Consultancy EY has released its 2025 global insurance outlook, outlining the industry’s key risks and opportunities.

It says climate, cybersecurity, artificial intelligence and geopolitical tensions are among forces reshaping the landscape.

New competition, increased regulatory scrutiny and “continuously shifting customer behaviours” also demand the attention of C-suites and boards.

“Yet we are optimistic about the industry’s near- and longer-term prospects,” the report says.

“There is a clear need for core insurance protections and strong demand for more holistic solutions and ancillary services. 

“New business models are gaining traction. Expanding data volumes are opening new possibilities in risk assessment, pricing and partnerships. 

“There have never been more opportunities or incentives for insurers to innovate. And never has the world been more in need of a high-performing insurance industry.”

See Analysis.