NEW YORK, July 8, 2024—(BUSINESS WIRE)—The International Insurance Society (IIS) has released the findings of its 2024 Global Priorities Survey. Distributed to nearly 20, 000 C-suite insurance executives worldwide, the survey offers a comprehensive overview of the industry's key priorities across various categories, including Economic, Political and Legal, Social and Environmental, Operational, Technology and Innovation, and Business and Financial. In a notable shift, AI has emerged as the top priority in Technology and Innovation, with over half of respondents stressing its importance—a significant increase compared to previous years. Despite the potential for AI to enhance operational efficiency, more than a third of executives report their companies are unprepared for its rapid advancement. Concerns include the industry's slow adaptation to technological changes and the need for extensive reskilling due to an aging workforce. Climate change remains a dominant issue on the Social and Environmental agenda, with 60% of industry executives prioritizing it in 2024. The escalating frequency and severity of natural disasters present significant challenges, including uncertainties in predicting future losses and rising costs that could pose risks to carriers, governments, and consumers. The survey reveals that a quarter of respondents feel their companies are ill-prepared to address this issue in 2024. Inflation maintains its position as the top priority for the third consecutive year, despite diminishing recession fears since 2022.

Cybersecurity, although no longer the highest priority, still remains a critical concern, with executives highlighting the need for robust protection against emerging AI-related cyber threats. The survey also delves into growth opportunities, revealing that two-thirds of executives are primarily focused on product innovation. A majority of respondents aim to target new or underserved customer segments, while over half seek to enhance trust and consumer engagement. Encouragingly, almost all respondents feel prepared to pursue these growth strategies. The Global Priorities Survey findings will act as a foundation for discussions at the Global Insurance Forum 2024, scheduled to take place from November 17-19 at the Hyatt Regency Miami. For the full survey report, please visit: https://mailchi. mp/03ee9e4b58fd/2024globalsurvey. To learn more about the Global Insurance Forum and register, visit: https://www. theglobalinsuranceforum. org. About International Insurance Society The International Insurance Society (IIS) is a diverse and inclusive platform for all stakeholders in the global insurance and risk management community, offering knowledge, research, thought leadership, and connectivity to support the betterment of society. Founded in 1965, IIS is a global nonprofit organization that serves as a neutral platform for active collaboration and examination of issues shaping the future of the insurance industry. IIS is an affiliate of The Institutes. About The Institutes The Institutes is a global nonprofit comprised of diverse affiliates that educate, elevate, and connect individuals in the essential disciplines of risk management and insurance. Through products and services provided by The Institutes' nearly 20 affiliated business units, individuals and organizations are empowered to help those in need, with a focus on understanding, predicting, and preventing losses to create a more resilient world. View source version on businesswire. com: https://www. businesswire. com/news/home/20240708025870/en/ Contacts Colleen McKenna Tucker Executive Director, International Insurance Society +1 212 277 5164 cmckenna@internationalinsurance. org