Thursday, December 14, 2017

Asia to drive continued global insurance growth

A study by reinsurance giant Munich Re shows that emerging markets in Asia have the greatest potential for growth over the next few years.

Worldwide, insurance industry growth is poised to pick up during 2017 and 2017, hitting an average 4.5% yearly rate. In real terms, or when inflation is factored in, the growth may be at 3% for both years.

Data from the reinsurer also revealed that premium income may see only nominal growth this year, but that the growth may be higher, at possibly 3%, in 2018.

As the global economy evolves, so do insurance premiums, the study said.

The world economy is forecast to experience real growth of 2.9% in 2017 and 3.1% in 2018.

Contributing to Munich Re’s optimistic outlook is the increasing positivity of US economic indicators, as well as that of emerging markets.

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