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Commercial property and casualty (P&C) insurance coverage is at a vital level because the trade faces mounting financial pressures, together with inflation, capital constraints, geopolitical challenges, and local weather change-driven catastrophes.
According to McKinsey’s 2023 international insurance coverage report, business carriers threat dropping their relevance in the event that they don’t fulfill the demand for resilience and plug safety gaps.
But Shannon Varney (pictured), one of many report’s authors and a associate at McKinsey, stated that whereas carriers are being challenged, it’s additionally a time for brokers and MGAs to step in.
“This second is a giant inflection level for the business insurance coverage trade,” Varney instructed Insurance Business.
“We see this as a vital time to offer actual options for his or her insureds as the character of threat is altering and new sources of threat are rising that weren’t as acute or as extreme as beforehand.
