The Risks of Change in the Insurance Industry: Adapting to the “New” New Normal
March 2024
Authors
Brian Kaul
Janine Bender, ASA, MAAA
Ben Leiser, FSA, MAAA
Lisa Parker, ASA, MAAA
Risk & Regulatory Consulting, LLC
Overview
In March of 2020, the global economic order was shaken by the advent of the novel coronavirus pandemic, which prompted widespread government lockdowns, business closures, and stimulus spending. Months into the pandemic, commentators began speaking of a so-called ‘new’ new normal’ as citizens adjusted to the cultural and business changes attendant to mandatory masking, working from home, social distancing, and extensive school closures, along with the widespread rise of DEI departments within corporate and government organizations. In a constantly changing world, the concept of a ‘new’ new normal refers to that which is different from what was experienced in the past and is now becoming the norm.
Report
The Risks of Change in the Insurance Industry: Adapting to the “New” New Normal
Acknowledgments
The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group and others for their diligent work overseeing questionnaire development, analyzing and discussing respondent answers, and reviewing and editing this report for accuracy and relevance.
Project Oversight Group members:
Alp Can, FCAS, MAAA, CSPA
Syed Danish Ali, CSPA
Syed Muhammad Razi Hasnain, ASA, ACIA
Weiling Lao, FSA, MAAA
Mengran Li, FSA, MAAA, CERA
Tim Morant, FSA, MAAA
Joshua Travis Poythress, FSA, MAAA, CERA
Ira Robbin, ACAS
Max J. Rudolph, FSA, MAAA, CERA
David K. Sandberg, FSA, MAAA, CERA, FCA
Christopher M. Smerald, FCAS, MAAA
Renee C. West, FSA, MAAA
At the Society of Actuaries Research Institute:
Korrel Crawford, Senior Research Administrator
R. Dale Hall, FSA, MAAA, CERA, CFA
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