Global insurance premiums reach $6tn in 2022
Source: Middle East Insurance Review | Jun 2023
According to Allianz latest Global Insurance Report, which analyses the development of insurance markets worldwide, total global insurance premium income amounted to almost EUR5.6tn ($6tn) in 2022.
Life remains the largest segment (EUR2.6tn), ahead of property and casualty (P&C) (EUR1.8tn) and health (EUR1.1tn). In 2022, the premium pool grew by EUR259bn or 4.9% – against the backdrop of a global inflation rate of 8.6%.
The three segments, however, fared very differently. P&C recorded robust growth of 8.7%, health expanded by more modest 4.9% and life insurance market growth was a dismal 2.4% as squeezed real households’ incomes took a toll on private savings.
The rise in P&C premiums was driven by all regions around the globe. However, with EUR77.5bn (9.9%), more than half of the global increase in 2022 came from North America alone. With premium income of EUR860bn, the North American region remains by far the largest market worldwide. Asia saw healthy growth of 8.4% last year (EUR31bn). With total premium income of nearly EUR403bn, the region overtook Europe for the first time (4% or EUR15bn to EUR397bn).
Life insurance markets suffered last year, particularly in Western Europe where premium income declined by 2.7% in 2022 (EUR21bn to EUR740bn). Growth was disappointing in Asia too, recording a modest increase of 3.6% (EUR33bn to EUR952bn). In P&C, North America was the main growth driver in 2022, with 7.8% or EUR61bn to EUR840bn. America’s dominance is even more pronounced in health where the US market accounts for around two thirds of all premium income worldwide. M