Key facts:
The European insurance industry, known for its stability and meticulous risk management, now faces significant challenges. From 2015 to 2024, the industry has reported an average annual negative economic spread of about 1.68%, indicating a lack of financial value creation. Additionally, unprecedented disruptions – including technological advancements, evolving customer expectations, workforce transformation, and market consolidation – are reshaping the landscape and raising urgent concerns about growing coverage gaps.
To explore how leading firms are adapting to these challenges, we conducted interviews with 19 Chief Transformation Officers and Chief Operations Officers from top insurance companies across the EMEA region. Our findings reveal that most firms are ill-prepared for the necessary transformations ahead.