Aon plc, the global professional services firm, has released its Transformative Trends report, identifying prescriptive analytics as the leading megatrend with the potential to exceed $100 billion in gross written premium (GWP) by 2030 by applying machine learning and data influx to generate actionable insights for the re/insurance industry.
However, its interdependence on other trends necessitates strategic planning and careful implementation to maximise opportunities and mitigate associated risks, Aon noted.
The second most significant growth opportunity identified in the report is shared mobility. Encompassing shared autonomous vehicles, hailed vehicles, car sharing, and air taxis, this sector is projected to generate over $40 billion in GWP by 2030.
Intellectual property (IP) and the Metaverse are also highlighted as high-potential growth areas, with estimated GWP exceeding $20 billion each by 2030.
IP growth is driven by the global shift towards intangible assets, which were valued at approximately $60 trillion in 2022.
Sherif Zakhary, CEO of Aon’s Strategy and Technology Group, emphasised the urgency for insurers to proactively address these megatrends. Zakhary highlighted the need for insurers to leverage technology, including advanced analytics, to anticipate and capitalise on the evolving landscape.
He further emphasised the importance of attracting a diverse range of talent to drive innovation in the industry.
Beyond the primary trends, the Transformative Trends report also identifies additional growth opportunities for insurers, such as carbon capture, carbon asset decommissioning, nature-based products and biodiversity, biotechnology, electrification, and resilient infrastructure development, also known as “build back better.”
Aon’s Strategy and Technology Group aims to equip insurers with frameworks to comprehend future landscapes, enabling them to identify high-potential growth areas aligned with their risk appetite.
By leveraging intelligence and insights to anticipate global macro trends, insurers can effectively penetrate new markets and offer relevant products and services.
Additionally, the report emphasises the need for insurers to cultivate the right talent, infrastructure, and business culture to seize these opportunities successfully.
