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The global insurance industry will grow more strongly than the global economy in 2018 and 2019, Munich Re predicts in its latest outlook[1].

“This year and next, we expect global premium to grow by more than €460 billion in all. This is equivalent to average annual premium growth of 5.3% (in real terms, i.e., adjusted for inflation: 3.7%), whereas global GDP is expected to grow by only 4.9% (3.3% in real terms). Life insurance, in particular, looks set to return to strong annual premium growth of 5.6% (3.9% in real terms) after a weak 2017. Property-casualty insurance is benefiting from the currently favorable economic environment. In this segment, we are expecting annual growth rates of close to 5% (3.3% in real terms). Emerging countries are the primary growth drivers, but somewhat stronger growth rates in high-volume industrialized countries are also contributing to this positive development.” – Munich Re

In 2030, Munich Re expects premium volume to be close to €8 trillion – almost double what it is today. China is of particular importance in this long-term perspective shared by Munich Re, with almost one-third of the additional premium income forecast between 2018 and 2030 being generated there.

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Source: Insurance Market Outlook for 2018/2019[2], Munich Re

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