China, an engine of growth for insurance

Allianz Global InsuranceAccording to the Allianz Global Insurance Report 2021, the global insurance market is expected to grow by 5.1% in 2021 compared to a 2.1% decline in 2020. China shall be the engine of such growth with a 13.4% increase in written premiums. After China, U.S.A is expected to post a 5.3% turnover increase.

On the other hand, Western Europe should record an improvement in written premiums of only 1.2% in 2021 due to a sharp premium decline in 2020.

The report also expects the global insurance market to witness an average premium growth of more than 5% throughout the next ten years. The latter should be set at 7 900 billion USD in 2031. Such market growth shall contribute to a better risk-awareness of the population and benefit from the growing power of emerging markets.

China alone should be holding a 31% market share by 2031. North America and Western Europe take the second and third positions with 24% and 15% of total worldwide written premiums respectively.

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