P&C insurers haven’t seen a market as hard as this one for a generation. Those willing to rework their business model from a reactive to a more proactive approach stand a better chance of returning to profitability.
Property and casualty (P&C) insurers face the hardest market in a generation thanks to rising expenses, big claims payouts, and price-shopping policyholders. To renew growth, they must shift to a more proactive strategy and exploit new developments in auto, homeowners’, and renters’ insurance.
Key Question: What key trends are affecting P&C insurers’ profitability in 2024, and how should they respond?
Key Stat: Penetration in auto insurance has hit a ceiling just short of 77% in the US, pushing insurers toward innovative technology like AI underwriting and claim settling technology to retain customers.
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Table of Contents
Executive Summary
P&C insurers are prioritizing profitability ahead of customer retention
Rising auto premiums are pushing drivers to pare back on coverage or switch carriers
Climate risk pushes property insurers from ‛detect and repair’ to ‛predict and prevent’
Raising awareness of renters’ insurance will give insurers an on-ramp to future business
P&C insurance marketers need to zero in on Gen Z’s preferences now
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