Insurance is an industry with a long and proud history and strong financial foundations. It weathered the financial crisis well, and in 2011 paid out £1.4bn to businesses for property damage alone.
However, the industry needs to think about the challenges ahead such as trust, a customer-centric business, regulation, public policy and opportunities such as technology. Public trust is one of the industry's biggest challenges. It threatens to undermine the social value of insurance and all its added benefits of stability and risk handling.
This paper provides an insurer perspective of some of the challenges facing the GI sector.