World Property and Casualty Insurance Report 2024

Become an underwriting trailblazer: Chart your transformation across a shifting risk landscape

The global P&C insurance industry faces significant challenges, with global combined ratios reaching 103% in 2022. Inflationary pressure and a volatile risk landscape have tested traditional underwriting strategies; accurate risk prediction and pricing are becoming increasingly challenging and leading to insurability concerns. In response, P&C insurers need to rethink their underwriting strategy to drive tangible business benefits.

Findings from the World Property and Casualty Insurance Report 2024, which reflects the views of 294 insurance executives, 201 insurance underwriters, and 3,323 policyholders, include:

• Underwriting challenges mount for P&C Insurers due to extreme weather events, digital disruption, and escalating customer demands – leading to sub-optimal combined ratios.
• Driving an underwriting transformation requires P&C insurers to connect the data dots, unlock actionable insights, and evolve the role of the underwriter towards strategic and sales-enablement activities.
• Trailblazers that actively work towards underwriting transformation can drive efficiency, fuel accuracy, and enhance the customer/broker experience.

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