Industry regulation, compliance and data security, among other issues have become top concerns for today’s insurance industry executives.
A recent survey conducted by KPMG called the 2013 Insurance Industry Outlook Survey has revealed that healthcare regulation and federal oversight top the list.
More specifically, regulation on digital technologies and software have caused corporations to increase their investments in IT and Network Security enhancements – over 50% of respondents said they will spend those dollars specifically on IT infrastructure and data analytics.
Here are the other top concerns revealed in the survey:
- Healthcare reform (51%)
- Increased federal oversight (44%)
- Convergence of insurance contract standards (24%)
- Corporate tax reform (21%)
- Consumer protections (19%)
- Shifting capital requirements (14%)
- Individual tax reform (12%)
- Accounting valuation and disclosure (12%)
The insurance industry has always faced a complex regulatory environment and because of this, unforeseen risks could continue to arise.
Protecting your brokerage with professional liability coverage is essential, especially given the litigious society we now do business in. Review your current Errors & Omissions policy for any coverage gaps so you can be sure you’re properly protected – speak to one of our professional liability specialists for a complimentary policy review today. 201-847-9175