GLOBAL PREMIUM VOLUME TO NEARLY DOUBLE BY 2030 – Munich Re

GLOBAL PREMIUM VOLUME TO NEARLY DOUBLE BY 2030The global Insurance industry will grow more strongly than the global economy in 2018 and 2019. In this year and next year it is expected that global insurance premium will grow by more than E460 billion pounds. This is equivalent to average annual premium growth of 5.3% in real terms i.e adjusted for inflation 3.7% whereas global GDP is expected to grow by only 4.9% (3.3% in real terms).

Life Insurance in particular looks set to return to strong annual premium growth of 5.6% (3.9% in real terms) after a weak 2017. Property-casualty Insurance is benefiting from the current favourable economic environment. Experts says that annual growth rate in this segment will be around 5% (3.3% in real terms) Emerging countries are the primary growth drivers but somewhat stronger growth rates in high volume industrialised countries will also contribute to this positive development.

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