mckinsey -2025 年全球保险报告：追求增长 Global Insurance Report 2025 The pursuit of growth

InsurancePractice

GlobalInsuranceReport2025:

Thepursuitofgrowth

November2024

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GlobalInsuranceReport2025:Thepursuitofgrowth

Findingprofitablegrowthisanimperativefortheworld’spersonalandcommercialpropertyand

casualtyinsurers,whilelifecarriersmustadjusttochangingconsumerneeds.

Foranindustryfocusedonmitigatingriskandprovidingprotection,theworld’sinsurersareenduringa

particularlyvolatileage.Themacroeconomicpictureismixed,withinflationstubbornlyhighandinterest

ratesuncertain.Consumerconfidenceremainsshaky,eventhoughtheeconomicgrowthcycleappearstohavebottomedout.Geopoliticalinstabilityremainsaperceivedthreattoglobalgrowth,andtradepatternsareshiftingamidsignsofprotectionism.

YetMcKinsey’sGlobalInsuranceReport2025—publishedinthreechapterscoveringpersonallinesP&C,commercialP&C,andlife—findssignificantgroundforoptimism.Inofferinggranularinsightsandclear

recommendationsforhowleadinginsurerscandriveperformance,thereportsidentifyopportunitiesforcapturingprofitablegrowthastheynavigatethisshiftinglandscape.

PersonalP&C:Opportunitiesamidchallenges

Whilepersonallines(P&C)insurancepremiumsgrewby9.5percentin2022–23to$1.1trillion—outpacingnominalglobalGDPbyhalfapercentagepoint1—grosswrittenpremiumsasashareofnominalGDP

remainedbelowprepandemiclevelsandthecoveragegapbetweenmatureandemergingeconomies

widened.Industrygrowthindevelopedmarketswaslargelydrivenbyrateincreases,indicatinglimited

expansionintonewrisks,whileinsuranceaffordabilityemergedasasignificanttopicinsomemarkets

includingtheUnitedStatesbecauseofrisingunderlyingassetprices,thecostofrepairsandfrequencyofdamage(especiallyinareasexposedtophysicalrisk),andrisingreinsurancecosts.

Amidthesechallenges,weseeachanceforcarrierstoinnovate,expandcoverage,andincreasethe

industry’srelevance.SeveraleconomiesinLatinAmericaandAsiaarepotentialpocketsofgrowthandmayentereconomicconditionsthatwillenablegreaterinsurancecoverageandrelevance.Theagingglobal

populationandevolvingcustomerpurchasingpatternspresentopportunitiesforcarrierstorethinktheir

capabilitiesandofferings.Distributionisgettingclosertothecustomerasplayersembedthepurchaseofinsuranceintobroaderpurchasesofgoodsandservices.Newmobilitymodelswillforcecarrierstorethinktheirapproachtodistribution,pricing,productdesign,andclaimsprocessing.Amidthecontinuedrise

ofphysicalrisk,carrierswillneedtoinvestinnewcapabilitiestohelpmanage,mitigate,andtransfertheriskrelatedtonaturaldisasters.Last,evolvingtechnology—particularlyAIandgenerativeAI—willenablecarrierstorethinkandinnovatetheend-to-endvaluechain.

1Global2023GDPandpremiumswerecalculatedassumingfixed2022exchangerates(toconvertGDPandpremiumsfromlocalcurrenciestoUSdollars)forthepurposesofmeasuringincreasesininsurancerelevancewithoutanyeffectsfromexchangeratefluctuations;wedothisforbothlocalinsurancepremiumsandGDPbecauseweareinterestedinthelocalshareofpremiumsrelativetoGPD,whichisnotaffectedbycurrencyfluctuations.

