Asia expected to pull up 3% in global insurance market in 2020 and 2021

The global insurance market is expected to continue to grow over the next two years despite the expected economic slowdown for large countries, driven by emerging Asia's performance. The expectation is that the global premiums – equivalent to the company's revenues – will increase by 3% in real terms in 2020 and also 2021, according to a study by reinsurer Swiss Re on the subject. In China alone, Swiss Re estimates that premiums resulting from non-life insurance will grow by 9% by 2020, while for life, 11%. The Swiss Re Institute (SRI) economic growth projection for China is 6% next year, while for the U.S. and eurozone the expected expansion is 1.6% and 0.9%, respectively, below market consensus. Sri predicts that China will account for 60% of all insurance premiums in Asia over the next 10 years.