckland, PwC New Zealand
+64 21 355 879
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