We wore a mask, had lockdowns, avoided travel, got the vaccine. We all thought this pandemic would be over by now. 2021 was a challenging year for almost everyone; there were more downs than ups. Although 2022 has begun, it’s a new year for your business and you. This year, there seems to be hope for things to get better and slowly recover. 2022 will bring many changes in various industries with new modern trends.
Every industry will hope for this year to be better and bring in the profit they may have lost. However, there will be some industries that will thrive and grow faster this year. It’s the year to work around the pandemic and accept the change in lifestyle of the public. Professionals predict the new year to bring many trends in various industries such as technology trends, new currency and even health trends. However, as 2020 has taught us, a new year is unpredictable, but we can hope for the best.
There is one thing that the past two years have taught us is- “It’s better to be safe than sorry”. Therefore, every business must be careful with the appropriate insurance cover during these sensitive times. This article will explain the top industries with a higher chance of succeeding in 2022 and the best insurance to keep them safe from risks.
What Industries Will Thrive In 2022?
The finance industry is full of businesses that provide a range of advice to customers about their investments and financial future. The industry was affected by covid due to many customers not being ready to risk investments and stocks falling. However, the Covid pandemic also increased the launch of many E-payment products. Therefore, since 2021 the industry has started to recover, and more people are curious about new investments. Especially with the hype of cryptocurrency and many new fintech startups. The finance industry will be one of the most thriving industries in 2022. As more customers will take financial advice about cryptocurrency investments. Additionally, finance professionals expect the fintech market in Asia to grow at 72.5% annually through 2025, continually showing dynamic growth and adaptation.
Finance businesses are always at risk when providing advice, as potential customers could sue the business for their loss due to their advice. A lawsuit against a financial firm or bank can cost a company millions and reputation damage.
These possible risks associated with financial advice or products is why in 2022, all financial businesses need to purchase professional indemnity insurance. Professional indemnity insurance provides coverage for professionals and companies to protect against negligence claims from clients or customers. Therefore, it is crucial for every firm to be protected from unexpected claims in 2022.
Technology Industry (Including AI)
Over the many years, technology products and services have become more efficient and effective. AI technology companies are releasing technology that has shocked us, especially with the recent tease of Metaverse (AI universe). The technology industry may be one of the top industries that will flourish in 2022. The industry is always expanding with new product launches to new startups. The past year showed us how technology had become a big part of our life with software’s that allow us to work from home during the pandemic. Technology products will continue influencing other industries—for example, E-payments applications and applications to help the health industry against covid.
Most technology firms hold an extensive range of sensitive data. They are liable for protecting this data and their customers/clients. However, as technology develops, so have the capability of hackers. Forbes reports that hackers have become more innovative and will use AI to hack large firms. Hence, in 2022 the technology industry has a high chance of being hacked and have to deal with cyber risks.
Cyber risks can be shocking and incredibly hard to predict. Cyber Insurance protects companies against material and immaterial cyber threats. In addition, cyber insurance will provide technology companies with the first-party response on your loss and a third party response to cover your liabilities occurring with the cyber-attack. Every business needs cyber insurance, especially companies that are part of the tech industry. In the past two years, the pandemic has taught us protection against a virus is crucial; similarly, cyber insurance is your business protection against cyber viruses.
We all knew the medical industry would be on this list and an industry that will hopefully perform magically in 2022. The medical industry will keep growing through the decade with new studies and using technology to make health care more successful. Doctors and scientists will continue using biotechnology to create new medicine and machines to assist the medical industry. There was a significant advancement in medical care in 2021, and 2022 will continue this momentum. Hopefully, medical risks will decrease over the years, and the health industry will finally resolve the pandemic.
The medical industry is full of doctors and scientists that are always at risk. They are commonly blamed for negligence of duty, even if it was out of their control. For example, a patient’s family may sue a doctor or hospital for not doing enough to save a patient- without understanding they did their best.
Due to these reasons, medical professionals need to protect themselves with medical malpractice insurance. Medical malpractice insurance is a specific professional indemnity insurance for medical professionals. The insurance coverage protects medical professionals against patients filing lawsuits against them regarding allegations that they or their family member was harmed by the professional’s negligence or advised harmful treatment decisions.
The fitness industry had to overcome some awful challenges due to the pandemic in the past two years. The pandemic forced thousands of gyms and studios to shut down. During these periods, personal trainers and gyms struggled to provide the same service to their clients. Thankfully, gyms are finally open again, but the pandemic has changed how the industry operates. Online workouts and classes have become a new way of working out at home, which will develop and continue in 2022. The online training consists of Zoom software hosting classes. Additionally, new fitness technology has made it easier for fitness consumers to calculate their health goals and track their fitness anywhere.
Unfortunately, there are several cases worldwide where the client has sued personal trainers and gyms due to the advice and training. No matter if the advice is given online or in person, the personal trainers are liable for the advice they provide. Even gyms are responsible for any injuries that occur on their property. These situations can lead to expensive lawsuits and a negative reputation.
Such cases are why in 2022, personal trainers and gyms need to purchase a high-quality personal trainer insurance solution. A personal trainer insurance solution will protect the professional (trainers) or business (gyms) when training their clients and protect them from possible risks and claims that significantly affect them. In addition, this solution will cover most of the financial costs related to injuries, damage, or lawsuits.
The logistics industry will be crucial in 2022 to allow the flow of goods from one place to another. In addition, it will enable businesses to function internationally. With the increase in technological trends, the industry will change its operation from 2022. Since 2021 emerging technologies are shaping the future of the logistics industry. The global logistics industry is estimated to reach a revenue of 15.5 Trillion USD by 2023. One can already see the integration of technology and logistics with customer service, tracking and automated machines.
For example, drone deliveries are being tested by Canada and India. It will soon be the new trend that changes the industry forever.
As a result of these trends, more logistic companies are ready to embrace the change and use insurance to provide a safety net. Freight forwarders liability insurance allow logistic companies to get the best asset and liability cover through these growing activities. Freight forwarders liability (FFL) insurance provides coverage against unpredictable damages or losses. The insurance is crucial as it offers financial cover for the logistics companies in case of claims. Therefore, it helps logistics businesses reduce economic loss and the risks involved if something does go wrong during the journey.
How Can The Right Insurance Be The Perfect Start To 2022?
These five industries have learned to deal with the pandemic professionally and, with this knowledge, will thrive in 2022. As the new year begins, we must hope for the best for each industry. The year will be full of development and operations changes to succeed in these recent times. However, we cannot accurately predict the year and wish for success.
As the article has pointed out, some risks are out of control. The best way a business can protect itself is with insurance. There are specific insurances that are the right fit for a certain industry and the range of risks associated with the industry. The right insurance can help a business avoid financial loss and shield from unpredictable events 2022 might bring us.
The beginning of the year is the best time to purchase the best insurance and get the appropriate cover for your industry.
To Learn More about the best 2022 insurances and get the best protection for your business against unexpected risks, contact Red Asia Insurance.