Swiss Re mentioned that the figure was based mostly on solid growth in the non-life sector, particularly in China and other countries in emerging Asia.
"With USD 5 trillion of premiums written globally per year, the role of the insurance industry as a long-term investor is becoming ever more important ", says Jerome Jean HAEGELI, Group Chief Economist at Swiss Re.
Looking forward, global insurance premiums are forecast to grow by 3% in real terms in 2019/20, led by the emerging markets. "Life premiums will increase by 2.9%, well above the 0.6% annual average of the previous 10-years, with a bounce back in China the main driver. In non-life, global premiums are forecast to grow by 3%, with emerging Asia taking the lead, supported by solid growth in advanced markets", the latest sigma from Swiss Re Institute, "World insurance: the great pivot east continues", says.
China will contribute most to life and non-life premium growth over the next two years, and its share of global premiums will reach 20% by 2029, up from around 11% currently: "China remains on course to surpass the US as the largest insurance market by the mid-2030s".