P&C insurers haven’t seen a market as hard as this one for a generation. Those willing to rework their business model from a reactive to a more proactive approach stand a better chance of returning to profitability.
Property and casualty (P&C) insurers face the hardest market in a generation thanks to rising expenses, big claims payouts, and price-shopping policyholders. To renew growth, they must shift to a more proactive strategy and exploit new developments in auto, homeowners’, and renters’ insurance.
Key Question: What key trends are affecting P&C insurers’ profitability in 2024, and how should they respond?
Key Stat: Penetration in auto insurance has hit a ceiling just short of 77% in the US, pushing insurers toward innovative technology like AI underwriting and claim settling technology to retain customers.
Key Report Features:
- 2 Exportable files for easy reading, analysis and sharing.
- 1 Chart: Reliable data in simple displays for presentations and quick decision making.
Table of Contents
- Executive Summary
- P&C insurers are prioritizing profitability ahead of customer retention
- Rising auto premiums are pushing drivers to pare back on coverage or switch carriers
- Climate risk pushes property insurers from ‛detect and repair’ to ‛predict and prevent’
- Raising awareness of renters’ insurance will give insurers an on-ramp to future business
- P&C insurance marketers need to zero in on Gen Z’s preferences now
- Sources
- Media Gallery
Charts
- US Gen Z Adults' Functional Financial Knowledge Across Key Categories, Jan 2023 (% of questions answered correctly )
