As we approach the end of 2022, the insurance industry is responding to disruptions across all industries. From customers worried about crypto losses to employers still assessing the risks of covid-19, insurance companies are finding ways to offer protection.
In this final insurance news analysis of the year, Abbey Compton and I are pleased to welcome Cindy De Armond and congratulate her on her new role as Accenture’s head of insurance for North America. We also welcome back Jim Bramblet as he steps into his new role as Accenture Financial Services Lead for the Midwest.
Our discussion begins with the latest developments in crypto and the expansion of cyber policies that protect insurance customers from losing their assets in the metaverse. As insurance in the metaverse continues to evolve, we consider how traditional home insurance is also evolving to include cyber protection for personal devices.
The cost of commercial property insurance has increased to reflect rising construction costs due to factors such as rising inflation and supply chain disruptions. The effect is now reaching developers. New requirements in hurricane-prone areas like Florida are driving up builders̵7; hazard insurance premiums.
While the insurance industry now has three years of Covid-19 data to help inform insurance decisions, it may not be enough to understand the risk the virus continues to pose. But as consumers emerged from lock-down in 2022, we saw a sharp increase in demand for live events and are thinking about what that means for customers and insurers.