Global insurance premium volumes passed a new benchmark high of USD 5 trillion in 2018.
Global life premium growth was weak, but there was solid performance in non-life in 2018.
The central narrative of Swiss Re’s annual world insurance sigma is the continued rise of the emerging markets, mostly emerging Asia and China in particular, as the main drivers of industry growth.
From 11per cent in 2018, China's share of global premiums will rise to 20 per cent by 2029.
China remains on course to become the world's biggest insurance market by mid-2030s. The whole of Asia-Pacific will account for 42 per cent of the global premiums by 2029.
Swiss Re Institute forecasts close to 3 per cent global premium growth in real terms per annum in 2019/20, against a slowing but still positive economic backdrop.
Advanced market premiums will grow by 1.5 per cent, and emerging markets by 7.9 per cent. China will be the largest contributor, in both life and non-life.
Overall, however, the advanced markets will still provide almost half of additional premiums in absolute terms in the next two years.