Swiss Re is expecting a strong global economic recovery from COVID-19 to result in historically high global gross domestic product (GDP) growth of 5.8% in 2021.
Global insurance premiums are set to follow this strong growth, increasing by an expected 3.3% in 2021 to a total of $6.9 trillion. The report forecasts 3.9% insurance premium growth for 2022.
In 2021, key market insurance premium growth is forecast at 6.3% for China, 1.7% for the US, 2.8% in Western Europe and 5.6% for emerging markets.
In its latest Sigma report Swiss Re also points out how factors such as inflation and digitalisation are influencing insurance industry development.
A key opportunity for insurers is the positive development in consumer awareness, which has been cemented by the COVID-19 pandemic.
The report highlights how global health and protection-type insurance premiums grew by 1.9% and 1.7%, respectively in 2020, as the pandemic increased awareness of the value of health…