On a geographical basis, the Middle East (+394%) and Latin America (+284%) top this ranking, followed by Eastern Europe (+207%) and Africa (+174%) while Western Europe is posting a growth of only 89% and North America 19%. Asia is strained by Japan whose growth has come to a standstill.
The past decade assessment can be supplemented by Munich Re’s latest survey, which provides market forecasts for the 2013-2020 period. According to the German reinsurer, global insurance will experience strong growth driven by the emerging countries of Asia and Brazil.
As a result, in the top ten established by Munich Re for 2020, the market would still be dominated by the United States followed by Japan and China, the latter jumping from 6th position in 2010 to 3rd position in 2020. All European countries are poised to retrograde. Brazil and India are entering this ranking and South Korea wins one place.
In non-life insurance, Eastern Europe and Sub-Saharan Africa would respectively benefit from an annual growth rate of 6.3% and 5.8%, while Western Europe would be content with just 1.8%.
Brought together, Sigma and Munich Re’s figures confirm the powerful rise of Asia with four countries ranking in the top ten, the emergence of Brazil and the slowdown of Europe which is running out of steam.
In terms of growth rate, the Middle East, Eastern Europe and Africa would continue to rank among the best countries.
The United States will be the only country, among the Western world, to withstand Asia’s relentless rise.