According to this year’s tenth iteration of the KPMG CEO Outlook, three quarters (74%) of insurance leaders are confident they will grow their business over the next three years. In addition, 93% said they expected their company’s headcount to increase during the same period.

Generative AI was the top investment priority for 81% of the CEOs while just 54% said they were well prepared for a cyberattack. This was down from 66% last year.

Frank Pfaffenzeller, head of global insurance at KPMG International, said: “Insurance CEOs are highly focused on accelerating their digital transformation while delivering on their ESG agenda and enhancing productivity. To drive each of these forward, they recognise the need to infuse the organisation with new talent and to embrace new technologies — Gen AI in particular — if they hope to achieve their growth objectives.

“Those organisations that move further and faster toward a sustainable and digitally enabled future could gain a significant market advantage.”