1、November 2022Global Insurance Report 2023:Reimagining life insuranceThe global life insurance industry is facing an inflection point.A fundamental reimagination will usher in significant change.The life insurance chapter of the McKinsey Global Insurance Report 2023 is a collaborative effort by Vivek

2、 Agrawal,Ramnath Balasubramanian,Pierre-Ignace Bernard,Kristin Cummings Cook,Henri de Combles de Nayves,Alex Gestal,and Bernhard Kotanko,representing views from McKinseys Insurance Practice.ContentsiiIntroduction 01Four paramount forces creating opportunities and obstacles for the industry05An indus

3、try at the crossroads13On the horizon:Fundamental reimagination of life insurance business modelIntroductionOver the past decade,our publications have chronicled the increased instability the life insurance and retirement industry has experienced.Theyve also reckoned with the trends that have been c

4、ausing industry players to rethink their operating models,such as digital transformations;the rise of environmental,social,and governance(ESG)concerns;and the shifting economic environment.More important,theyve worked to inspire insurers to consider new avenues for value creation.In February 2022,th

5、e inaugural McKinsey Global Insurance Report offered a comprehensive overview of the challenges and opportunities1“Creating value,finding focus:Global Insurance Report 2022,”McKinsey,February 15,2022.facing the global insurance industry.1 The 2023 report will be released in chapters and builds on th

6、at work with a new level of granularity and precision of recommendations for how insurers can accelerate growth and exceed performance targets.This chapter covers life and retirement,including the major forces at play in the current life insurance industry,several ways insurers have adapted,and oppo