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  "documentTitle": "Insurance reimagined 2025",
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      "text": "Insurers came through the tests posed by COVID-19 remarkably well.",
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      "text": "global protection gap: $1.4tn",
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      "text": "The past decade, and the last few years in particular, have been an exhilarating and challenging time for an industry that is traditionally risk-averse and slow to change. As we look to 2025 and beyond, insurers must harness the momentum they've gained to meet a host of new difficulties. These include macroeconomic and structural headwinds, increased demands regarding climate risk and social purpose, new forms of competition, changes in reporting and accounting standards, and the exponential growth in digital innovation. Regardless of how insurers capitalise on these trends, they'll need to reassess the future and reimagine their place in the world.",
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      "text": "Expectations are also mounting for the industry to play a greater role in environmental, social and governance (ESG) issues, as both investors in and underwriters of other corporations. Currently, only 45% of insurers believe ESG is a very important factor in their underwriting activities, according to analysis by the PwC Market Research Centre. A separate survey by insurance asset management firm Conning suggested that almost 80% of insurers in the US have incorporated ESG factors into their investment strategies since 2020.",
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      "text": "Insurers came through the tests posed by COVID-19 remarkably well. The industry not only met its escalating obligations to policyholders, including increased life and health claims, but also went above and beyond by offering free insurance to first responders, premium forgiveness and refunds. Insurers dealt with unprecedented interruptions to their business by accelerating its urgently needed digital transformation. And they proved their relevance in a time of extreme crisis, not only as an essential economic player but also as a provider of protection and peace of mind for businesses and individuals around the world.",
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      "text": "Continued rapid advancements in digital and analytics capabilities, from inside and outside the industry, have put many players under pressure. We've seen a sharp increase in digital efforts and adoption in areas like distribution, operations and claims. However, insurers still lack speed and agility due to inherent complexities such as legacy systems and traditionally siloed operations. A fresh approach to digital is needed to drive a competitive advantage that can be sustained.",
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      "text": "The challenges to the industry come at a time when the global protection gap (the difference between actual and insured losses), which reached US$1.4tn in 2020, is forecast by PwC to widen at an accelerating pace. With a growing need to find long-term solutions to address social and economic disparities and business resilience, insurers must go beyond their traditional mandate.",
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      "text": "1 PwC, IFRS 17: Insurance contracts, accessed in Apr 2022, www.pwc.com/gx/en/services/audit-assurance/ifrs-reporting/ifrs-17.html.",
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