Big I Buzz is back, and we hope that everyone enjoyed their holiday season! We are back and covering all the news stories that you need to know about as we jump into the new year. In this week's Big I Buzz, we are discussing our new member benefit of the month, P&C predictions for 2022 and buying trends anticipated for the new year. 

Spotlight on Member Benefits - January 2022

Every month we feature a new member benefit that all IIAW members have access to! This month's spotlight focuses on our 2021 Q3 P-C Marketplace Report. Members receive the report for free (a $99 value) and the report highlights top lines of business trends, growth rates, percentage of surplus lines and the biggest writing insurers. You can access the report here. If you're not an IIAW, you can purchase this report for $99. Members can also access Q1 and Q2 results. Stay tuned in the next few months for the 2021 Q4 report. 

P&C Insurance Industry Predictions for 2022

NU Property Casualty 360 has put together their list of five things to look for in the year ahead, including supply chain issues and a property price 'reckoning'. 

1. Electric vehicles to emerge as a growth segment for insurers. According to Property Casualty 360, "The global market for electric vehicles is expected to grow from $171 billion in 2020 to $725 billion in 2026 - a compound annual growth rate (CAGR) of more than 27%. By 2030, we expect there to be 115 million electric fleet vehicles globally. 

2. Sustained supply chain & inventory management risk will accelerate product reinvention. It's likely that the supply chain issues we've seen occurring throughout the end of 2021 will continue into 2022. NU Property Casualty 360 says that we can expect to see more insurers apply risk mitigation and management solutions more broadly and go beyond indemnification to help their customers address core operating risk. 

3. A property pricing and profitability reckoning is coming.The US annual inflation rate reached the highest in four decades in November. NU Property Casualty 360 reports that, "The next two decades are expected to bring steep increases in both premiums and concentration of risk from catastrophic events linked to climate change and greater urbanization in emerging markets. The year ahead will be one with a pricing and profitability reckoning within property markets."

4. Insurance operating models will adjust to seismic shifts. Between COVID and the "Great Resignation", the pressures and shifts these are causing will force insurers to disrupt long-standing apprenticeship models that the industry has relied on for skilling in essential functions like claims and underwriting. 

5. Resetting the underwriting workflow. "Insurers are ready to see their digital transformation and cloud platform investments of the last two years pay off in the form of cost reduction and new business. In 2022, we will see transformation programs aimed at reducing expense ratios and boosting profitability through increased process efficiency and 'decisioning' effectiveness in underwriting," NU Property Casualty writes. You can read more about their predictions for the year here. 

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