Commercial property and casualty (P&C) insurance coverage is at a important level because the business faces mounting financial pressures, together with inflation, capital constraints, geopolitical challenges, and local weather change-driven catastrophes.
According to McKinsey’s 2023 international insurance coverage report, industrial carriers danger shedding their relevance in the event that they don’t fulfill the demand for resilience and plug safety gaps.
But Shannon Varney (pictured), one of many report’s authors and a companion at McKinsey, stated that whereas carriers are being challenged, it’s additionally a time for brokers and MGAs to step in.
“This moment is a big inflection point for the commercial insurance industry,” Varney instructed Insurance Business.
“We see this as a important time to offer actual options for his or her insureds as the character of danger is altering and new sources of danger are rising that weren’t as acute or as extreme as beforehand.