Strong growth of the Asian insurance market
According to Willis Towers Watson, India's non life insurance market is expected to have the highest average annual growth rate in the world at 8.7% in the 2017-2025 period. This market will be followed by Saudi Arabia (8.1%), Indonesia (7.4%), China (7%), Iran (6.2%) and the United Arab Emirates (5.6%).
In fact, emerging Asia is expected to post the highest growth rate (7.1%) during the aforementioned period.
The accelerated economic development in the region is expected to lead to improved insurance penetration. Emerging Asia's share of global premiums could rise to 21% by 2025. This rate is estimated at 13% in 2016.
The MENA region (Middle East and North Africa), sub-Saharan Africa and Eastern Europe, are, on their part, poised to report growth rates of 5.8%, 4.3% and 3.8% respectively.
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