Since the 8th edition, industry combined ratios are calculated across the top 50 countries. The current edition reveals that at year-end 2019, global premium stood at an all-time high of USD 5.6 trillion - an increase of 3.2% over the prior year - with property-casualty premium increasing by 4.1%, life & health premium increasing by 2.3%, and reinsurance premiums growing by 12.8%.
Within its extensive analyses, the Study's findings also include:
- In 2019, property casualty business again produced an underwriting profit globally, with a combined ratio of 97.4 percent. Europe averaged a 95.5 percent combined ratio, while Asia Pacific and the Americas each averaged 98.0 percent.
- Motor insurance was shown to be the fastest growing line of business, with 6.0 percent annual growth over the past five years, driven by strong growth in China, South Korea, and the U.S.
- For the fourth year in a row, Malaysia and Indonesia ranked within the top ten positions in Aon's Country Opportunity Index. These countries have shown low combined ratios, healthy premium and GDP growth, and a stable political environment.
The full Insurance Risk Study can be found at the following link:Global Risk, Profitability, and Growth Metrics - 15th Edition