Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

May 2022

Asia Pacific: Region's advanced insurance markets to grow by more than 3% in real terms this year and next

Source: Asia Insurance Review | Jan 2022

Advanced insurance markets in Asia Pacific are expected to grow by 3.9% in real terms in 2021, 3.5% in 2022 and 2.8% in 2023, according to Swiss Re Institute.
 
In its latest sigma study entitled ‘Turbulence after lift-off: global economic and insurance outlook 2022/23’, Swiss Re Institute says that its 2020 and 2021 surveys of consumer trends in major Asia-Pacific markets find consistent evidence of consumers’ rising awareness of health and mortality risks and a perception of being under-insured. The change in risk perception is reflected in observed growth in life and health insurance premiums.
 
The report says that global insurance premiums would grow by 3.4% in real terms in 2021, 3.3% in 2022 and 3.1% in 2023. The global insurance industry is forecast to reach a new record in global premiums by mid-2022, exceeding $7tn.
 
The insurance industry outlook is also supported by a strong cyclical recovery from the COVID-19 shock, but economic growth is expected to slow in the next two years due to an unfolding energy price crisis, prolonged supply-side issues, and inflation risks. Long-term structural support for growth is needed, as Swiss Re Institute’s resilience analysis in the sigma report shows.
 
Swiss Re Institute estimates that global non-life premiums will grow by 3.3% in 2021, 3.7% in 2022 and 3.3% in 2023.
 
Global life premiums are expected to increase by 3.5% in 2021, 2.9% in 2022, and 2.7% in 2023. A 
 
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.