commercial insurance esg kpmg [shutterstock: 568033360, Gearstd]
[shutterstock: 568033360, Gearstd]
Management Press Release

Commercial Insurance Industry Under Growing Pressure

A 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, and
  • 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 2020. However, despite the positive financial outlook, there are fears growing that 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 players (optimizing the existing), innovative specialists (adapting and exploiting at pace), and open-source risk managers (stock market of risk).

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