PwC Middle East identifies key trends shaping the region’s insurance industry

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PwC Middle East identifies key trends shaping the region’s insurance industry

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Dubai, UAE:– PwC Middle East today launched a new report titled, Next in Insurance: Key trends shaping the future of the Middle East’s insurance industry which provides insight on some of the recent trends affecting the insurance industry. The report also identifies the necessary long-term changes required for Middle East insurers to serve a higher purpose in a fast-changing and uncertain world.

The events of 2020 led to unprecedented changes within the industry. Insurers were not only met with escalating obligations to policyholders, including increased life and health claims, but also went above and beyond in playing their role for a larger purpose such as offering free insurance to first responders, premium holidays, and policy term extensions. The region’s insurance industry proved its relevance in a time of extreme crisis, not only as an essential economic player but also as a provider of protection and peace of mind for businesses and individuals around the world.

Following the effects of the Covid-19 pandemic, the industry had to undergo rapid transformation. From demographic changes to rapidly evolving customer needs and expectations, coupled with a dynamic shift in the buying behaviour towards online channels, insurers took the opportunity to rethink their long-term strategies.

The report identifies

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