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Table of Contents Introduction 2 External Forces 2 Risks 2 Economic Risks 3 Environmental Risks 3 Geopolitical Risks 3 Societal Risks 4 Technological Risks 4 Insurance Demand 4 Substitutes 5 Insurance Supply 6 Capital 6 Expertise 6 Future of Insurance 7 Conclusion 7 References 8 Insurance Industry: Effects of external forces and future of industry Introduction In the modern business industries insurance industry have greatly impacted and being impact by the market…
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Download file to see previous pages... The various impacts of the risks that affect the insurance industry are analyzed along with their impact upon the demand and supply of insurance. Nonetheless the impact of the demand and supply upon the insurance and upon the industry as a whole is examined along with their impacts upon alternation of the industry structure. Factors that affect various insurance operations are determined with the intensity of their impact regarding the change in supply and change in the insurance industry thus resulting in the change in the structure. The future of the insurance amounting to various factors that accounts for the change in the industry and how they shall be impacting the industry in the future is analyzed. The scope of the industry in the future regarding changes in the demand and supply along with the structural changes that shall be evolved so as to benefit from the external factors is determined (Rejda, n.d.). The response of the industry regarding the factors is analyzed in current and future terms and the future of the insurance industry is determined regarding change and the external factors. ...
Amal, et al., 2012). The external factors of the insurance industry are discussed in detail below. Risks The insurance industry is to account and tackle risks that are faced by various entities. The change in the intensity of the risk determines the demand and supply of insurance. The structural risks that have evolved in the recent years when the company mergers enhanced and various companies started consolidating the risk increased. There are various risks factors affecting the insurance industry and they are categorized differentially along with the nature and impact (Coomber, 2006). The change in the risks that are to be faced the insurance industry changed in accordance so as to manage those risks. Economic Risks The economic risks increased when the global crises in various economies increased and thus impacted the insurance industry. Major systematic financial failures resulting in the closure of many corporates such as Enron and Lehman Brothers Bank has gathered the intention towards reconsideration of risk (Jeffrey & Amy, 2004). The economic changes around the world have caused the insurance industry to realize the intensity of the risks that in increasing and thus account for the changing and increasing risk of economy to incorporate in its operations and structures. The financial imbalances around the globe and the change in the incomes have caused the insurance industry to reanalyze the demand of the insurance. Environmental Risks The definition of the risks totally changed when the environmental changes in the globe began much of a concern. The development and the impact of the risks that is faced by the environment caused the insurance industry as how the ...Download file to see next pagesRead More
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