Amwal Al Ghad English - 2013-05-19 09:55:36
According to a study by Munich Re, the global insurance market will grow strongly in the years to come. Munich Re’s Insurance Market Outlook 2013 arrives at the conclusion that growth rates will be especially strong in emerging countries. Growth in the reinsurance market will be slower than that in the primary insurance industry.
“The global economic recovery is also benefiting the insurance industry. We expect the economies of key industrialized countries to improve in the second half of 2013 and in 2014. Consequently, this will lend impetus to demand for insurance”, said Michael Menhart, Munich Re’s Chief Economist.
According to Munich Re’s estimates, until 2020 the property-casualty insurance market as a whole will grow by approximately 50% compared with 2012 to €1.85tn, and the life insurance market by almost two-thirds to €3.1tn. Growth in insurance and reinsurance in emerging countries will be significantly stronger than in industrialized countries.
Nevertheless, the mature markets in North America, western Europe and the industrialized countries of the Asia/Pacific region remain the dominating growth force. In terms of total primary insurance premiums, their share will fall back to about 73% by 2020 – around ten percentage points lower than in 2012. The share generated by the emerging countries in Asia will move up from 8% to 16%.
“Approximately half of all the additional premium earned between 2013 and 2020 will come from the USA, China and Japan. In this respect, saturated markets and emerging markets both represent great potential for growth in insurance and reinsurance alike”, said Menhart. More»