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According to Swiss Re, the global insurance market turnover should increase by 3.4% in 2021, by 3.3% in 2022 and by 3.1% in 2023. The reinsurer expects life and non-life premiums to exceed 7 000 billion USD by the first half of 2022.
This growth would be driven by an increased awareness of risks, a growing demand for protection, a rise in non-life rates and a strong cyclical recovery after the Covid-19 shock.
Turnover growth prospects per class of business:
| Class of business | 2021 | 2022 | 2023 |
|---|---|---|---|
| Non-life | 3.3% | 3.7% | 3.3% |
| Life | 3.5% | 2.9% | 2.7% |
