Disruptors to Watch in 2023

disruptors to watch

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The insurance marketplace is hardening across most sectors as insurance companies re-evaluate their books amid many challenges for the industry. Spiralling inflation, supply chain issues and the effects of climate change are all growing concerns, and insurers may increase premiums or modify policies in response. As such, employers should carefully review policy terms and conditions to ensure they’re adequately covered. Additionally, they may benefit from understanding the trends likely to impact insurance premiums this year.


Rising inflation is affecting the price of everything, meaning it’s getting more expensive for insurers to cover incurred claims. Consequently, insurance premiums— including reinsurance rates—are increasing in many cases. In fact, the global price for property catastrophe reinsurance is 37% higher than last year on average, according to Howden. In addition to reevaluating prices, insurers may seek to restructure their policy offerings. This means policyholders should review their cover for any potential gaps that might emerge.


The chance of being underinsured greatly increases when an organisation reduces cover to save on costs elsewhere; this also increases the potential for severe losses. Unfortunately, 43% of UK commercial properties are already underinsured, according to global insurance broker Gallagher, so reducing cover further could be disastrous. As such, employers should work with their insurance professionals to review policies—including sums insured—to ensure they have proper cover.

Driver shortages

Hauliers are being hit by driver shortages, with 64% of operators affected, according to a Chartered Institute of Logistics and Transport survey. This could lead to a variety of consequences across sectors. For one, employers may find it challenging to source well-qualified drivers for fleet vehicles, leading to accidents, delays and other related issues. For another, supply chains might see further disruption as hauliers struggle to meet demands, requiring employers to find alternative supply sourcing.

Opportunist cyber-attacks

Ongoing geopolitical tensions may increase the frequency of cyber-attacks in 2023. For instance, scams encouraging donations to Ukrainian humanitarian efforts amid Russia’s invasion may catch employees off guard. Additionally, deepfake attacks – an image or video convincingly altered to misrepresent someone – are becoming increasingly sophisticated as technology advances. These, and other factors, could increase cyber insurance premiums, particularly in organisations with poor cyber-security controls.

Extreme weather

Catastrophic weather events are causing market disruptions everywhere. In particular, hurricane Ian led to significant catastrophic losses for many large carriers and reinsurers, affecting the entire industry across the globe. For its part, the UK contributed to the worsening market conditions with last year’s unprecedented heatwave and storms Dudley, Eunice and Franklin. With unpredictable weather, it’s harder for insurers to predict future risks and negotiate reinsurance treaties. As such, associated costs may be passed onto policyholders.

Contact our brokers today for further guidance on market trends and to ensure your organisation is adequately insured for all 2023 has in store.

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