Responding to changes in technology is the biggest challenge facing insurance leaders around the world, according to a report from consulting group PwC.
Cyber was cited as the second biggest risk, both from an operational point of view and as an underwriting risk, the survey of more than 900 insurance leaders in 53 countries found.
The report aims to identify the risks that are the most urgent to insurance practitioners over the next two to three years.
Darren O’Neill, PwC Ireland insurance advisory partner, said: “This year’s study reveals there is a pressing need for better and more efficient technology.”
“The emphasis on technology and cyber ought to be a wake-up call,” he added.
Another fast riser in the report, which is carried out every two years, is climate change.
With increasing concerns about the environment, this was the first time climate change featured near the top of the survey since it began in 2007.
“We expect climate change and sustainable development to continue to impact on the insurance industry,” Mr O’Neill said.
“Evolving sustainably, developing relevant climate-friendly products, will be critical.”
In Ireland, claims reform was the main concern among the industry leaders. Overall, the tone of responses received was the most negative since 2007, as global uncertainty increased.