Commercial insurance industry under growing pressure from economic uncertainty, ESG activism and deglobalization

KPMG report reveals rapidly changing landscape, despite strong market conditions

KPMG report reveals rapidly changing landscape, despite strong market conditions

A new report from KPMG has revealed the world’s commercial insurance industry is performing well but faces a number of increasing pressures that threaten its long-term sustainability.

KPMG’s Future of Large Commercial Insurance report was compiled following extensive interviews and research with more than 400 industry leaders throughout the world. The report highlights five critical ‘signals of change’ that are already impacting the sector and could radically reshape the industry in the future. These are:

  • Client and broker expectations
  • Economic uncertainty
  • Regulatory and legal deglobalization
  • Technology evolution
  • Environmental, social and governance (ESG) activism

The global commercial insurance industry is predicted to continue its growth trajectory over the next decade, with estimates suggesting the worldwide sector could generate revenues of more than $661 million by 2028, compared to $349 million in 20201. But, despite the positive financial outlook, there are fears growing external challenges could bring the industry’s success to a halt, if decisive action isn’t taken now by CEOs and other sector leaders.

KPMG’s findings highlight the need for the industry to rapidly evolve and address growing threats before they hamper progress in the sector. The report identifies three new business models for the businesses that emerge as ‘winners’ in the long-term. They are:
  • Agile global player – optimizing the existing
  • Innovative specialist – adapting and exploiting at pace
  • Open-source risk manager – stock market of risk

Click to read KPMG’s Future of Large Commercial Insurance report in full.

For media queries, please contact:

Brian O’Neill, Senior Manager, Global External Communications
T: +44 7823 668689
E: Brian.O’

About KPMG International

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KPMG firms operate in 144 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

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Footnote :
1 Data from Research Dive

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