As we approach the end of 2017, Simon McGinn, General Manager Commercial & Personal, reflects on key events which have continued to shape the insurance industry over the past 12 months, and considers what’s in store for 2018 and beyond.
The unprecedented rate of change seen in 2016 has continued apace throughout 2017 – culturally, economically and politically. Uncertainties over Brexit, ill-conceived decisions such as the Ogden discount rate announcements, the UK snap election in June and after much to-ing and fro-ing, the change to interest rates have all impacted upon businesses within the UK.
Such developments require stability and agility from insurance companies, which must respond both rapidly and appropriately in an ever-evolving marketplace.
This is no mean feat as it requires a combination of internal dexterity and a strong resource base to provide customers and brokers with that certainty of proposition upon which they rely.
Allianz is no exception, and the events of 2017, from government announcements to developments in InsurTech, have demanded the very best of our skills and resources. We may be pleased with how we have navigated the year so far but we are far from complacent, as, for all of us in the industry, 2018 and beyond looks no more straightforward than the recent past!
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