Changing consumer expectations, employment issues, supply chain issues, political unrest, and remote working will all have an impact on the insurance landscape in the coming year. Let’s look at some of our predictions for the most interesting trends that will emerge in the insurance industry in 2022.
- When it comes to where and how to buy insurance, consumers will have more options than ever before.
- Cyber-attacks will increase for both individuals and businesses in 2022.
- Remote work will continue to grow in 2022.
- More people will start home businesses, requiring a review of personal insurance coverage.
- Advanced Driver Assistance Systems (ADAS) and linked vehicle technologies are on the rise.
- COVID-19’s disruption of supply networks is expected to last well into 2022. However, with the reinvention of traditional freight and cargo insurance products, the related business disruptions and frustrations may be alleviated.
- Start the renewal process early with your agent.
- Collect precise information on your risk with your broker. This will help you stand out in the crowd.
- Use an agent that desires to build a relationship and provide education on your risk and how best to manage it.
- For commercial accounts, address loss control advice and talk to your underwriters about your efforts. Underwriters appreciate proactive loss management because it displays a commitment to risk mitigation.