Global insurance market premiums rose by 6.1% to $7.186 trillion, with the non-life sector growing by 5.5%, primarily due to rate increases in advanced markets. Life premiums in China fell by 2.6% due to challenges in the life savings sector, while non-life premiums in China contracted by 0.7% due to competitive pressures.
The US remains the largest insurance market, with total premiums of $3.22 trillion, followed by China and the UK, collectively accounting for nearly 60% of global premiums. Auto and Casualty insurance saw price increases due to adverse claims, whereas Cyber and Directors and Officers markets softened. Property insurance prices fluctuated due to inflation and climate risks.
The Swiss Re Institute anticipates India will be one of the fastest-growing markets over the next decade.
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