The insurance sector has faced unprecedented challenges during 2020, adding to the ongoing demands of a rapidly changing business environment.

All insurers are seeking greater product and organisational simplification with a view to achieving increased efficiency and lower ratios of expenses to claims. They are dealing with the implications of lower investment returns, capital constraints and pressures on profitability. In addition, they are endeavouring to make optimal use of emerging insurtech opportunities, enabling improved granularity of risk assessment.