Life insurance premiums set to soar

life insuranceA study by the Swiss Re Institute predicts that the global life insurance market would generate an additional 1 500 billion USD in premiums over the next decade, to reach 4 000 billion USD by 2034.

The advanced markets would account for almost 61%, or 915 billion USD of additional premiums.

The remaining 39%, or 585 billion USD, would be generated by emerging markets.

As interest rates continue to rise, savings products are becoming more attractive to consumers.

Consequently, policyholders are increasingly underwriting capital-generating life policies which will guarantee them higher pensions.

Between 2022 and 2027, insurers' operating and investment income in the eight largest life markets, including the US, UK, Germany and Japan, are expected to grow by 60% and 40% respectively.

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