KPMG 2025 Insurance industry survey

We are delighted to present our KPMG insurance industry survey for 2025, a publication we are proud to have delivered for over 25 years! This year’s survey covers the financial results of 28 non-life insurers, sixteen life insurers and four reinsurers.

The 2024 financial results of participating insurers indicate that the industry was not only able to sustain, but also build on the robust financial results reported in 2023, carrying forward the momentum and gains established from the previous year.

The industry continues to benefit from the strategic measures implemented in recent years, such as rate increases, cost containment measures, process efficiencies and the application of stricter underwriting principles, to name a few. The approach taken by the industry to achieve these results underscores the industry’s commitment to long-term resilience and strategic foresight, ensuring that long-term stability is not compromised in the interest of short-term gains.

Our survey features a collection of insightful articles developed by our exceptional team of KPMG insurance specialists. While the journey ahead may feel “up in the air” and uncertain in the context of an ever-evolving risk landscape, we trust that this knowledge will provide you with clarity and insight to better navigate internal and external challenges, foster sustainable success and inspire continued progress.

We include below a sneak peak of some of the articles featured in this year’s survey:

• With IFRS 17 Insurance Contracts (IFRS 17) now in its third year of implementation, we reflect on the multitude of complex disclosures and decisions made by life and non-insurers. We share our views on the key insights gleaned from our deep dive analysis, as well as the value and purpose these disclosures bring to the industry and investor community. We also provide you with our reflections on what is next on the cards for insurance companies, now that IFRS 17 reporting is business as usual.
• We have a number of articles focussing on climate risk management, from leveraging your own risk and solvency assessment (ORSA) to develop climate risk transition plans, challenging the relevance of traditional capital modelling techniques through the use of alternative advanced and innovative actuarial techniques to cater for this evolving risk and reflecting on the best practice approaches applied in developing climate-related metrics for South African insurers to consider, to ethical considerations and leadership’s role in managing this risk.
• Extending on the theme of risk management, we have two articles addressing third-party risk management and enterprise risk management. We share our insights on best practice third-party risk management approaches. We also challenge the relevance of the current approach in quantifying and managing enterprise risk, particularly operational risk, in light of the current risk landscape, and offer our thoughts on alternative qualitative and quantitative risk management techniques that can be applied.
• We also have an article exploring nature and biodiversity risks and the impact for insurance companies. In this article we sat down with Candice Dott, Director of Global Market Engagement at the Taskforce on Nature-related Financial Disclosures (TNFD), to unpack why insurers should start considering nature-related risks as part of their ESG risk frameworks.
• Our data scientists have written a fascinating article on a new class of intelligent systems that autonomously reason, plan and act - agentic AI. This article traces the evolving use of AI over time by insurance companies, from rule-based automation to AI agents and finally to agentic AI, explores recent adoption trends and statistics, highlights wider insurance applications, and outlines practical considerations for deploying these technologies responsibly.
• Much more including cyber risk management considerations, Trump tariffs and the potential impact on the South African economy and insurance industry, insights into key actuarial and finance optimisation strategies that insurers can adopt to thrive in an IFRS 17-driven world, practical actions for insurers to consider to rebuild and maintain customer loyalty, pooling as a solution to complement traditional insurance and the importance of assessing transfer pricing impacts related to intangible assets.

To view or download a copy of the survey click here.

To view our survey website and the recording of the presentation click here