Based on the Allianz Global Insurance Report 2023, the global income from insurance premiums reached nearly EUR5.6 trillion in 2022. Among the segments, life insurance maintained its position as the largest, with EUR2.6 trillion, followed by property and casualty (p&c) insurance with EUR1.8 trillion, and health insurance with EUR1.1 trillion. The premium pool experienced a growth of EUR259 billion or 4.9%, despite a global inflation rate of 8.6%. However, the growth rates varied significantly across the segments. Property and casualty insurance showed robust growth at 8.7%, health insurance grew more modestly at 4.9%, and the growth rate for life insurance was a disappointing 2.4%. This lower growth in life insurance can be attributed to the impact of reduced real incomes on private savings.
Learn more here: https://www.allianz.com/en/economic_research/publications/specials_fmo/global-insurance-report.html
