30 May 2025

The four mega-trends revolutionising the insurance proposition with Group CEO Rob Schimek

Rob Schimek, Group CEO, highlighted four major trends reshaping the insurance industry recently talking with Insurance Business. These “mega-trends” are contributing to the growing protection gap affecting people, businesses, and societies worldwide.

1. Climate change

Schimek pointed out that climate-related events are making it increasingly difficult for people to obtain affordable insurance. For instance, residents in California and Florida in the United States face challenges securing homeowners’ insurance due to rising costs and insurers withdrawing from high-risk areas.

2. Aging population

As people live longer, there’s a growing need for insurance products that cater to extended, healthier, and more active lives. This demographic shift is creating demand for new healthcare solutions and technologies to support quality of life in older age.

3. Technological advancements

Rapid technological progress, including the rise of sophisticated cyber threats, is introducing new risks. Schimek noted that the increasing complexity of cyberattacks, such as realistic video call impersonations, underscores the need for innovative insurance solutions to address these emerging challenges.

4. Urbanisation

Global migration patterns show a trend towards urbanisation, leading to concentrated populations in cities. This shift necessitates insurance products that address the unique risks associated with urban living, particularly in housing and transportation.

Schimek emphasised that these trends collectively contribute to a vast, unmet protection gap, “Anytime something is measured in the trillions, it’s a big opportunity,” highlighting the potential for insurtechs to develop solutions that bridge this gap.

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