Impact of Covid-19 on global insurance growth

According to a study published by Swiss Re, the global insurance market is expected to shrink by 1.4% in 2020 due to the Covid-19 health crisis.

Nevertheless, taking into consideration the on-going growth of the Chinese life and non-life insurance, satisfying results should be achieved as early as next year.

The Swiss reinsurer thus expects an overall growth of 3.4% in 2021 and 3.6% in 2022. The non-life insurance growth was set at 1.1% in the current year and is believed to reach 3.6% in 2021. The Life activity, on the other hand, sustained Covid-19 losses with a 4.5% drop in premiums in 2020.

For the next two years, Global insurance growth shall be supported by the Chinese insurance market alone. The Middle Kingdom is expected to record a premium growth of 5.1% in 2020, 9.1% in 2021 and 9% in 2022.