Munich Re counts on strong growth of global insurance

Magazine Issue:

Insurance by 2020 [3]

Magazine date:

Jun 2013

Munich Re has recently published a study on the development of the global insurance market by 2020. The German reinsurer estimates that during this period, the growth of non-life insurance would be of 50%, at 2 445 billion USD, compared to 66% at 4 097 billion USD in life insurance.

The German group is optimistic about emerging markets. In terms of annual premiums growth, Asian countries will be the most active with a progression of 10.2% in the non-life insurance and 13.9% in life. Latin America is credited with an annual increase of 10% in life insurance.

In non-life insurance, Sub-Saharan Africa will increase annually by 5.8%. The West European countries will experience less than 2% growth per year in life insurance and 1.3% in non life. At the end of the decade, the United States, Japan and China are the dominant markets accounting for more than half of the global premiums. The percentage of premiums controlled by industrialized countries will decline sharply.