麦肯锡: 2025 年全球保险报告 ( 英文 65页)

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对于一个专注于降低风险和提供保护的行业来说，全球保险公司正在经历一个特别动荡的时代。宏观经济形势好坏参半，通胀居高不下，利率不确定。尽管经济增长周期似乎已经触底，但消费者信心仍然不稳定。地缘政治不稳定仍然是全球增长面临的威胁，贸易模式在保护主义迹象中正在发生变化。

然而，麦肯锡的《2025 年全球保险报告》（分三章发布，涵盖商业财产险、个人财产险和寿险）找到了乐观的重要基础。报告为领先的保险公司如何提升业绩提供了细致的见解和明确的建议，并确定了在应对这一不断变化的形势时实现盈利增长的机会。

目录

寻找有利可图的个人保险增长 1

引言 3

个人险种 P&C 行业机遇 4

增长由费率上涨推动，

新风险扩张有限 5

行业盈利能力应趋于稳定，

将重点转向盈利增长 7

保险承受能力：保险成本上涨可能变得更加普遍 7

汽车市场规模取胜；家庭保险提供更精细的地理机会 9

影响个人保险的趋势 11

新的移动模式将迫使保险公司重新考虑其方法 11

投资于应对自然灾害的新功能 13

部分新兴市场即将扩大相关性，为精细增长创造机会 15

人口变化为创新和增长带来机会 17

随着参与者将保险购买嵌入到更广泛的商品和服务购买中，分销正在发生变化以更贴近客户 18

人工智能正在推动对价值链的批发重塑 19

下一步：寻找和实现增长的三种原型 20

核心、规模化参与者专注于

确保传统保险 20

创新者通过专业产品扩大保险范围 20

目标参与者通过营销、分销和服务实现差异化 20

结论 24

寻找商业保险的盈利增长 25

简介27

寻找费率上涨以外的增长 28

商业保险需求是否在增长？ 30

增长速度不够快，因为保障差距正在扩大。

盈利能力难以捉摸 31

挑战：获取并维持盈利增长 33

保险公司如何运作比在哪里运作更能推动业绩 34

卓越商业财产和意外险业绩的四个关键驱动因素 36

领导者有明确的策略来获取盈利增长 36

保险公司必须在他们选择竞争的地方拥有独特的能力 36

需要有限承保参与的模式继续增长 37

投资者希望保险公司制定明确的增长战略 37

表现最佳的公司投资于现代化承保 38

生成式人工智能具有广泛的适用性 39

人才竞争正在加剧 39

保险公司必须应对不断变化的分销格局 39

保险公司与经纪人的关系将变得更加重要 40

保险公司应管理其分销网络的质量 40

数字连接正在改变保险购买方式 40

领导者通过提高运营效率来管理管理费用41

费用率下降可能还不够 41

必须具备基础能力才能提高效率 42

结论 43

生活中及以后的增长和相关性 44

简介 46

拥抱不断变化的格局 48

“银发”正在占据主导地位，“生活”正在被重新定义 48

客户体验处于最前沿 48

公共和私人市场观念之间的持续分歧 49

超越“传统”人寿保险的增长和价值创造途径 53

重新获得相关性并在退休中获胜 53

走向综合财富和健康解决方案 54

寻找为客户和顾问服务的新途径 55

激活保险、资产管理和资本的飞轮 56

结论 59

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Table of contents

Finding profitable personal linesgrowth  1

Introduction 3

The personal lines P&C industry opportunity 4

Growth has been fueled by rate increases,

with limited expansion into new risks 5

Industry profitability should stabilize,

shifting the focus to profitable growth 7

Insurance affordability: Rising coverage costs may become more widespread 7

Scale wins in auto markets; home presents more granular, geographic opportunities 9

Trends affecting personal lines 11

New mobility models will force carriers to rethink their approach 11

Investing in new capabilities to cope with natural disasters 13

Select emerging markets are on the verge of expanding relevance, creating opportunities for granular growth 15

Demographic changes present opportunities for innovation and growth 17

Distribution is changing to get closer to the customer as players embed the purchase of insurance into broader purchases of goods and services 18

Gen AI is fueling wholesale reimagination of the value chain 19

Next steps: Three archetypes to find and enable growth 20

Core, at-scale players concentrated

on insuring traditional coverage 20

Innovators expanding coverage through specialized products 20

Targeted players differentiated through marketing, distribution, and servicing 20

Conclusion 24

Searching for profitable growth in commercial lines 25

Introduction 27

Finding growth beyond rate increases 28

Is demand for commercial insurance growing? 30

Not fast enough, as protection gaps widen.

Profitability can be elusive 31

The challenge: Capturing and sustaining profitable growth 33

How insurers play drives performance more than where they play 34

Four key drivers of superior commercial P&C performance 36

Leaders have clear strategies to capture profitable growth 36

Insurers must have distinctive capabilities where 36

they choose to compete

Models requiring limited underwriting involvement continue to grow 37

Investors want clear growth strategies from insurers 37

Top performers invest in modernizing underwriting 38

Generative AI has wide applicability 39

Competition for talent is intensifying 39

Insurers must navigate a changing distribution landscape 39

Insurer–broker relations will become even more important 40

Insurers should manage the quality of their distribution networks 40

Digital connectivity is transforming the purchase of insurance 40

Leaders manage administration expenses through operational efficiencies 41

Declines in expense ratio may not be enough 41

Foundational capabilities must be in place to enable efficiencies 42

Conclusion 43

Growth and relevance in life and beyond 44

Introduction 46

Embracing a changing landscape 48

‘Silver’ is taking over, and ‘life’ is being redefined 48

Customer experience at the forefront 48

Continued divergence between public and private market perceptions 49

Avenues of growth and value creation beyond ‘traditional’ life insurance 53

Regain relevance and win in retirement 53

Move toward integrated wealth and health solutions 54

Find new avenues in which to serve customers and advisers 55

Activate the flywheel across insurance, asset management, and capital 56

Conclusion 59