Instant Insights page, “The insurance industry in 2020,” to read up on the trends impacting the insurance industry this year. (Photo: Shutterstock)
A new year has begun, and with it comes a wave of ‘new’ — rising trends, risks, changing regulations and more that will shape the economy and insurance for the months to come.
Take, for example, the California Consumer Privacy Act that went into effect Jan. 1, 2020. The comprehensive law obligates businesses that handle California residents’ personal information to comply with a range of new requirements governing the collection, use and sharing of a person’s information. With more than 39 million people living in the state, the law will affect thousands of businesses around the country — and will undoubtedly have an impact on the framework of cyber insurance policies moving forward.
When looking at the landscape of the industry, developing trends in different areas of the business are poised to transform insurance in 2020. One such development is the emergence of risktech, a growing subset of InsurTech. Consisting of tools related to…
