Global insurance report 2022 From Allianz

The following is the Global insurance report 2022 From Allianz recommended by recordtrend.com. And this article belongs to the classification: insurance industry , research report.

Allianz released the “2022 global insurance report”. Strong economic downwinds, rising risk awareness and booming markets have driven record savings. 2021 will be a bumper year for the insurance industry. The premium charged by global insurance companies was close to 4.2 trillion euros, an increase of 5.1% over the previous year. Life insurance increased by 4.4%; Property insurance increased by 6.3%. But what really attracts attention in 2021 is the composition of premium growth: more than 2/3 of premium growth comes from Western Europe and North America, and the U.S. market alone accounts for half of the growth. Over the past decade, global premium growth has been much lower, with an average annual growth of only 3.6%, driven by Asia, accounting for 40% of all additional premiums, more than half of which came from China. As a result, China’s global market share doubled to 12%.

It is estimated that the growth rate of premium income in 2022 may be higher than the initial assumption of about 1 percentage point. Overall, Allianz now expects global premium income to grow by 4.8% in 2022, with life insurance and property insurance developing almost synchronously (4.9% and 4.6%). This figure must be considered against the backdrop of a global inflation rate of 6.2% this year.

Overall, Allianz expects an annual growth rate of 4.8% over the next 10 years (4.9% for life insurance; 4.6% for property insurance). This is equivalent to an increase of 67% or 2.8 trillion euros in premium income by 2032, of which life insurance business will generate slightly less than 1.8 trillion euros (an increase of 69%), and property insurance business will generate slightly more than 1 trillion euros (an increase of 63%).

In the life insurance business, demographic changes may be the decisive driving force for growth. This applies to both developed and emerging markets: relentless aging and social change, coupled with rising public debt and an imperfect social security system, fully illustrate the need to increase personal reserves.

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