Connect with us

Hi, what are you looking for?

Loan And Finance

Allianz Global Insurance Report: 2021 was a good year for the industry

0311 637890172974243501

“Thus, 2021 represents an unusual end to the past decade in which growth was much lower (+3.6% per year on average) and driven by Asia, which accounted for 40% of all additional premiums, more than half of them written in China. As a consequence, China’s global market share doubled to 12%,” the report said.

Read more: Allianz: New wave of emerging risks threatens the global shipping industry

For this year, Allianz analysts expect the Ukraine-Russia conflict to impact the global insurance industry, forecasting premium income to grow by roughly 1 percentage point slower than initially assumed as the conflict takes its toll on economic activity and confidence, even as inflation supports the top line.

“Overall, we now expect global premium income to grow by +4.8% in 2022, with life and P&C [property and casualty] developing almost in step (+4.9% and +4.6%, respectively). This figure must be considered against the backdrop of a global inflation rate of 6.2% this year,” the analysts said.

Despite the uncertainties this year, Allianz analysts remain optimistic as they expect climate change and demographic change to be the main drivers of risk protection demand. They also forecast a +4.8% annual growth over the next 10 years (life: +4.9%; P&C: +4.6%), corresponding to an increase in premium income by +67% or €2.8 trillion, of which under €1.8 trillion will be generated by the life segment and over €1 trillion by the P&C segment (+63%).

“The pandemic and the war in Ukraine are wake-up calls for better risk management and even more demand for protection,” said Ludovic Subran, chief economist of Allianz. “The industry must succeed in maintaining its economic and social relevance, offering innovative solutions for new and rising risks. The questions of insurability and affordability are likely to become increasingly urgent in the coming years. This requires a level of creativity and collaboration with all stakeholders, customers, carriers, and policymakers even beyond previous efforts.”


Source link

Advertisement. Scroll to continue reading.

Click to comment

Leave a Reply


Online Business Success

Finance Minsiter Miftah Ismail delivers the budget widening speech in the National Assembly on June 24, 2022. Screengrab Govt withdraws tax relief to salaried...

Top Stories

Bitcoin hit a 2022 low at $17,580 on June 18 and many traders are hopeful that this was the bottom, but (BTC) has been...

Top Stories

Chainalysis head of international policy Caroline Malcolm expects Australia’s new rules governing crypto advertising, promotion and consumer safeguards to follow a similar path to...

Top Stories

A YouTuber started traveling the world to see whether he could survive solely on Bitcoin as a means of payment. In the latest episode...


GamesBeat’s Rachel Kaser is furious about the Supreme Court’s failure to protect her rights and freedom. What’s the games industry gonna do?Read More

Top Stories

Ethereum’s native token, Ether (ETH), gained alongside riskier assets as investors assessed weak U.S. economic data and its potential to cool down rate hike...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...