Transformation of business models of insurance companies in the conditions of macroeconomic instability in 2024-2026

Abstract

This article examines the transformation of insurance companies business models in the context of heightened macroeconomic instability in 2024- 2026, characterized by high financial market volatility, inflationary pressure, fluctuations in key interest rates, and ongoing geopolitical shifts. The aim of the study is to identify the most effective strategies for adapting the insurance business to ensure financial stability and maintain competitiveness. Based on an analysis of industry statistics, macroeconomic indicators, and practical cases from leading insurance organizations, the need for a transition from traditional linear models to flexible (agile) and ecosystem approaches is substantiated. The study demonstrates that the key drivers of this transformation include accelerated digitalization and the implementation of InsurTech solutions (including artificial intelligence for underwriting and claims handling), diversification of investment portfolios in the context of high government bond yields, and the development of innovative products such as parametric insurance and microinsurance. Particular attention is paid to revising actuarial models in the face of "black swan" events and strengthening the focus on cyber risk management. It is concluded that successful adaptation of the business model in the medium term is impossible without deep optimization of operating expenses and the development of customer- centric digital platforms.