Global insurance market: 2022 turnover and forecasts for 2023-2024
A Sigma study (n°3/2023) estimates that the global insurance market (life and non-life) has recorded a 0.3% increase in turnover in 2022, to 6 782 billion USD. Non-life premiums were up by 3.8% to 3 969 billion USD, while life premiums declined by 4.3% to 2 813 billion USD.
The United States still dominates the world market, with a turnover of 2 960 billion USD, or 44% of the global portfolio in 2022. China comes second with a market share of 10.3%, or 698 billion USD in written premiums.
The United Kingdom has moved up to 3rd place, with a turnover of 363 billion USD, ahead of Japan which is now in fourth place, with a 338 billion USD turnover.
Sigma expects global insurance premiums to progress by 1.1% in 2023 and 1.7% in 2024. This growth would be driven by the performance of emerging Asian countries such as India, Thailand, Indonesia and Malaysia.
