Capital management challenges and increased regulatory constraints are among the leading concerns for insurance executives, according to a global survey by risk consultants Towers Watson.

But respondents are relatively well prepared to handle such issues, the report says.

The volatile economic environment is also a concern, according to the study of 533 global insurance executives in March and April.

Respondents are least prepared for the rise of social media, “big data” and talent attraction and retention.

In terms of big data, life insurers must collect more information about consumers to aid product development and pricing, the report says.

Talent retention ranks lower on the list of concerns, but Towers Watson warns this will change.

“Not only will companies need new talent in the area of social media, but even actuarial positions will evolve as actuaries take on new, more strategic responsibilities.”

Survey responses vary between life and non-life insurers.

Life insurers are more likely to be concerned about regulatory change, while property and casualty insurers focus on the frequency and severity of extreme weather.

A similar survey by the International Insurance Society has also found regulation and catastrophe losses to be key concerns, but ranks risk management as the biggest challenge.

It shows the biggest operational concerns to be talent retention and expense control.

The leading risk management issues are applying analysis to business decision-making, building culture and understanding emerging risks.

The key financial issues are competitive pricing and profitability, asset-liability management and capital management.

Growth issues include new market and product opportunities, while regulatory concerns include multiple standards across national watchdogs, understanding and anticipating regulations and ratings agency reactions.

The society questioned 400 delegates at its annual seminar in Seoul this month.