Insurance Market Outlook for 2018/2019
The global insurance industry will grow more strongly than the global economy in 2018 and 2019. This year and next, we expect global premium to grow by more than €460bn in all. This is equivalent to average annual premium growth of 5.3% (in real terms, i.e. adjusted for inflation: 3.7%), whereas global GDP is expected to grow by only 4.9% (3.3% in real terms). Life insurance, in particular, looks set to return to strong annual premium growth of 5.6% (3.9% in real terms) after a weak 2017. Property-casualty insurance is benefiting from the currently favourable economic environment. In this segment, we are expecting annual growth rates of close to 5% (3.3% in real terms). Emerging countries are the primary growth drivers, but somewhat stronger growth rates in high-volume industrialised countries are also contributing to this positive development.