As reported by Allianz Global Insurance, the global insurance industry experienced significant growth in 2023, expanding by an estimated 7.5%. This marks the fastest growth since 2006, the year before the Global Financial Crisis. Insurers worldwide collected a total of EUR6.2 trillion in premiums, distributed among life (EUR2,620 billion), property and casualty (EUR2,153 billion), and health insurance (EUR1,427 billion). Over the past three years alone, global premium income has surged by EUR1.1 trillion, an increase of 21.5%. However, this strong growth must be considered in the context of high inflation, which diminishes the impact. In real terms, premium growth has been modest, increasing by only 0.7% since 2020.
Unlike 2022, when premium growth was largely driven by the property and casualty segment, the growth in 2023 was more evenly distributed across all three segments: life insurance grew by 8.4%, property and casualty by 7.0%, and health insurance by 6.6%. The life insurance segment, which saw a modest 3.1% growth in 2022, was boosted by a 14.9% increase in Asia, the world’s largest life insurance market, which holds a 39.0% global market share. In the property and casualty sector, North America maintained its dominance with a 7.1% increase and a 54.2% share of the global market.
While many industries see traditional markets losing ground to emerging ones, the global insurance industry remains heavily dominated by the United States. Over the past decade, the U.S. insurance market has actually increased its global market share from 41.3% to 44.2%. Meanwhile, other established markets like Western Europe (-6.7 percentage points) and Japan (-2.8 percentage points) have lost market share, primarily to China, which has nearly doubled its global share to 10.6%.
Learn more here: https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/2024_05_23-Global-Insurance-Report.html
