麦肯锡-2025年全球保险报告：追求增长（英）

November 2024Insurance PracticeGlobal Insurance Report 2025: The pursuit of growthThis publication is not intended to be used as the basis for trading in the shares of any company or for undertaking any other complex or significant financial transaction without consulting appropriate professional advisers.No part of this publication may be copied or redistributed in any form without the prior written consent of McKinsey & Company. Copyright © 2024 McKinsey & Company. All rights reserved. Cover image: © Eugene Mymrin/Getty Images All interior images: @ Getty ImagesGlobal Insurance Report 2025: The pursuit of growthFinding profitable growth is an imperative for the world’s personal and commercial property and casualty insurers, while life carriers must adjust to changing consumer needs.For an industry focused on mitigating risk and providing protection, the world’s insurers are enduring a particularly volatile age. The macroeconomic picture is mixed, with inflation stubbornly high and interest rates uncertain. Consumer confidence remains shaky, even though the economic growth cycle appears to have bottomed out. Geopolitical instability remains a perceived threat to global growth, and trade patterns are shifting amid signs of protectionism.Yet McKinsey’s Global Insurance Report 2025—published in three chapters covering personal lines P&C, commercial P&C, and life—finds significant ground for optimism. In offering granular insights and clear recommendations for how leading insurers can drive performance, the reports identify opportunities for capturing profitable growth as they navigate this shifting landscape.Personal P&C: Opportunities amid challengesWhile personal lines (P&C) insurance premiums grew by 9.5 percent in 2022–23 to $1.1 trillion—outpacing nominal global GDP by half a percentage point1—gross written premiums as a share of nominal GDP remained below prepandemic levels and the coverage gap between mature and emerging economies widened. Industry growth in developed markets was largely driven by rate increases, indicating limited expansion into new risks, while insurance affordability emerged as a significant topic in some markets including the United States because of rising underlying asset prices, the cost of repairs and frequency of damage (especially in areas exposed to physical risk), and rising reinsurance costs.Amid these challenges, we see a chance for carriers to innovate, expand coverage, and increase the industry’s relevance. Several economies in Latin America and Asia are potential pockets of growth and may enter economic conditions that will enable greater insurance coverage and relevance. The aging global population and evolving customer purchasing patterns present opportunities for carriers to rethink their capabilities and offerings. Distribution is getting closer to the customer as players embed the purchase of insurance into broader purchases of goods and services. New mobility models will force carriers to rethink th