Allianz Global Insurance Report 2024

This report presents an analysis of the global insurance industry, highlighting significant growth trends and market dynamics for the year 2023. The global insurance market experienced a growth rate of +7.5%, marking the fastest expansion since 2006, with total premiums reaching EUR6.2 trillion across life, property and casualty (p&c), and health segments. The life insurance segment led the growth, accounting for 46.9% of the total increase, while p&c and health segments contributed 32.7% and 20.4%, respectively. The report details the regional performance, noting that Asia, particularly China, significantly influenced the recovery of the life segment. It also addresses the impact of inflation on premium growth and the challenges facing the industry, including the need to navigate a rapidly changing global landscape and the rising relevance of artificial intelligence in enhancing operational efficiency. The report forecasts continued growth in the insurance market, with an expected annual rate of +5.5% over the next decade.