The re/insurance industry is at a critical turning point. Neal, the CEO of Lloyd’s, a leading global insurance marketplace, has issued a strong call to action. He says the sector must evolve quickly to handle growing threats like climate disasters, cyberattacks, and unpredictable global risks.
The world is becoming more volatile. Storms, floods, and wildfires are increasing in frequency and intensity. Cybercrime costs businesses trillions annually. Meanwhile, new technologies like artificial intelligence and space exploration bring fresh uncertainties. Traditional insurance models, built for slower-moving risks, may soon become outdated.
Neal argues that innovation is no longer a luxury—it’s a necessity. Companies that fail to modernize could lose their competitive edge. Customers now demand faster, more flexible, and affordable coverage. To meet these expectations, insurers must adopt cutting-edge tools like AI-driven risk analysis, blockchain for secure transactions, and automation to speed up claims.
Lloyd’s is already leading by example. The company has invested in digital platforms and supports InsurTech startups developing next-generation solutions. Neal encourages other industry players to follow suit. Collaboration with governments, tech firms, and businesses will be key to designing new insurance products for emerging threats.
The message is clear: standing still is not an option. The re/insurance industry must act now to stay relevant in a rapidly changing world. Those who embrace innovation will thrive, while those who resist may struggle to survive. The future of insurance depends on bold, fast adaptation—and the time to act is today.
Related topics：