GlobalInsuranceReport2025:Thepursuitofgrowthiii

CommercialP&C:Findinggrowthbeyondrateincreases

GlobalcommercialP&Cinsurancelinescontinuedtodeliverstronggrowthdespitemorerecentevidenceofsofteningconditions.Premiumsincreasedbyanaverageof8percentannuallyinthepastfiveyears,

whiletheaveragecombinedratiofortheindustrytrendeddownwardtoanestimated91percentin2023.2Almostallofthisgrowthwasdrivenbyhigherpremiums,andinsurersmustnowfocusonhowtheycaptureconsistent,profitablegrowthamidtheshiftingmarketlandscape.

Althoughwhereinsurersoperateisimportant,themajorityoftheirfinancialperformanceisdrivenbyhow

theyoperate.Thisdynamicappliesacrossbothsoft-andhard-cycleyearsandappliesgenerally,althoughfactorssuchasregionaldifferencesmayleadtoexceptions.3Whileeffectiveportfoliostrategyshouldnot

bedisregarded,executionmattersevenmore,andinsurersshoulddoubledownontheircapabilitiesintheircorelinesofbusinesstoachieveprofitablegrowth.

Life:Embracingachanginglandscape

Ithasbeenayearofunpredictablemixedsignals,uncertainty,andsurprisingupsidesforthelifeand

retirementinsuranceindustry.Whileunexpectedlyresilientmacroeconomicconditionsprovidedtailwinds—globalGDPgrowinginrealterms,4inflationsteadilydecreasing,5andequitymarketsturningpositive6—not

allproductlinesandgeographiesbenefited.Andwhiletherewerebrightspots,theindustryoverallisstrugglingforrelevance.

Yettherearesignificantopportunitiesamidthechallenges.Thelifeinsurancemarketisbeingreshaped

bytheagingglobal“silver”populationofpeopleaged65orolderandtheconcentrationofwealthamong

GenerationX7andretirees.Andwhilechangingsocialnormsandwaysofliving—suchasfewermarriages,

lowerfertilityrates,andmoredual-incomehouseholds—arechallengingthetraditionallifeinsurancemodel,itpresentsanopportunityformoreflexiblepoliciescateringtonontraditionalfamilystructures.

2GlobalInsuranceDatabase,AMBest,June2024;McKinseyGlobalInsurancePools,Marketsdatabase.

3Analysiscalculatesanartificiallyweightedcombinedratiofor24globalcommerciallinesinsurersbasedonindustrybusinesslineweights.Itusesanindustry-weightedbusinesslinemixwhilemaintainingeachinsurer’scombinedratioperformanceinindividualbusinesslines.

Therelativeoutperformanceorunderperformanceoftheseartificiallyweightedcombinedratiosisthencomparedtothatoftherealizedcombinedratios.Thiscomparisonisusedtoassesstheimpactofthe“how”versus“where”toplaydecision.BasedonProDatabase,S&PCapitalIQ,May2024;GlobalInsuranceDatabase,June2024;companyannualreports.

4Worldeconomicoutlook,InternationalMonetaryFund(IMF),April2024.

5Ibid.

6MSCIWorldIndex,MSCI,accessedOctober2024.

7GenerationXisdefinedaspeoplebornfromtheearly1960sto1980.

GlobalInsuranceReport2025:Thepursuitofgrowthiv

Contents

1

2

3

Findingprofitable

Searchingfor

Growthand

personallines

profitablegrowthin

relevanceinlife

growth

commerciallines

andbeyond

1

25

44

GlobalInsuranceReport2025:Thepursuitofgrowthv

GlobalInsurance

Report2025:Findingprofitablepersonal

linesgrowth

Thepersonalpropertyandcasualtyinsuranceindustry

grewin2023,fueledbyrateincreases.Theopportunitynowistoinnovate,expandcoverage,andincreasetheindustry’srelevance.

ThisreportisacollaborativeeffortbyAlexKimura,DenizCultu,ElixabeteLarreaTamayo,

GrierTumasDienstag,andJoséMiguelNovoSánchez,withBernatSerraMontolí,FrancescoMartini,andSebastianKohls,representingviewsfromMcKinsey’sInsurancePractice.

