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Sep 2022

World's fastest growing insurance region is emerging Asia

Source: Asia Insurance Review | Aug 2022

Swiss Re Institute has predicted that insurance growth in emerging Asia (excluding China) will average 6.2% in 2022-2023, making it the main engine of global growth.
 
The growth of emerging Asia (excluding China) will help the aggregate growth rate (3.9%) of the world’s emerging markets to outpace that of the advanced markets (2.0%), says Swiss Re Institute in its latest sigma report titled ‘World insurance: Inflation risks front and centre’ released in July.
 
The institute says that such a development is in line with its messaging from 2019 that the 2020s decade will mark a shift in geographical economic power from west to east.
 
Furthermore, with Russia president Vladimir Putin’s invasion of Ukraine weighing on economic growth in Europe in particular, it expects insurance industry growth in emerging markets as a whole will outpace that in the advanced markets this year, with emerging Asia in the lead.
 
The sigma report said, “We forecast that growth in emerging Asia (excluding China) will average 6.2% in 2022–2023, helping the emerging markets’ aggregate growth rate (3.9%) outpace that of the advanced markets (2.0%).”
 
Notably, the forecast is growth of more than 8% in risk premiums in India, Vietnam and Indonesia this year, in real terms.
 
In 2021, emerging Asia (excluding China) expanded by 7.1% in real terms to $229.4bn, the region with the fastest growth globally. A 
 
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