Insight

Preparing for the 2021 Insurance Board Agenda

Oversight in tumultuous times

Ed Chanda

Ed Chanda

Partner, National Sector Lead, Insurance, KPMG US

Scott Shapiro

Scott Shapiro

Insurance Operations Leader, KPMG US

+1 860-297-5088

Philip Jacobs

Philip Jacobs

Principal, Insurance Tax Lead, KPMG LLP

+1 212-954-1191

Insurance company boards of directors, along with boards across other industries, face a daunting landscape in 2021, given the business and risk environments created by COVID-19, recession, extreme weather events, deep-seated social unrest, and an increasingly polarized America.

Global volatility, driven by trade and geopolitical tensions, resurging debt, technology, and business model disruption, elevated cyber risk regulatory scrutiny, and political gridlock in the U.S. and elsewhere only adds to boards’ challenges and pressures.

In insurance, the prospect of an uneven economic recovery, along with heightened expectations of regulators, investors, employees, and customers also adds to the air of uncertainty.

We expect many boards of insurers will see 2020-21 as a turning point in critical areas:

  • Corporate governance, with demands for greater attention to corporate purpose and stakeholder views
  • Corporate culture and incentives, diversity and inclusion
  • The richness of boardroom dialogue and debate
  • And, the company’s land board(s) readiness for the risks and opportunities ahead-some of which may be backed up by investor votes against directors.

Preparing for the 2021 Insurance Board Agenda

Drawing on insights from the KPMG Leadership Center’s latest survey work and interactions with directors and business leaders, our report, Preparing for the 2021 Insurance Board Agenda, highlights a series of issues for insurers’ boards to keep in mind as they consider and carry out their 2021 agenda.

To read more about the Insurance board agenda, download the full report