Asia now accounts for 28% of global insurance market

September 3 2015 by InsuranceAsia News Staff

The Asian region now accounts for about 28% of the global insurance market, trade body Insurance Europe has said.

That means Asia now ranks third in terms of global market share.

The European insurance industry continues to lead the global market with 35% share, followed by North America with 29% and then Asia.

According to Insurance Europe, the assets under management by European insurers soared 9.4% to €9.9 trillion ($11.16 trillion) in 2014, from a year earlier.

The trade body cited the increase investment by life insurers as the main driver of the growth. As of last year, European insurance companies totaled 4,860, slightly lower than the total of 4,883 in 2013.

Insurance Europe added that gross written premiums by insurers in the region increased by 3.7% to €1.2 trillion.

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