Positive economic outlook with uneven and fragile growth
Global insurance premiums to surpass record USD 7 trillion by mid-2022
We expect above-trend growth rates of insurance premiums in both North America and EMEA regions at 2.4% and 2% annually, respectively, over the next two years. Expansion in emerging markets other than China is expected to be strong with above-trend growth of 5.1% from 2022-2023. We expect China to grow at 7% during this time, up from 1.5% in 2021, largely driven by strong demand for medical insurance, including critical illness covers. In the Asia Pacific region, on the other hand, we expect steady above-trend growth rate of 3.2% up to 2023.
Divergence: between and within countries
Digitisation: market for 'frontier technologies' to grow nearly 10-fold