Global insurance market projections for 2022 and 2023

According to the Sigma study published by Swiss Re, the global insurance market is expected to witness a solid growth in 2022 and 2023.

With an estimated increase of 6.1% at the end of the current year, total premiums should exceed the 7 trillion USD mark in 2022. Non-life insurance would increase by 7.1% to reach 4.1 trillion USD while life premiums would progress by 4.8% to reach 3.1 trillion USD.

The Swiss reinsurer's forecasts are based on the solid growth of employment, the income development, the tough conditions of the P&C insurance market and the increased interest in health risk in the wake of the Covid-19 pandemic.

According to Swiss Re's projections, this trend is likely to continue into 2023 as well.

However, this insurance market boom is taking place against a challenging environment marked by a slowing global economy, high inflation rates and the rising cost of accidents and natural catastrophes.