Key Trends and Insights Shaping the Insurance Industry in 2024

The insurance industry concluded 2024 with impressive growth, driven by increased premiums in life and non-life sectors. Life insurance saw a decade-high growth rate of 5%, while non-life insurance grew 4.3%, boosted by the hard market and economic resilience.

AI played a transformative role, with 87% of carriers reporting material financial benefits from generative AI applications in underwriting and claims. Insurers like QBE used AI to streamline operations, freeing experts for higher-value tasks. Meanwhile, the industry expanded its talent strategies, sourcing actuarial and modeling expertise from global talent pools in locations like India.

Operating model optimization emerged as a major theme, with companies reducing costs, restructuring, and focusing on high-growth segments. The health sector saw notable advancements, including insurance for emerging risks like gaming-related issues and expanded digital health services. Retirement also became a focal point, with annuity sales reaching record highs and new private pension options introduced in China to address aging populations.

Preventative measures gained traction, with insurers partnering on initiatives like genetic cancer screenings and advanced vehicle safety systems, helping reduce risks and losses. As 2025 approaches, the insurance industry stands well-positioned to meet new challenges and opportunities.