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Reinsurance industry to outpace global growth

Source: Middle East Insurance Review | Jul 2018

The rate of growth of the global reinsurance industry is set to outpace the global economy in 2018 and 2019, with average annual premium growth forecast at 5.3%, compared to global GDP growth of 4.9%, according to Munich Re’s latest Insurance Market Outlook. 
 
Life insurance is expected to recover after a weak 2017, with projected annual premium growth of 5.6%, thanks to an expected recovery in the US market, which currently accounts for around 20% of the global market share. 
 
Property and casualty (P&C) will continue to benefit from a favourable economic environment, with projected annual premium growth of 5%. Growth rates for P&C insurance in emerging markets are expected to reach 9.5% for 2018/2019, with strong growth in China, MENA and some areas of Latin America.  
 
The overall insurance premium volume is expected to have almost doubled at EUR8tn ($9.3tn) by 2030, with nearly one third of additional premium income during this period expected to be generated from China. 
 
The US will likely retain the world’s largest insurance market with a market share of 24%, while China is expected to take second place due to its strong growth rate, although this will be more subdued in the next few years as the country’s insurance penetration is already relatively high.  M 
 
EUR1 - $1.16
 
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