Insurance CEOs Confident About Growth Amid Digital and ESG Challenges, KPMG Survey Finds

A recent survey of 120 global insurance industry leaders indicates strong optimism about their companies’ growth potential over the next three years, despite significant challenges in digital transformation, talent acquisition, and sustainability. The KPMG CEO Outlook, now in its tenth year, found that 74% of insurance CEOs expect to see both profit and workforce growth, with 93% predicting an increase in staff over the same period.

These leaders, however, face a complex environment as they push for expansion while advancing digital initiatives. Attracting and retaining skilled talent remains a critical concern for those seeking to implement technology-driven changes across their businesses.

Concerns about cybersecurity have also risen, with only 54% of CEOs feeling well-prepared for a cyber attack, down from 66% the previous year. Moreover, just 43% are confident that their current cybersecurity strategies can keep up with the rapid advancements in artificial intelligence (AI). As a result, 81% of the respondents identified generative AI as a top investment priority, seeing it as essential for expanding their workforce and enhancing their digital capabilities.

Environmental, Social, and Governance (ESG) issues continue to be a significant focus, with 63% of insurance executives expressing confidence that they will meet their net-zero targets by 2023.

Frank Pfaffenzeller, Head of Global Insurance at KPMG International, observed that insurance CEOs are intensifying efforts to accelerate digital transformation while also advancing their ESG agendas and improving productivity. He pointed out that these leaders recognize the importance of acquiring new talent and adopting emerging technologies, particularly generative AI, to achieve their growth objectives. According to Pfaffenzeller, companies that advance more quickly towards a sustainable and digitally enabled future are likely to gain a competitive edge in the market.

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