Global insurance market growth by 2028

An analysis by Stocklytics suggests that the global insurance market will continue to grow at a steady pace. Life and non-life premiums are expected to reach 9 910 billion USD by 2028. This estimate is based on a premium growth of over 200 billion USD per year.

Over the past four years, the research firm has reported an average increase in premium income of 25%, despite a noticeable slowdown in 2022.

By 2024, total market premiums are expected to reach around 9 090 billion USD.

This growth is driven by a number of factors, including economic development, the rise of the middle class, technological innovations brought about by insurtech and changes in the risk environment.

The Covid-19 pandemic has also considerably accelerated market growth. It highlighted the importance of health and life insurance for individuals, and business interruption coverage as well as other related risks for companies.

The United States is set to maintain its leading position in the insurance market, generating almost half the global premium income.