"Approximately half of all the additional premium earned between 2013 and 2020 will come from the US, China and Japan," says Dr Michael Menhart, Munich Re's Chief Economist. According to Munich Re's estimates, until 2020 the P&C market as a whole will grow by approximately 50% compared with 2012 to EUR1.85 trillion (US$2.37 trillion), and the life insurance market by almost two-thirds to EUR 3.1 trillion.