Global insurance premiums exceed USD 5 trillion for the first time as pivot east continues , Swiss Re Institute ’s latest sigma says
Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6% of world gross domestic product (GDP). This was based mostly on solid growth in the non-life sector, particularly in China and other countries in emerging Asia, and also among advanced markets, the latest sigma from Swiss Re Institute, "World insurance: the great pivot east continues", says. Global insurance premiums are forecast to grow by 3% in real terms in 2019/20, led by the emerging markets. Life premiums will increase by 2.9%, well above the 0.6% annual average of the previous 10-years, with a bounce back in China the main driver. In non-life, global premiums are forecast to grow by 3%, with emerging Asia taking the lead, supported by solid growth in advanced markets. China will contribute most to life and non-life premium growth over the next two years, and its share of global premiums will reach 20% by 2029, up from around 11% currently. China remains on course to surpass the US as the largest insurance market by the mid-2030s. With the growing importance of the market in China and publication of this annual edition of sigma, Swiss Re Institute is pleased to announce the timely opening of its Swiss Re Institute China Centre in Beijing.