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Evolving risks and the future of insurance

Rapid changes in society, technology, economics, environment, and politics are producing an influx of new uncertainties for public policy, and for the insurance industry. These challenges will all have long-lasting effects for economies and societies. Actuaries can draw upon their expertise to identify potential implications and encourage appropriate adaptations for the insurance sector to employ.

Our policy briefing, The Future of Insurance: A STEEP Change, identifies five areas of risk that are rapidly developing and which insurance products are having to adapt to in a changing world. If the risks and opportunities of these changes are not properly understood, potential unintended consequences could be detrimental to society. 

  • Societal – changes in demographics; globalisation; microinsurance
  • Technological – data science; telematics; wearables; autonomous vehicles
  • Environmental – adverse weather events and natural catastrophes
  • Economic – recessions; low interest rates; underinsurance
  • Political – policy decisions that could have huge ramifications for all areas of insurance e.g. social care reforms and the effect of Brexit on regulation

Contact Details

For further information, please contact the Policy Team at