LONDON, November 13, 2013 /PRNewswire/ --
The past year has been challenging for insurers, due in large part to modest economic growth in key markets and low interest rates - particularly in Europe and the US -taking their toll on profitability and squeezing profit margins.
New industry-wide regulations, as well as jurisdiction-specific developments, have made market conditions tough for insurers and, "In just two years, industry executives have abruptly diverted their attention from pricing concerns to regulatory matters," writes Laura J Hay, National Sector Leader for insurance at KPMG in the 2013 Insurance Industry Outlook Survey.
"In addition, shifting demographics and digital technologies have created a whole new set of customer expectations, driving the need to evolve traditional distribution models. As a result, many insurers continue to focus on increasing IT investments, enhancing data analytic capabilities, and modernising out dated legacy platforms in an effort to increase operational efficiencies, improve risk managements, gain new insights, and actively engage with customers."
2013 has been a defining year for the insurance industry and so, with that in mind, World Finance has recognised the very best the sector has to offer in this year's Insurance Awards.
Elsewhere in the new November-December issue of the magazine, World Finance takes a look at the GCC's grossly underperforming insurance market and how it is that Kuwait-based Gulf Insurance Company is setting a precedent for insurance providers in the region.
For more details on this year's Insurance Award winners and to read the article in full, see the new November-December issue of World Finance, available in print and online now.
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SOURCE World Finance