Tableofcontents

Introduction3

ThepersonallinesP&Cindustryopportunity4

Growthhasbeenfueledbyrateincreases,

withlimitedexpansionintonewrisks5

Industryprofitabilityshouldstabilize,

shiftingthefocustoprofitablegrowth7

Insuranceaffordability:Risingcoverage

costsmaybecomemorewidespread7

Scalewinsinautomarkets;homepresents

moregranular,geographicopportunities9

Trendsaffectingpersonallines11

Newmobilitymodelswillforcecarriers

torethinktheirapproach11

Investinginnewcapabilitiestocope

withnaturaldisasters13

Selectemergingmarketsareontheverge

ofexpandingrelevance,creatingopportunities

forgranulargrowth15

Demographicchangespresentopportunities

forinnovationandgrowth17

Distributionischangingtogetcloser

tothecustomerasplayersembedthepurchase

ofinsuranceintobroaderpurchasesofgoodsandservices18

GenAIisfuelingwholesalereimagination

ofthevaluechain19

Nextsteps:Threearchetypestofindandenablegrowth20

Core,at-scaleplayersconcentrated

oninsuringtraditionalcoverage20

Innovatorsexpandingcoveragethrough

specializedproducts20

Targetedplayersdifferentiatedthrough

marketing,distribution,andservicing20

Conclusion24

GlobalInsuranceReport2025:Thepursuitofgrowth2

Introduction

Thepersonallinespropertyandcasualty(P&C)industrywritesaboutaquarteroftheworld’sinsurancepremiums.Itprotectspeopleandtheirlovedoneswherevertheyare,everyday.Yetthatmeansthe

disruptionconsumershavefacedgloballyinrecentyears—fromaglobalpandemictorisingcosts,the

increasingfrequencyandseverityofnaturaldisasters,andthechangingnatureofhowweliveandwork—isalsosharedbytheindustry.Andthatpresentsbothchallengesandopportunities.

Whilethegrowthofpersonallines(P&C)insuranceacceleratedin2023,theindustry’srelevance—measured

bygrosswrittenpremiumsasashareofnominalGDP—remainedbelowprepandemiclevels,andthecoveragegapbetweenmatureandemergingeconomieswidened.Industrygrowthindevelopedmarketswasdriven

largelydrivenbyrateincreases,indicatinglimitedexpansionintonewrisks.Additionally,insuranceaffordabilityhasbecomeasignificantlyrelevanttopic:therisingcostofhomecoverageoutpacedincomegrowthinselectregions,includingtheUnitedStates.Thatisafunctionofunderlyingassetpricesrising,increasingtotal

insurablevalue;thecostofrepairsandfrequencyofdamagerising,especiallyinareasexposedtophysicalrisk;andrisingreinsurancecosts.Becausemanyregionsareexposedtothesameunderlyingdrivers,risingpremiumscouldexpandtootherregions.

However,thesechallengesalsorepresentachanceforcarrierstoinnovate,expandcoverage,andincreasetheindustry’srelevance.Wearepositiveabouttheindustry’soutlookasitpivotstowardsustained,

profitablegrowth.Weseerecentprofitabilitychallengeseasingasinflationstabilizesandcarriersinmanyregionsreachrateadequacy,whilenetinvestmentincomecontinuetorise,supportedbyhigherinterestrates.

Thatisnottosuggestthebigtrendsdisruptingtheindustrywilldisappear;theymayevenintensify.Mobilitytrends—fromelectricvehiclestothepromiseofautonomousvehicles(AVs)—arechangingautoinsuranceandhavethepotentialtodisruptthesector.Naturaldisastersaremorefrequent,severe,andvolatile,

andrisksassociatedwiththemmayexpandthegapbetweenwhatisprotectedandwhatisnot.Atthe

sametime,severaleconomiesinLatinAmericaandAsiaarepotentialpocketsofgrowthbecausetheir

macroeconomicindicatorsareat(orareapproaching)thepointwhereinsurancecoveragecanleapfrog,

giventherighttailwinds.Theagingglobalpopulationandevolvingcustomerpurchasingpatternspresentopportunitiesforcarrierstorethinktheircapabilitiesandofferings,whileevolvingtechnology—particularlyAIandgenerativeAI(genAI)—anddistributioncanbeusedtofurtherspurinnovation.

