Property & Casualty (P&C) Insurance State of the Market 2024
State of the Market Report
In 2023, insurance enterprises strengthened profitability through increased rates, better underwriting practices, and higher investment returns. Despite these gains, the Property and Casualty (P&C) insurance industry struggles to meet its cost of capital. Considering the current macroeconomic environment and geopolitical risks, insurers must price existing risks competently and assess newer risks to maintain profitability.
Amid this uncertainty, insurers must prioritize cost and efficiency to navigate this period successfully. In this report, we demonstrate how innovation will support insurers dual agenda of in achieving reduced costs, improved efficiency, and maximum growth in the long term. It emphasizes AI’s importance on the cloud in driving value through intelligence-driven approaches and estimates productivity gains from advanced analytics across the underwriting value chain. Additionally, the report assesses trends and growth projections in the insurance IT services market, offering Everest Group’s estimates of the global insurance IT services outsourcing market. The analysis includes sublines of business, regions, and services subsegments.
Scope
- Industry: insurance
- Geography: global
Contents
In this report, we:
- Examine the insurance IT services market trends, growth outlook, and global sourcing
- Highlight opportunities and risks insurers face in a challenging market environment
- Explore AI’s role on the cloud in driving value through intelligence-driven approaches
- Estimate productivity gains achieved via advanced analytics across the underwriting value chain