According to Swiss Re Institute, global insurance premiums, both in non‑life and life, are estimated to grow by 1.1% in 2023 and by 1.7% in 2024. Premium volumes are expected to total a new peak of USD 7.1 trillion in 2023, compared to USD 6.8 trillion in 2022.

Non‑life premiums in emerging Asia are forecast to expand by 6.7% and 6.2% over 2023 and 2024, while life premiums are set to grow by 5.0% and 5.4%.

The US is, and remains, the largest insurance market in the world, with total premiums of close to USD 3 trillion in 2022, according to Swiss Re Institute's latest sigma report. Its global market share rose from 40% to 44%, driven by strong premium growth in nominal terms (8.6%) and US dollar appreciation against virtually all major currencies. China is the second largest market with premium volumes of USD 698 billion. The UK moved up to third place last year with premiums of USD 363 billion, switching position with Japan, which is now in fourth place.

Non‑life premium growth is set to strengthen to 1.4% this year. According to the report, the motor market is returning to growth after three years of contraction, also based on rising premium prices, while there is a decline in health premiums due to the end of pandemic support policies in the US.

Advanced economies are expected to grow by 0.8% this year. For emerging economies overall, premium growth is forecast at 4.5%. Non-life premiums for China and emerging Asia are forecast to expand by 6.8% and 6.6% respectively.

In life insurance, global premiums are expected to rise by 1.5% in 2024, above the 10-year trend of 1.3%.

Life premiums in emerging Asia are expected to grow by 5.0% in real terms in 2023. The border opening in China underpins a 7.3% real growth forecast for life premiums in Hong Kong, while premiums in China are expected to grow by 3.8% in 2023 and 4.7% in 2024. Led by India, Swiss Re Institute expects 6.9% life premium real growth in other emerging Asian markets (excluding China) in 2023 and 2024, above the long-term trend of 4.5%.