Swiss Re Institute’s latest Sigma global economic and Insurance outlook 2020, global growth will remain solid and Premiums are forecast to grow by about 3% with possible 9% growth in Asia. The report says positive economic momentum will support the Insurance sector, with Innovation driving further Premium growth and narrowing existing protection gaps. According to the report, emerging markets will continue to grow particularly in Asia with aggregate growth expected to strengthen to 5% annually for the next two years (2019-2020).
Emerging markets are expected to drive Insurance growth with global economic power shifting from west to east.
China is projected to be the main source of Insurance demand in the coming year. China’s share of global Premiums increased from 0.8% in 2000 to 9.7% in 2017 and this is forecast to expand to 16% in 2028