McKinsey and Co. reports that alternative capital can help drive returns and plug the P&C insurance gap. (Olivier Le Moal/Adobe Stock) McKinsey and Co. reports that alternative capital can help drive returns and plug the P&C insurance gap. (Olivier Le Moal/Adobe Stock)

The global property and casualty (P&C) insurance market is facing a significant capacity crunch, with demand outstripping supply. Losses from increasingly frequent and severe catastrophes, emerging exposures, new types of risk, and rising interest rates have produced a surge in demand for insurance cover. These same forces shrunk supply, with both reinsurers and investors reassessing their risk tolerance and seeking to minimize exposure to tail risks.

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