Deloitte: Insurance faces 'great growth squeeze'
Deloitte's 2026 Global Insurance Report projects a "great growth squeeze," with P&C growth halving and life insurance growth plummeting, driving urgency for digital transformation.
The report highlights that global P&C growth is expected to drop from 4.7% in 2014-2023 to 2.3% in 2024-2033, while life insurance growth is projected to fall even more sharply. This slowdown is attributed to macroeconomic headwinds like inflation and geopolitical instability dampening consumer spending and investment. Insurers are feeling pressure to modernize legacy systems and processes to improve efficiency and customer experience. Deloitte suggests focusing on AI, cloud computing, and data analytics to achieve operational excellence and personalization. This "great growth squeeze" may accelerate consolidation in the insurance industry, as smaller players struggle to compete with larger, more digitally advanced companies. Vertafore's role in enabling digital transformation for agencies and carriers becomes even more critical in this environment.
