Industry Needs to Reinvent Itself to Stay Relevant: McKinsey

May 5, 2020 by Kimberly Tallon

The insurance industry has proven its resilience in recent years, weathering billion-dollar natural catastrophe events, increased cyber risk and now a pandemic, but this resilience will be tested unless insurers can adapt to the fast-changing risk landscape, says a new report by McKinsey & Co.

Insurers will need to reinvent themselves across the value chain to stay relevant, says McKinsey, identifying several forces that will shape the industry in the years ahead:

The report is: State of Property & Casualty Insurance 2020: The Reinvention Imperative