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Munich Re predicts strong growth for global insurance industry in 2018

Source: Asia Insurance Review | Jun 2017

The global insurance industry is likely to see slightly increased growth by 2018, according to Munich Re. Overall, the international primary insurance sector will grow by 4.5% per annum (or 3.0% in real terms, ie adjusted for inflation) on average in 2017 and 2018. Whilst premium income is likely to grow only nominally this year, slightly higher real growth of 3.0% is expected for 2018. 
 
   The reinsurer also said that better economic prospects in the US and in many emerging markets will mitigate negative factors such as declining growth in the Chinese market. “In the longer term, the emerging markets of Asia will have the greatest growth potential, and their share of primary insurance premium is expected to be on a par with that of Western Europe in the next few years,” it stated in a press release. 
 
   The emerging markets’ share of the anticipated additional premium volume is expected to rise from 20% in 2016 to 47% by 2025. It is expected overall that by 2025, the market share of emerging markets in Asia will – at 21.4% – draw close to that of Western Europe (24.5%). North America will remain clearly in the lead at 27.8%. A 
 
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