In The Economist Intelligence Unit’s survey for CEO Briefing 2014, commissioned by Accenture, insurance executives share the confidence of their peers in other industries regarding the prospects for the global economy, their home country and their own industry.
The industry’s view that emerging markets hold opportunities for growth is a big contributor to the general optimism. Insurers are more upbeat than other executives in other industries, with most seeing strong or stable growth in these markets. While 43% of all respondents see a slowdown in major emerging markets in the year ahead, only 33% of insurers believe this will be the case, with 67% predicting strong or stable growth for these markets (compared with 57% overall).
Among emerging markets, insurers in Asia have benefited from the fact that the region has experienced little recessionary impact. With most of its major economies continuing to grow, many insurers are attracted to this region.
In both developed and emerging markets, insurers are looking to woo new customers with new products and services. More insurance industry executives point to this strategy than those in other industries. Outside their home market, the largest proportion of insurance industry executives (61%) say that they plan to sell new products and services to new customers in emerging markets, far more than their colleagues in the banking sector (45%).
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