Global insurance spending to hit almost $10trn by 2028

Written by Adam Cadle

22/08/2024

Global insurance spending is to hit almost $10trn by 2028, $900bn more than this year, new figures from Stocklytics.com have revealed.

The global insurance market has grown by 25% in the past four years, with the total value of insurance premiums rising from just under $8trn in 2018 to over $9trn this year. Economic growth, rising middle class, technological advancements like InsurTech, and the evolving risk landscape have fuelled the insurance market’s growth.

The US is expected to remain the leader in the insurance landscape, generating almost half the global premiums. Statista said it expects gross written premiums in the US market to grow by 11% and hit $5.15trn by 2028, more than European and Asian markets combined. According to Statista, Asian insurance spending will grow by 7.9% and hit $2.2trn by 2028. The European market follows with a 4.2% growth and $1.73trn in total insurance premiums in this period.

Analysed by segments, non-life insurance is expected to rise much faster than the life insurance sector or the entire market. Statista said it expects the total insurance premiums in the non-life segment to increase by 10.5% and hit close to $6trn in the next four years. The life insurance segment will grow by 6.8% in this period and hit a $3.92trn value.

Related Articles