Festive reflections: James Cowen

For the festive period, Insurance Times turns to its own journalists for some personal reflections on 2023 and what they hope to find under the tree for 2024.  

What stood out as your highlight in the insurance industry for 2023?

There were many great events that took place across the industry and having joined Insurance Times in March this year, I was lucky enough to attend them for the first time. For me, the Insurance Times Awards in December was a key highlight, given it was an opportunity to celebrate all the crucial work firms and individuals have been doing across the year.

Also up there as one of my key highlights was Insurance Times picking up the Best Publication Award at the Biba 2023 Journalist and Media Awards. This was a great achievement and it was a privilege to pick up the award alongside my editorial team. 

What is your Christmas message for your insurance colleagues?

I would like to thank those across the industry who have been so welcoming during my first writing about the industry – your help and openness has really been appreciated.

A lot has happened in 2023, such as the introduction of the new Consumer Duty regulation and firms continuing to battle economic headwinds, and your insights have been key for our news and features across the year.

I would also like to wish everyone a Merry Christmas and a Happy New Year! Following what has been a busy 2023, now is the time to wind down and relax – I look forward to seeing you all again in 2024!

What do you hope to find under the industry’s Christmas tree for 2024?

There is no doubt that economic headwinds such as inflation have been a challenge this year, with premiums having been on the rise due to increasing costs.

Fortunately, there are signs inflation is falling. For example, back in January 2023, figures from the Office for National Statistics (ONS) showed UK inflation sat at 10.1%, as measured by the Consumer Price Index (CPI). However, according to the ONS’ latest CPI, published on 20 December, the rate at which prices were rising dropped to 3.9% in the year to November.

Hopefully, reductions can continue in 2024 and I hope the year sees pressures ease for firms.