1、March 2023Global Insurance Report 2023:Closing the personal P&C protection gapDespite overall growth,personal P&C lines are losing market relevance and facing a growing protection gap,with a clear dichotomy between local winners and losers.Whats next?This report is a collaborative effort by Selma Be

2、lghiti,Ana Brito,Kia Javanmardian,Jos Miguel Novo,Sirus Ramezani,and Ashish Srivastava,representing views from McKinseys Insurance Practice.ContentsiiIntroduction 01Personal P&C industry landscape07Challenges facing personal P&C insurance13Road map for personal P&C in 2023 and beyond23Getting starte

3、dIntroductionDespite a slowdown during the height of the pandemic,personal property and casualty(P&C)insurance has seen annual growth of 3 percent since 2019.Personal lines still represent more than half of global P&C gross written premiums(GWP),but a growing protection gap in both developed and dev

4、eloping countries indicates that insurers struggle to design products fit for the evolving and emerging risks that modern personal-lines consumers demand.The protection gap has a number of direct and indirect causes.In developed economies,customers personal P&C insurance needs are changing significa

5、ntly and rapidlyparticularly when it comes to motor insurance,given that connected cars and the sharing economy are transforming pricing models and risk profiles.Extreme weather events are wreaking havoc,with increased flooding,tropical storms,wildfires,and droughts challenging traditional risk asse

6、ssment and underwriting models in property insurance.Cybersecurity risk is on the rise,and many insurers are struggling to properly quantify risk exposure,adjust terms and conditions,and consequently win the conviction of reinsurance capacity.And e-commerce is becoming indispensable,1 bringing a hei