KPMG 2024 Insurance CEO Outlook

120 Insurance CEOs

11 Countries

55% Over US$10 billion revenue

Economic uncertainty may finally be starting to recede, but boardroom uncertainty seems to be at an all-time high across the insurance industry. And for good reason: insurance CEOs are dealing with a complex set of pressures and challenges — growth, digital transformation, talent and sustainability — that require bold decisions and concrete action. Decisions made today will help to shape the business well into the future.

However, despite economic headwinds, insurance CEOs are confident that they will be able to grow their business over the next three years — both in terms of earnings and headcount. But competition is growing, and organizations are pulling several levers to drive the growth they require. CEOs are highly focused on accelerating their digital transformation, delivering on their ESG agenda and enhancing productivity. And at the same time, they recognize the need to infuse the organization with new talent and to embrace new technologies — Gen AI in particular — if they hope to achieve their growth objectives.

KPMG 2024 Insurance CEO Outlook

Insurance organizations are navigating evolving challenges to drive growth and transformation across the industry. Explore key industry insights and emerging priorities in this latest report.

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Key findings from our research

73%

Despite economic headwinds, 73 percent of insurance CEOs are confident about their company’s growth prospects and 93 percent expect to increase the size of their workforce over the next three years.
81%

In 2024, insurance CEOs were more than twice as likely as the all-industry average to agree they were utilizing AI to help speed up data analysis. Eighty-one percent of insurance CEOs consider Gen AI as a top investment priority for their organization.
63%

ESG continues to be a key focus for many insurance organizations, with 63 percent of insurance CEOs confident that they will meet Net Zero goals by 2030.
54%

Only 54 percent of our respondents say they are ‘well prepared’ for a cyber attack (down from 66 percent last year), and just 43 percent think their cyber strategy can keep up with the rapid advancements enabled by AI.

Today insurance CEOs are making strong progress on a range of key topics. Our survey picks up conflicting challenges on the minds of insurance executives across the globe. They understand that specific talent gaps will impact their growth and recognise the struggle to attract and retain the skills needed. They view generative artificial intelligence (Gen AI) as a top investment priority for their business, but they also acknowledge the associated risks. Lastly, they realise their commitment to delivering on stakeholder ESG expectations but aren’t always sure what those expectations are. These are clear challenges that need to be carefully navigated to build a business fit for future.

Kailash Mittal

Partner and Head-Insurance & Head-Actuarial

KPMG in India

Methodology

The KPMG 2024 Insurance CEO Outlook, part of the 10th edition of the KPMG 2024 CEO Outlook, is compiled from the views of 120 insurance chief executive officers, which was conducted between 25 July and 29 August 2024, providing unique insight into the mindset, strategies, and planning tactics of CEOs.

All respondents oversee companies with annual revenues over US$500M and a third of the companies surveyed have more than US$10B in annual revenue. The survey included CEOs from 11 key markets (Australia, Canada, China, France, Germany, India, Italy, Japan, Spain, UK and US) and 11 key industry sectors, including insurance. NOTE: some figures may not add up to 100 percent due to rounding.

In the insurance sector research, the two largest sub-sectors were Auto, Home, Property and Casualty with 31 percent of respondents and life insurers with 30 percent. The best-represented countries based on organizational headquarters are the US and the UK, followed by China, India and Canada.