Wednesday, February 13, 2013
Global insurance industry CEOs are optimistic about growing revenue in 2013, despite ongoing volatility in the overall economy, according to PWCâ€™s 16th Annual Global CEO Survey.
Some 90 percent of insurance industry leaders are at least reasonably confident about growing revenue this year and in the next three years, the survey found.
However, most CEOs see the prospects for the overall economy as tentative at best, with only 15 percent of insurance CEOs believing that it will improve over the next 12 months.
Nearly a quarter expect the economy to decline, though this is a much less pessimistic outlook than last year, when nearly half anticipated worse times ahead, according to PWC.
Other key takeaways from the survey:
— More than half of the CEOs are focused on organic growth to increase their bottom line, while 12 percent are focused on M&A
— Nearly 60 percent of CEOs are concerned about the shift in consumer spending and are seeking ways to enhance customer loyalty and retention (In response, nearly 90 percent are planning to change their strategies for managing customer growth)
— Almost 90 percent of insurance leaders plan to increase spending on technology to improve analytics and customer profiling capabilities
PWCâ€™s findings are based on interviews with 92 insurance CEOs in 39 countries.