In its latest Sigma study, Swiss Re Institute has revealed that global insurance premiums reached an all-time high in 2018. Reaching US$5 trillion for the first time ever, the premiums were equivalent to more than six per cent of the world’s gross domestic product (GDP).
Within the report, World Insurance: The great pivot east continues, the growth was attributed to solid growth in non-life premiums, while life insurance premiums were ‘subdued’.
The study detailed that the US is still the largest insurance market, followed by China and Japan. However, the report did confirm the ‘ongoing shift’ of business to the east; by 2029, it said, the Asia-Pacific will account for 42 per cent of global premiums, while China’s share of global insurance will grow to 20 per cent. In fact, China was marked as the country expected to become the largest insurance market by mid-2030s.
"The strategic importance of Asia and China will become more and more eminent across the world," said Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re.
To read the study in full, click here.