Global insurance industry to demonstrate continued resilience over next 2 years – Swiss Re

Written by Adam Cadle

10/07/2023

The global insurance industry is expected to demonstrate continued resilience over the next two years, with insurance premiums in non-life and life estimated to grow by 1.1% in 2023 and 1.7% in 2024, according to the Swiss Re Institute.

Premium volumes are expected to total a new peak of US$7.1trn in 2023, compared to US$6.8trn in 2022.

Non-life premiums in emerging Asia are forecast to expand by 6.7% and 6.2% over 2023 and 2024, while life premiums are set to grow by 5% and 5.4%.

The US is, and remains, the largest insurance market in the world, with total premiums of close to US$3trn in 2022, according to Swiss Re’s data. Its global market share rose from 40% to 44%, driven by strong premium growth in nominal terms (8.6%) and US dollar appreciation against virtually all major currencies. China is the second largest market with premium volumes of US$698bn.

The UK moved up to third place last year with premiums of US$363bn, switching position with Japan, which is now in fourth place.

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