our use of cookies, and Our flagship business publication has been defining and informing the senior-management agenda since 1964. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. . %PDF-1.6 %���� Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. . McKinsey & Company | 8 Pension, insurance and sovereign wealth funds are projected to grow significantly and show increasing appetite for infrastructure assets SOURCE: McKinsey Global Banking Pools; McKinsey Global Insurance Pools; SWF Institute; TheCity UK; Preqin 1 7 3 SWF Pension fund Life insurance 22 2000 32 05 41 10 83 106 6% p.a. The rapid evolution of the COVID-19 outbreak makes it difficult to predict the full effect of its tragic human, economic, and geopolitical consequences with certainty. This in-depth analysis covers capital markets performance, financial performance for total business, life, and non-life, and country-level performance. Press enter to select and open the results on a new page. January 8, 2018. +7% p.a. Transformer in chief: The new chief digital officer. Digital upends old models. 109 0 obj <> endobj They must also understand how ecosystems will shift value pools and change the nature of risk. Growth of the private health insurance industry is being fueled by a powerful combination of secular trends that are increasing healthcare consumption and shifting more spending to intermediation by private payors. McKinsey Global Institute. McKinsey: What do insurers need to do to build a personalized insurance engine? How GIP can support an insurance company’s business L`p �� ������� T!�\l����@[e�fp��h ���P�!T���L����_�xx �B�l�r�5�>P����8����ij�X��� �Ϩ ` �= A global powerhouse, McKinsey counts 2,000 entities, including corporations and governments, as its clients, with former partners — investors in MIO’s funds — … GIP’s “Granularity of Growth” analysis can identify a company’s specific drivers of growth; the tool can also benchmark a carrier’s growth and profitability against market performance and competitors, and identify the impact of different macroeconomic scenarios on growth and future market share. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Use minimal essential Our flagship business publication has been defining and informing the senior-management agenda since 1964. DBS, for example, has acquired ANZ operations in five countries. This is the fourth edition of McKinsey’s annual in-depth analysis of the global insurance industry, based on our proprietary Global Insurance Pools (GIP) database. An in-depth examination of distribution highlights the variance by region and line of business. Learn more about cookies, Opens in new These 12 ecosystems will account for roughly 30 percent of all global revenues in 2025. In this edition of Author Talks, McKinsey’s Roberta Fusaro chats with business leader Deanna Mulligan about her book, Hire Purpose: How Smart Companies Can Close the Skills Gap (Columbia University Press, 2020). McKinsey Global Institute. It includes financial indicators for every market, from 2000 to the present, and projections to 2025. December 2015. The forecasts in our paper are based on a consensus macroeconomic scenario provided by Oxford Economics, and the informed judgment of McKinsey’s experts. The McKinsey Global Insurance Pools expert team also provides tailored support, insights, and analysis. SOURCE: Insurance Europe, McKinsey Global Insurance Pools 1 LCU terms GWP EUR billion Other P&C 1.4 Health 0.1 Property 1.4 Motor 3.3 Non-Life 6.2 Life 7.5 Total 13.8 3% 12% 2% -1% 1% -14% -7% 5% 8% 3% 5% 5% 6% 5% Growth rates – CAGR Percent1 2013-2014 2014-2020 Polish insurance market is expected to grow healthily, but inertially will not Flip the odds. Performance benchmarking allows insurance companies to compare themselves to their peers. Stack Overflow Developer Survey. McKinsey white paper. Three distinct growth phases in the evolution of the life insurance market in China Sources: CIRC, Almanac of China's Finance and Banking; Forecast based on McKinsey Global Insurance Pool 412 268 165 169 115 64 36 50 1 2 2 5 12 15 1990 92 08 12 13 … 2020E +15% p.a. It will interest those who make decisions about allocating resources globally and those seeking to deepen their understanding of the drivers of Our 2019 analysis of McKinsey’s Global Insurance Pools database offers a detailed look at global insurance trends, with analysis by region and line of business. Overall, the global industry grew by more than 4 percent in 2017, the same level as its compound annual growth rate from 2010 to 2016, and … Marine) Blockchain Insurance Industry Initiative Freight B3i ... McKinsey view on digital insurance .. . Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Insurance beyond digital: The rise of ecosystems ... understand how ecosystems will shift value pools and change the nature of risk. Those carriers are success stories. We use cookies essential for this site to function well. The global population of people aged 65 or older is climbing by 3.1% per year and likely to almost double from 2010 to 2030.2 The proportion of the global population with middle-class incomes (26.5% in 2009) … The Markets Database contains over 150,000 data points covering the 66 largest insurance countries worldwide and 99 percent of global insurance premiums. The seventh edition of McKinsey’s annual in-depth analysis of the global insurance industry, based on our proprietary Global Insurance Pools database, found the industry in the midst of turbulent times. On the other hand, a number of insurers have created limited economic value, if any at all. McKinsey Global Institute. . h��=Q��}�@3#(Y�%X�B4�Ri%$*f�1�n4�:�Fb �wϓ���:͗�sλ��0QD�(�y.,̈́�Є��"��7�}�� ~WX#8͚0��a��f��7��l��s��V�����*�*�Bc��NTӪf�R}?9V;�*]n�)gW�����#{�}�����������O�"�8� �C+� Our 2019 analysis of McKinsey’s Global Insurance Pools database offers detailed trends and forecasts on the insurance industry. We use cookies essential for this site to function well. Rock Health. See: Jain R, Zweig M. 2017 year end funding report: The end of the beginning of digital health. 0 2019 Global Insurance Pools trends and forecasts: Distribution Brokers and agents remain important, but the direct channel is growing. This in-depth analysis covers capital markets performance, financial performance for total business, life, and non-life, and country-level performance. Source: McKinsey Global Insurance Pool (GIP), June 2016 Egypt. To survive and thrive in the coming years, European life insurance players must adapt to changing circumstances in pensions and healthcare by embracing six bold moves. McKinsey Quarterly. . McKinsey’s annual in-depth analysis of the global insurance industry, based on our proprietary Global Insurance Pools (GIP) database. We use cookies essential for this site to function well. The Global Insurers Database provides financial statement information for over 100 major global insurers, including splits for life insurance and non-life insurance. endstream endobj startxref %%EOF Includes all healthcare-related startups. 2030 106 25 83 20 66 15 structure 52 10 41 05 32 2000 22 28 12 Public infra- Private infra- structure Global funds under management are The Oxford forecast assumes average global nominal GDP growth of 6.3 percent f… The Local Insurers Database includes key financial indicators for the 15 largest domestic insurers in 16 individual insurance markets, as well as premium data for the 10 largest insurers in more than 50 countries. 94 96 98 2000 02 04 06 10 Gross premium USD Billions +33% p.a. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. Rickards T et al. Most transformations fail. . McKinsey's research was part of a series conducted to help business and policy leaders understand the forces transforming the global economy and prepare for them. Unleash their potential. 6% p.a. hereLearn more about cookies, Opens in new Emerging markets will remain the growth engine of the global economy and insurance industry over the next decade, reflecting a continuing shift of ... provide access to new risk pools… We use cookies essential for … McKinsey’s Global Insurance Pools provide actionable data along several dimensions. The report describes global trends in the insurance industry, leveraging the McKinsey Global Insurance Pools database. collaboration with select social media and trusted analytics partners cookies. Learn about The rise of ecosystems and platforms in insurance. GIP features a proprietary Markets Database containing over 150,000 data points covering the largest 64 countries worldwide and 99 percent of global insurance premiums. December 2015. See: Jain R, Zweig M. 2017 year end funding report: The end of the beginning of digital health. McKinsey & Company Blog Global insurance insights: An overview of recent trends in life, P&C, and health The following article is an extract from the annual white paper of the McKinsey Global Insurance Pools team. Please use UP and DOWN arrow keys to review autocomplete results. Select topics and stay current with our latest insights. . 