Atlas Magazine N°228, February 2026 (PDF)

The insurance market in 2026

The 2026 financial year is poised to be a challenging one for insurers. Escalating political tensions, the rapid advancement of new technologies, and climate change are all risk factors that could destabilize the technical and financial balance of the insurance industry.

In this context, the outlook for the insurance market remains cautious, with the following major trends:

• Moderate growth in global premiums, with insurance being expected to continue to grow, but at a more moderate pace than in previous years. Swiss Re anticipates real growth in life and non-life premiums of around 2.3%.
• Increased competition will affect profitability and underwriting results, which could stagnate according to Fitch Ratings.
• Return on equity for insurers and reinsurers could remain at comfortable levels, but slightly below those achieved in the recent past.
• Technological innovation is becoming a key factor in competition between insurers. Companies that modernize their systems and leverage real-time data will enjoy a significant competitive advantage.

The outlook for 2026 is not without challenges.

The first of these challenges pertains to climate risk, especially in advanced countries where underwritten capital is high. This risk will continue to weigh on pricing, portfolio solvency, and the availability of insurance and reinsurance coverage.

The second challenge relates to economic and geopolitical volatility, which weighs on premiums and investment returns. The insurance sector is at the heart of risk management. It is vulnerable to both economic and political instability.

Finally, insurers will have to put up with regulatory pressures and capital requirements.