Industrial property and casualty (P&C) insurance coverage is at a essential level because the trade faces mounting financial pressures, together with inflation, capital constraints, geopolitical challenges, and local weather change-driven catastrophes.
In keeping with McKinsey’s 2023 world insurance coverage report, business carriers threat shedding their relevance in the event that they don’t fulfill the demand for resilience and plug safety gaps.
However Shannon Varney (pictured), one of many report’s authors and a companion at McKinsey, mentioned that whereas carriers are being challenged, it’s additionally a time for brokers and MGAs to step in.
“This second is a giant inflection level for the business insurance coverage trade,” Varney informed Insurance coverage Enterprise.
“We see this as a essential time to offer actual options for his or her insureds as the character of threat is altering and new sources of threat are rising that weren’t as acute or as extreme as beforehand.