177 0 obj <>/Filter/FlateDecode/ID[<037569E27762A942B7663F4B4BCCF799>]/Index[109 129]/Info 108 0 R/Length 195/Prev 585004/Root 110 0 R/Size 238/Type/XRef/W[1 3 1]>>stream The global insurance industry is intertwined with a broad spectrum of economic activities, so the pandemic is likely to affect the property and casualty (P&C) insurance operating model as we know it today on several fronts. . . McKinsey Global Insurance Pools; SWF Institute; TheCity UK; Preqin; McKinsey Global Institute analysis 7 3 1 Life insurance Pension fund SWF 5% p.a. New Risk pools New Industry structures Impact on value chain (automation) Tech Transformation 4 ... global trade supply chain Speciality risk consortium (e.g. People create and sustain change. Please click "Accept" to help us improve its usefulness with additional cookies. 5Includes all healthcare-related startups. 8 About McKinsey’s Global Insurance Pools (GIP) GIP features a proprietary Markets Database containing over 150,000 data points covering the largest 64 countries worldwide and 99 percent of global insurance premiums. Reinvent your business. Rock Health. It includes key financial indicators for every market, from 2000 to the present, and projections to 2020. The world’s most comprehensive insurance database includes: The McKinsey Global Insurance Pools expert team also provides tailored support, insights, and analysis. For example: 1. McKinsey explained; “Assuming that either mechanism is self-funded within the market-level individual risk pool, reinsurance provides more predictability in a more efficient way. An aging population and income growth are increasing healthcare consumption. Adopting an ecosystem mind-set will be an arduous journey for many insurers, but those that understand ... Ecosystems will account for 30 percent of global revenues by 2025 It includes key financial indicators for every market, from 2000 to the present, and projections to 2020. January 8, 2018. 6%�@Av�L��g X&{��00tt00�wt ��Vb3��9"`��1�bTR�A�*@l����>y�[ ��~ �^A�ߌ)|L;�W0�`8�0�!��\���e���s���,,$xX��a�� `�c�f`f`t tab. Retail investments, insurance and pension distribution, investment banking, sales and trading, securities services. As well as on insurance (2/2) Global FinTech Landscape SOURCE: McKinsey Insurtech database, Panorama Global Banking Pools Life Non Life Health 8% 6% 3% 8% 2% 33% 1% 2% 1% 14% 12% 16% 2% McKinsey InsurTech Landscape, % of Insurtechs in database Retail SME Large corporate Internal Operation Products/capabilities Customer segments +22% p.a. Source: McKinsey Global Banking Pools; McKinsey Global Payments Map Payments and account services represent more than a third of total European banking revenues. Uwe Stuhldreier: The structures that support that experience are both technological and organizational. Read more on McKinsey . In this report, we provide a global view of the P&C industry using proprietary McKinsey data sources, including our Global Insurance Pools database, power curve analysis, and Insurance 360 cost benchmarks. “Moreover, a reinsurance mechanism is similar to the medical stop-loss policies used in the employer-sponsored insurance market, and health insurance actuaries have many years of experience with them.” h�b```b``�f`g`�|� Ā B,@Q��F�У� �š�.�mt�[k�+���!������۷6@52qHxnh�s��\��}�����K�0�Ȭ���$e��"!�D�����~Y� KܧJ �*Y)����!���K��qgf��G� McKinsey & Company, a global management consultancy services company, has described the insurance sector in Nigeria and some other countries in Africa as one of the world’s hot regions for insurance penetration. endstream endobj 110 0 obj <>>> endobj 111 0 obj <. tab, Engineering, Construction & Building Materials, McKinsey Institute for Black Economic Mobility. Insurance markets design products to 1 Source: McKinsey Global Institute analysis, February 2015 “Harnessing the power of shifting global flows” by Jacques Bughin, Susan Lund, and James Manyika, McKinsey Quarterly, February 2015) complement statutory regimes, which usually include some level of social insurance and may include mandated 237 0 obj <>stream The technological aspects require a range of new capabilities such as real-time data management for closed-loop marketing—tracking customers across all touchpoints with the insurer. We hope this report will be of interest to people who make decisions about allocating resources globally and people looking to

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