GlobalInsuranceReport2025:Thepursuitofgrowth3

1

ThepersonallinesP&Cindustryopportunity

PersonalP&Cinsurancerepresentedabout$1.1trillioningrosswrittenpremiumsin2023,aboutaquarteroftheinsuranceindustry’stotalpremiums.1Premiumgrowthof9.5percentin2022–23outpacednominalglobalGDPbyhalfapercentagepoint,2markingareversalfromtheperiodfrom2019to2022,when

premiumsgrewby3.2percentperyearandlaggedbehindGDPby13percentagepointsoverthreeyears.

Thisexpansionwasmainlydrivenbycarrierspushingforrateadequacyafterhighinflationandacceleratedlosstrendsbetween2021and2023.

Yet,evenwithgrowthin2023,therelevance3ofpersonallineshasnotyetreturnedtoprepandemiclevels:personallinesrepresented1.0percentofglobalGDP,comparedwith1.2percentin2019.Inaddition,autoandhomeinsuranceaccountedformorethan93percentofpremiumgrowthin2023(comparedwith

88percentintheperiodfrom2019to2022),highlightinglimitedexpansionintonewrisks.Simultaneously,thegapbetweenmatureandemergingeconomieshaswidened.Whileinmaturemarketspersonallines

premiumsremainedat1.5percentofGDPbetween2019and2023,inemergingeconomies,thatsamesharefellfrom0.7percentin2019to0.5percentin2023,suggestingawideninggapinriskcoverage.

Risingrelevanceinbothmatureandemergingmarketsrepresentsanopportunityforcarriersastheypivottofocusonprofitablegrowth.Wearepositiveabouttheindustry’soutlook:premiumsintheUnitedStates,forexample,areexpectedtogrowby11percentannuallythrough2025ascombinedratiosdecreaseby

morethaneightpercentagepoints.4

Evenwithgrowthin2023,therelevanceofpersonallineshasnotyetreturned

toprepandemiclevels:personallinesrepresented1.0percentofglobalGDP,comparedwith1.2percentin2019.

1Excludinghealth.

2Global2023GDPandpremiumswerecalculatedassumingfixed2022exchangerates(toconvertGDPandpremiumsfromlocalcurrenciestoUSdollars)forthepurposesofmeasuringincreasesininsurancerelevancewithoutanyeffectsfromexchangeratefluctuations;wedothisforbothlocalinsurancepremiumsandGDPbecauseweareinterestedinthelocalshareofpremiumsrelativetoGDP,whichisnotaffectedbycurrencyfluctuations.

3AsmeasuredbygrosswrittenpremiumsasashareofnominalGDP.

4Totalindustryforecast2024Q2,Conning,2024.

GlobalInsuranceReport2025:Thepursuitofgrowth4

Growthhasbeenfueledbyrateincreases,withlimitedexpansionintonewrisks

NorthAmerica,theworld’sbiggestpersonallinesmarket,experiencedthemostgrowthin2023,

expandingby14percentandoutpacingnominalGDPgrowthbyabouteightpercentagepoints.Premiumgrowthwaslargelydrivenbyrateincreases(forexample,ratesintheUSautomarketjumped16percentcomparedtopremiumgrowthof11percent),reflectingcarriers’attemptstorestorepremiumadequacy

afterseveralyearsofchallengedprofitabilityduetoincreasedclaimscosts.Thisindicatesthatcoveredexposureslikelycontracted.

RateincreasesalsodrovepremiumgrowthinothermaturemarketssuchasdevelopedAsiaandWesternEurope.5Examplesincludethegrowthofautoandhomeratesby25and13percent,respectively,intheUnitedKingdom;by5and15percent,respectively,inItaly;andbynearly13percentforbothinAustralia.

