Emerging Asia is driving global growth
According to Sigma, China's insurance market is a major contributor to global premiums' growth. The sustained economic development experienced by China and emerging Asia in general has significantly improved the insurance penetration in the region.
This trend has speeded up since the 2008 financial crisis. In the 1960s, the share of emerging Asia in the global premiums was 5% only . This rate was estimated at 22% in 2017.
According to forecasts, India, Pakistan, Indonesia, Brazil, Mexico, Nigeria and Kenya would display significant growth rates in the coming decades.
These performances, however, apply only to the underwritings' volume. Profitability will continue to be under pressure due to low interest rates, regulatory changes and competition.
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