The OECD’s Global Insurance Market Trends 2025 report provides a comprehensive overview of developments in the global insurance industry in 2024, based on data from the OECD Global Insurance Statistics (GIS) database covering 67 jurisdictions worldwide.

According to the report, total insurance penetration increased in 2024 after several years of decline, reaching an average of 6.2% of GDP in OECD countries and 5.4% across all reporting jurisdictions. However, penetration levels remain below those recorded a decade ago, highlighting the continued existence of significant insurance protection gaps, particularly in less developed markets. The recovery was mainly driven by life insurance, while non-life penetration remained broadly stable.

From an operational perspective, underwriting performance in the non-life sector improved, as premium growth outpaced claims payments, supporting stronger profitability. At the same time, a more favorable financial market environment in 2024 led to better investment performance, contributing to the growth of insurers’ shareholder equity in most jurisdictions.

The life insurance sector recorded robust premium growth, supported by still-elevated interest rates, strong equity market performance, regulatory reforms, and increased consumer awareness. Meanwhile, the growth of life insurance claims payouts slowed compared to the previous year.

Despite these positive trends, the OECD warns that the insurance sector continues to face heightened risks and vulnerabilities, including macroeconomic uncertainty, financial market volatility, natural catastrophe exposure, and cyber risks, which are increasingly cited by national authorities as key challenges for the period ahead.

With its extensive cross-country data and analysis, Global Insurance Market Trends 2025 remains a key reference for policymakers, insurers, and market participants, offering valuable insights into both the recovery of global insurance markets and the structural challenges that still lie ahead.

The full report is available here.