According to the Allianz Global Insurance report, the global insurance industry experienced significant growth of approximately 7.5% in 2023, marking the fastest expansion since 2006, the year prior to the Global Financial Crisis. Insurers worldwide collected a total of EUR 6.2 trillion in premiums across life (EUR 2,620 billion), property and casualty (EUR 2,153 billion), and health (EUR 1,427 billion) insurance. Over the past three years, global premium income surged by an impressive EUR 1.1 trillion, or 21.5%. However, this robust growth is tempered by the context of high inflation. In real terms, premiums grew only modestly, increasing by just 0.7% since 2020.
In contrast to 2022, when the global premium increase was mainly driven by the property and casualty segment, growth in 2023 was more evenly distributed across all segments. Life insurance premiums increased by 8.4%, property and casualty by 7.0%, and health by 6.6%. The recovery of the life insurance segment, which grew by only 3.1% in 2022, was primarily driven by Asia, which saw a 14.9% increase and holds a 39.0% share of the global market. In the property and casualty segment, North America remained the largest market with a 7.1% growth and a global market share of 54.2%.
Despite traditional markets losing relevance in many other industries to new, emerging markets, the global insurance industry remains dominated by the US. Over the past decade, the US insurance market has even increased its global market share from 41.3% to 44.2%. Conversely, other established markets like Western Europe and Japan saw declines in their shares by 6.7 percentage points and 2.8 percentage points, respectively, primarily losing ground to China, which nearly doubled its 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
