Allianz – Global Insurance Report, 2024

The global insurance industry experienced significant growth in 2023, with insurers collecting EUR6.2 trillion in premiums. While overall premium income has increased by 21.5% in the last three years, real premiums have only grown by 0.7% due to high inflation. The growth was balanced across all segments, with the life segment leading the way in 2023. Asia, particularly China, played a significant role in driving the growth of the life segment. The p&c segment also saw strong growth, with North America remaining the largest market. The US continues to dominate the global insurance market, with the industry expected to grow by 5.5% annually over the next decade. The report highlights the importance of addressing rising risks and maintaining insurability in a rapidly changing world. As the industry faces challenges from geopolitical shifts and technological advancements, mastering artificial intelligence is seen as crucial for future competitiveness. Ultimately, navigating these challenges and maintaining social relevance will be key for the insurance industry in the coming years.