Global non-life insurance market will surpass USD 2.7 trillion by 2020

The global non-life insurance market has experienced strong growth in recent years, registering a compound annual growth rate (CAGR) of 5.4% between 2011 and 2015 to reach a value of USD 2.03 trillion, according to data from research company MarketLine.

The company's report shows that market values have increased in all regions. Global growth, however, is primarily driven by healthy revenue increases in the US and China, both ranking in the top three markets globally.

As the single largest market globally accounting for almost 40% of all revenue, the performance of the US will always have a huge bearing on the insurance space as a whole and healthy growth, coupled with the rapid expansion of the increasingly influential Chinese market, has spurred growth rates in recent years.

Nicholas WYATT, Analyst for MarketLine, explains: "Motor insurance is the biggest segment of the Chinese non-life insurance market, accounting for over 57% of its value. That segment has seen rapid growth year after year since third party cover became a legal requirement in 2006. An increase in the number of cars on the road, along with some drivers opting for more expensive, comprehensive cover, has created a boom that shows no signs of stopping."

"In the US, property insurance is on the up thanks to destructive weather phenomena, particularly in Florida, which accounts for approximately 14% of all US insured catastrophe losses. In 2016, between 12 and 17 named storms were anticipated across the country with around eight forecast to form hurricanes. The value of property insurance is growing due to the uncertainty caused by such weather conditions."

The global market is forecast to grow at a CAGR of 5.9% between 2015 and 2020 to reach a value of USD 2.71 trillion and Nicholas WYATT believes there is great scope for growth beyond that: "Motor insurance is comfortably the market's largest segment and there are a still a number of sizeable, largely untapped markets."

"In countries such as Indonesia and South Africa, car insurance is not a legal requirement and there is a chance that such jurisdictions could bring their legislation into line with that of other nations. This could serve as a catalyst for further market growth."

Related articles


The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.


AON UK Ltd appoints new Chief Risk Officer

AON UK Ltd has confirmed the appointment of Matt KIMBER as Chief Risk Officer (CRO). Matt KIMBER has joined AON from JARDINE LLOYD THOMPSON Group (JLT), replacing John NICHOLSON who has been interim CRO for the last 11 months.


AgroInsurance Conference - The conference program has been updated with new topics. Nineteen keynote speakers will make presentations on various subjects related to agricultural insurance

More than 70 delegates from 25 countries have confirmed their participation. Various aspects of agricultural insurance will be presented by nineteen guest speakers. An updated program, information about confirmed presenters and the latest list of participants are available on the event's website -



AON UK Ltd appoints new Chief Risk Officer

AON UK Ltd has confirmed the appointment of Matt KIMBER as Chief Risk Officer (CRO). Matt KIMBER has joined AON from JARDINE LLOYD THOMPSON Group (JLT), replacing John NICHOLSON who has been interim CRO for the last 11 months.


New Head of Investor Relations at AEGON

Jan Willem WEIDEMA has been appointed as the new Head of Investor Relations at AEGON. He succeeds Willem van den BERG who has led the Investor Relations team over the past 7 years.



"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.



"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.



Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.



The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!


Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".


See all