Reinsurance News

McKinsey

Gen AI could unlock $50-$70bn in insurance revenue, estimates McKinsey & Company

27th February 2026

McKinsey & Company, a management consulting firm, argues that artificial intelligence (AI) represents one of the most significant opportunities for value creation within the insurance industry. In its analysis, McKinsey & Company maintains that the sector’s structural characteristics, including fragmented workflows and extensive repositories of structured and unstructured data, position it ... Read the full article

Relevance of personal lines insurance rising as premium growth outpaces nominal global GDP: McKinsey

29th November 2024

In 2023, around a quarter of the the insurance industry’s total premiums came from personal P&C insurance as the segment's gross written premiums (GWP) represented around $1.1 trillion, with growth outpacing nominal global GDP in the period, according to McKinsey & Company. Analysis by the strategy and management consulting firm reveals ... Read the full article

UK insurtech sector soars with $21bn enterprise value, establishing global dominance: McKinsey

21st July 2023

The UK's insurtech sector has emerged as a dominant force in the global market, boasting an impressive total enterprise value of approximately $21 billion, according to recent estimates by management consulting firm McKinsey & Company. Despite trailing behind the US and China in total enterprise value, where the insurtech giants stand ... Read the full article

ZestyAI leaders highlight the benefits of AI within P&C underwriting

15th May 2023

According to leaders from ZestyAI, an AI-enabled property and risk analytics platform, property and casualty (P&C) underwriting can be significantly improved using AI. In a recent discussion with McKinsey, executives from ZestyAI noted how insurers’ capacity to accurately estimate, price, and mitigate risks is core to their value to the market. AI ... Read the full article

How US P&C insurers can build resilience against inflation: McKinsey

5th September 2022

In a recent report, analysts at management consulting firm McKinsey have outlined the risks inflation poses to the insurance industry, noting how US P&C insurers can build resilience against it. The report writes that the insurance industry faced profitability challenges even before the pandemic, and the sudden unexpected spike in inflation ... Read the full article

Insurance industry profit practically at a standstill, warns McKinsey

15th February 2022

In a new report, analysts at management consulting firm McKinsey have warned that insurance industry profits are “practically at a standstill” due to longstanding economic challenges. Examining the industry in the wake of the COVID-19 pandemic, McKinsey concludes that half of insurers globally are not earning their cost of capital, and ... Read the full article

London Market’s dominance remains, but share of global reinsurance is fading

19th May 2020

The London Market's share of the global commercial re/insurance market remained steady between 2010 and 2018, although its share of global reinsurance did decline by 1.7 percentage points during the period, according to analysis by the London Market Group (LMG) and McKinsey. In a new report released today, titled London Matters ... Read the full article