Research from PwC has revealed that 92% of insurance CEOs are confident that their revenues will increase over the next three years.
PwC’s 17th annual CEO Survey, which includes responses from 74 insurance CEOs in 34 countries, also found that the number of insurance CEOs who believe that the global economy will improve over the next 12 months has tripled since last year – 45% now compared with 15% last year. This buoyant outlook is reflected in the fact that 59% of insurance CEOs plan to take on more staff over the coming year.
David Law, global insurance leader at PwC, said: ‘Insurance CEOs are markedly more optimistic about the global economy and their prospects for growth than they were this time last year. Although the global economy remains fragile, immediate pressures are beginning to ease, allowing CEOs to shift from ‘survival mode’ to ‘growth mode.’
‘Insurers face the challenge of how to capitalise on the growth potential created by a wealthier and longer living global population, while grappling with the accelerating and potentially disruptive impacts of new technology, regulation and fast changing customer expectations.’