McKinsey & Company

From FY 2020 to FY 2023, the industry saw a CAGR of 11%.

The average combined ratio improved to about 91% in 2023 driven by rate increases.

70% of global losses between 2016 and 2023 from natural disasters are uninsured.

These firms are adopting hybrid models that combine digital tools with limited human assistance.

Emerging markets face a pension savings shortfall of $74t.

UHNW and HNW families are expected to reach $5.8t in wealth by 2030.

Emerging markets in Asia face a $74 trillion pension savings shortfall.

Discover how 2 insurance leaders tackle conduct risk, cybersecurity, and business model evolution.

Chief risk officers at a roundtable stressed the importance of capital management.

Private-capital-backed insurers have gathered nearly $700b in assets through 2023.

Experts pin 3 ways to adapt to a more ‘demanding’ customer base.

Industry experts share their thoughts on how women in business can be the ultimate growth driver.

Cyber insurance market in Asia is projected to triple in size from 2022 to 2025.

P&Cs in the Asia Pacific stand at only 0.5% of real GDP or half of the global penetration ratio.

McKinsey & Company’s Senior Partner Bernhard Kotanko discusses the company's recent report on commercial property and casualty insurance in Asia. He says that the commercial P&C industry globally has seen growth in the 6-8% CAGR range since 2018 with a very hard market and strong rates. However, he warns that the industry is now at an inflexion point with new risks emerging, such as cyber, climate change, managing risks along new value chains, and business interruptions. Kotanko recommends that insurers invest more in market-making and put more emphasis on Asia whilst understanding how they can develop distribution models to be closer to their customers.

Thanks to these threats, 54% of insurers had an ROE below their cost of equity.