Thus,consistentwithNorthAmerica,manyothermaturemarketsdidnotexpandcoveragetonewcustomersornewrisks.

InemergingeconomiesacrossAsia,EasternEurope,LatinAmerica,andtheMiddleEastandAfrica,

personallinesmarketgrowthinthe2022–23periodlaggedbehindGDPbyfivepercentagepoints,and

average2023relevanceremainedbelow0.5percentofGDP—justathirdofthe1.5percentindevelopedeconomies.Somemarketsexperiencedgrowthinrelevance,though:premiumsinMalaysia,SouthAfrica,andThailandoutpacedGDPgrowthbymorethantwopercentagepoints.Similarly,inMexicoandChile,forexample,autopremiumsgrewfasterthanratesbymorethan12percentagepointsin2023.

Finally,growthinproductlinesdiverged.Inmaturemarkets,growthwasprimarilyfueledbyautoandhome.Yetaccidentandliabilitiesgrewfasterthanautoandhomeinsomeregions,suchasaccidentinLatin

AmericaandliabilitiesinemergingAsia(Exhibit1).

InemergingeconomiesacrossAsia,EasternEurope,LatinAmerica,

andtheMiddleEastandAfrica,

personallinesmarketgrowthin

the2022–23periodlaggedbehindGDPbyfivepercentagepoints.

5Throughoutthisreport,NorthAmericaconsistsofCanadaandtheUnitedStates;developedAsiaconsistsofAustralia,HongKongSAR,

Japan,NewZealand,Singapore,SouthKorea,andTaiwanChina;WesternEuropeconsistsofAustria,Belgium,Denmark,Finland,France,

Germany,Greece,Ireland,Italy,Liechtenstein,Luxembourg,theNetherlands,Norway,Portugal,Spain,Sweden,Switzerland,andtheUnitedKingdom;LatinAmericaconsistsofArgentina,Brazil,Chile,Colombia,Mexico,Peru,andTrinidadandTobago;theMiddleEastandAfrica

consistsofBahrain,Egypt,Iran,Jordan,Kenya,Morocco,Nigeria,SaudiArabia,SouthAfrica,Tunisia,Türkiye,andtheUnitedArabEmirates;EasternEuropeconsistsofBulgaria,Croatia,theCzechRepublic,Hungary,Poland,Romania,Russia,Serbia,Slovakia,Slovenia,and

Ukraine;andemergingAsiaconsistsofChina,India,Indonesia,Malaysia,thePhilippines,Thailand,andVietnam.

GlobalInsuranceReport2025:Thepursuitofgrowth

5

Exhibit1

Personallinesgrowthacceleratedin2023,yetthecoveragegapbetweenmatureandemergingeconomieshaswidened.

Globalrevenuesbypersonalpropertyandcasualty(P&C)insuranceproductandregion,¹grossdirectdomesticpremiumswritten(GDDPW),$billion²

2023GDDPW

Diferencebetween2022–23growthin

premiumsandGDPinpercentagepoints(p.p.)

X.X%

Relevancerate(GDDPWasashareofnominalGDP,2023)

PremiumgrowthvsGDP

<0p.p.Between0and1p.p.Between1and7p.p.>7p.p.

Total

market

Motor

Fireandproperty

Liability

Accident

OtherP&C

Total

North

America³

344

8.1

167

7.0

n/a

n/a

3

–0.7

n/a

n/a

514

7.7

1.7%

MatureEmerging

WesternEurope

EasternEurope

EmergingAsia

Latin

America

DevelopedAsia

MiddleEastandAfrica

17

–15.1

63

–0.7

23

–2.7

116

–1.2

124

0.3

19

–9.9

3

–0.3

5

–16.5

19

–2.6

5

4.2

65

1.2

6

–5.6

1

–13.4

6

–1.4

1

2.5

0

3.3

2

–1.7

0

–27.5

2

–6.3

8

2.7

25

–2.1

37

–0.9

3

–16.2

3

–11.3

10

–0.8

1

–11.5

31

–1.2

3

2.6

2

7.4

1

–33.9

26

–14.6

130

–1.1

243

–0.7

139

0.5

31

–2.6

34

–10.8

1.2%

0.5%

0.4%

1.3%

0.7%

0.3%

Total

709

1.0

271

1.8

10

–3.8

81

–4.2

48

–4.1

1,118

0.5

1.0%

Note:Figuresmaynotsumtototals,becauseofrounding.

