sigma 4/2020: World insurance: riding out the 2020 pandemic storm
The world economy is in the grips of the deepest recession since the Great Depression of the 1930s.
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The world economy is in the grips of the deepest recession since the Great Depression of the 1930s. The insurance markets will contract this year, with the advanced markets leading the way. However, the magnitude of the pullback will be similar to that seen during the global financial crisis of 2008-09, even though this year's economic contraction will be much more severe. Global life premium volumes are forecast to shrink by 6% in 2020, with most weakness in savings products. The non-life sector will be more robust, with near flat growth.
sigma extra - the advanced markets
World insurance: regional review and outlook
Unlike for the global economy, we expect a strong V-shaped recovery in insurance premiums, with a return to around 3% positive growth in both life and non-life premiums in 2021. We project that total premium volumes (life and non-life combined) will be back at pre-crisis levels over the course of next year. The emerging markets, in particular China, will lead the comeback.