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The 5 insurance trends that we will see in 2022

·3-min read
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We are just days away from the end of 2021, a year in which the economic and emotional ravages left by the Covid-19 pandemic were nuanced . During this period, insurers have faced an atypical situation, in which the sector presented a contraction of 2.8% for the first quarter of 2021, according to the Mexican Association of Insurance Institutions (AMIS). In addition to the fact that in life insurance policies and medical expenses, the incidents reported were greater than what was commonly recorded.

In the end, the pandemic has left great lessons for all sectors, in the case of insurers they must evaluate and consider these types of risks to avoid losses in the face of future challenges.

Fortunately for the insurance market, the outlook for 2022 looks encouraging. According to a study carried out by the Swiss Re Institute, the global demand for insurance may grow up to 3.9%, which could mean one of the fastest rallies for the industry. As for the end of the year 2021, it could end with a growth of 3.3%.

However, not everything is encouraging news, there are also some negative phenomena that are expected for the following year, which are part of the havoc that this pandemic has left. , insurance quotes that in alliance with some insurers, has managed to identify the trends that will mark this sector for next year. Some of the most relevant are:

Positive perception of insurance in the wake of the pandemic . The pandemic implied strong unforeseen expenses from doctors, hospitalization, medicines, studies, treatments, etc. and in some cases funeral expenses. In most cases, these sums exceeded the finances of those affected, so that today some have not been able to resume their economic stability. Given this, the trend towards prevention is increasingly important and the contracting of policies such as life insurance and major medical expenses are increasing and more users perceive them as necessary services.

Process optimization for a 100% digital industry . Faced with a technological era, users begin to request information or hiring services immediately and that can be accessible anywhere in the world. For this, insurance companies must implement processes that allow the user to carry out any type of procedure that is normally carried out in branches, through platforms such as apps, web pages, etc., and offer insurance contracts without so many complications, thus optimizing traditional processes to migrate to a more automated and digital environment.

Insurance companies must implement processes through platforms such as apps, web pages, etc. / Image:

Innovation in insurance policies : Insurance companies should consider developing more specialized policies focused on the real needs of users, for this they must know the interests of users and offer innovative alternatives. In the same way, it is recommended that these insurances have different plan options so that they can adapt to the lifestyle of the insured.

Inflation : This phenomenon is expected not only in Mexico but also worldwide, according to the Swiss Re Institute, the cost of premiums is expected to increase by 2.8%, considering that in 2020 there was an increase of 1.5 percent.

Finally, trends strongly point to life insurance policies, specifically this insurance shows a growth forecast of 4% in 2022. For its part, insurance against risks or savings could benefit from the effect of the pandemic and exceed 3,000 million global premiums.

For 2022, a positive outlook is expected for the insurance market, where it should continue to strive to provide the best user experience, and target the policies that it really needs. In the same way, its work will continue to focus on promoting a culture of prevention so that more and more people know the importance of having financial support to cushion expenses in case of unforeseen events such as death, crashes, illnesses, accidents, etc.