1NorthAmerica:CanadaandUS;WesternEurope:Austria,Belgium,Denmark,Finland,France,Germany,Greece,Ireland,Italy,Liechtenstein,Luxembourg,Netherlands,Norway,Portugal,Spain,Sweden,Switzerland,andUK;emergingAsia:China,India,Indonesia,Malaysia,Philippines,Thailand,andVietnam;

developedAsia:Australia,HongKongSAR,Japan,NewZealand,Singapore,SouthKorea,andTaiwanChina;LatinAmerica:Argentina,Brazil,Chile,Colombia,Mexico,Peru,andTrinidadandTobago;MiddleEastandAfrica:Bahrain,Egypt,Iran,Jordan,Kenya,Morocco,Nigeria,SouthAfrica,Tunisia,Türkiye,Saudi

Arabia,andUAE;EasternEurope:Bulgaria,Croatia,CzechRepublic,Hungary,Poland,Romania,Russia,Serbia,Slovakia,Slovenia,andUkraine.

2Global2023GDPandpremiumswerecalculatedassumingfixed2022exchangerates(toconvertGDPandpremiumsfromlocalcurrenciestoUSdollars)forthepurposesofmeasuringinsurancerelevance,withoutanyefectsfromexchangerateluctuations;wedothisforbothlocalinsurancepremiumsandGDPbecauseweareinterestedinthelocalshareofpremiumsrelativetoGDP,whichisnotafectedbycurrencyluctuations.

3NorthAmericanliabilityandotherP&Careclassifiedascommerciallines.

Source:OxfordEconomics;McKinseyGlobalInsurancePools;McKinseyValueIntelligencePlatform

McKinsey&Company

GlobalInsuranceReport2025:Thepursuitofgrowth6

Industryprofitabilityshouldstabilize,shiftingthefocustoprofitablegrowth

Combinedratiosdeterioratedformostoftheindustryinthe2022–23periodduetoinflationcoupled

withdelaysinachievingrateadequacy.6Nonetheless,combinedratiosin2024arerecoveringasinflationnormalizesandrateincreasestakehold,pivotingtheindustrytowardprofitable,sustainablegrowth.

Profitabilitychallengeswereacuteacrossmarketsasinflationincreased.Netcombinedratiosgrewbetween2021and2023,mostnotablyintheUnitedKingdom(wherecombinedratios7andinflation

increasedby16percentagepointsand17percent,respectively),theUnitedStates(fivepercentagepointsand12percent,respectively),andAustralia(threepercentagepointsand13percent,respectively).

Withinflationslowingthrough2023,profitabilityhasshownamorepromisingtrajectory.TheaveragelossratiointheUnitedStatesinthefirsthalfof2024was11percentagepointslowerthaninthecomparable

periodayearearlier.Capitalmarketsappeartoexpectthisimprovementtosustain,assuggestedbypersonallines’stockpricesoutperformingthebroaderS&P500inthefirsthalfof2024.8

Insuranceaffordability:Risingcoveragecostsmaybecomemorewidespread

Whileinsurancecostinmanymarketshavebeenstableforthepastfouryearswhenmeasuredbyaveragepremiumperpolicyrelativetodisposablehouseholdincome(Exhibit2),headlinerateincreaseshavemadeinsurancefeelmoreexpensiveformanyconsumers—especiallyinthecontextofpriceincreasesforotheressentials.And,insomemarkets,theperceptionthatinsurancecostshaveincreasedfasterthanincomes

reflectsreality:thecostofUShomeinsurancegrewfrom1.0percentofhouseholdincomein2019to

1.2percentin2023,forexample,whilea0.1-percentage-pointincreasealsooccurredinAustraliahomeinsurance.

