2024年安联全球保险业发展报告（英）-Allianz

04Looking back: Life is back11The changing risk land-scape23 May 2024Allianz ResearchTransformative years Allianz Global Insurance Report 202417Looking ahead: Defending its relevance21The next frontier: GenAIahead for the insurance sector2• The global insurance industry grew by an estimated +7.5% in 2023, clocking the fastest growth since 2006, the year before the Global Financial Crisis. In all, insurers worldwide collected EUR6.2trn in life (EUR2,620bn), p&c (EUR2,154bn) and health (EUR1,427bn) insurance premiums.• Over the last three years, global premium income increased by a whopping EUR1.1trn or +21.5%. However, the robust development must be seen against the backdrop of high inflation. In real terms, therefore, the picture is becoming less impressive. Real premiums almost stagnated, advancing only by +0.7% since 2020.• In contrast to 2022, when the global premium increase was primarily driven by the p&c segment, growth in 2023 was more balanced – with the life segment in the lead, accounting for 46.9% of the total increase (p&c: 32.7% and health: 20.4%). However, looking at the individual growth rates, all three segments recorded rather similar increases, with life at +8.4%, p&c at +7.1% and health at +6.6%.• The recovery of the life segment – which grew at only +3.1% in 2022 – was mainly driven by Asia, the biggest life market in the world, with a global market share of 39.0%. At +14.9%, regional premium growth was way above the long-term average (CAGR 2013-2023: +5.2%). China, by far the biggest market in the region, accounting for almost every second euro written in life (w/o Japan), also returned to form, growing by +12.8%.• The strong growth of the p&c segment (+7.0%) last year was driven by all regions around the globe. North America remained by far the largest market (global market share: 54.2%). With a projected plus of +7.1%, the increase in premium income was only a tad slower than in the previous record year (+7.5%).• In contrast to many other industries where traditional markets are losing relevance vis-à-vis new, emerging markets, the global insurance industry is still dominated by the US. In fact, over the last decade, the US insurance market could even raise its global market share, from ab already impressive 41.2% to a whopping 44.2%. However, other “old” markets like Western Europe (-6.7pps) and Japan (-2.7pps) behaved more or less as expected, losing market share, first and foremost to China, which could almost double its global share to 10.6%.• In 2021, when inflation started to skyrocket, a wide gap opened between insurance and general inflation. During the acute phase of the cost-of-living crisis, buying insurance cover was one of the few things that remained affordable. However, since the beginning of 2023, prices for insurance products have risen noticeably. In September 2023, insurance inflation surpassed general inflation and has continued to do so as insurers try to restore their profitability. (Note that insuranc