Threerelatedeffectsaredrivingupthecostofcoverageinthesemarkets:

—Underlyingassetpriceshaverisenandincreasedtotalinsurablevalue.Medianhomepricesinthe

UnitedStateshaveincreasedby35percentsince2019,forexample,drivinguptotalinsurablevaluewhilehouseholdincomesremainedrelativelyflat.Similarly,housingpricesinAustraliahaveincreased

35percentsince2019.9

—Costofrepairsandfrequencyofdamagehaverisenespeciallyfastinareasincreasinglyexposedto

physicalrisk.InFloridaandCalifornia,forexample,averagehomepremiumsperpolicyhaveincreasedbymorethan31percentsince2019,comparedwitha17percentincreaseacrosstheUnitedStates.

Correlatedly,thesestatesexperiencedsignificantincreasesinphysicalrisk,drivenbynaturaldisasters(moredetailsinthefollowingsection).

—Reinsurancecostshaverisenandtermsandconditionshavebecomestricter,makinginsuringrisk

morecostlyforcarriers.Thisisexemplifiedbythe100percentincreaseinUShomereinsurancepricesbetween2018and2023,makingitmoreexpensiveforcarrierstooffercoverage.

Whileweexpectassetprices(andtotalinsurablevalue)tonormalizerelativetoincome,climatechange

andresultingincreasesinphysicalriskwillcontinuetopressureaffordabilityinselectmarkets.Thishas

thepotentialtoexpandtootherregions.Thechallengefortheindustryistofindwaystocontinueofferingaffordableinsurance.

6Assumescombinedratiosbehavesimilarlyacrosspersonalandcommerciallinesinselectmarketswherecombinedratiosspecifictopersonallinesarenotreported.

7ReferencedchangesinnetcombinedratiointheUnitedKingdomarebetween2021and2022.

8BasedonMcKinseyanalysisofdatafromFactSetandInsuranceInsiderUS.

9“Totalvalueofdwellings,”AustralianBureauofStatistics,September10,2024.

GlobalInsuranceReport2025:Thepursuitofgrowth7

Exhibit2

Afordabilityhasremainedstableglobally,buthomepremiumsasashareofhouseholdincomeincreasedintheUnitedStatesandAustralia.

Averagehomepremiumsasashareofaveragedisposablehouseholdincome,%

1.4

1.2

US

Japan

1.0

0.8

UK

Spain

France

GermanyItaly

0.6

0.4

0.2

0

20192020202120222023

Averageautopremiumsasashareofaveragedisposablehouseholdincome,%

1.4

1.2

US

FranceUK

SpainJapanItaly

AustraliaGermany

1.0

0.8

0.6

0.4

0.2

0

20192020202120222023

2019–23,change,¹percentagepoints

0.20

0

0.10

Australia

–0.05

–0.05

0

0.05

0

2019–23,change,¹percentagepoints

0.05

–0.05

0

–0.10

–0.15

–0.10

0.05

–0.10

Note:2022valuesusedasestimatesfor2023incountriesforwhich2023policycountsarenotyetreported.1Roundedtothenearest0.05percentagepoint.

Source:OxfordEconomicsandrelevantgovernmentpublicationsforeachcountry,accessedJune2024

McKinsey&Company

GlobalInsuranceReport2025:Thepursuitofgrowth8

Scalewinsinautomarkets;homepresentsmoregranular,geographicopportunities

Autoinsurancegloballyrewardsscale,enablingtopcarrierswithineachmarkettocapturethemost

growthandprofits.Thatcontinuedinmostregionsintheperiodfrom2022to2023.Thetopfiveauto

carriersintheUnitedStatescaptured63percentofpremiumgrowthand72percentofpretaxincome,

forexample,reachingabout55percentmarketshare.InAsia,LatinAmerica,andmostofEurope,thetopfivecarriershavesimilarlycapturedthemostgrowthand