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Member, Beacon International Group, Ltd.
The recent economic recovery in many countries around the world has boosted insurance premium volume growth, according to a report by Munich Reinsurance Co. published Tuesday.
Overall, Munich Re predicts, global primary insurance premium volume will grow by 2.8% in 2014 and by 3.2% in 2015.
According to estimates by Munich Re, global insurance premiums in 2013 totaled €3.429 trillion ($4.701 trillion), of which €1.196 trillion ($1.640 trillion) were for property/casualty business, €1.897 trillion ($2.601 trillion) for life and the remainder for health business, said a spokesman for Munich Re.
“After three years of relatively low growth rates, global premium growth is slowly picking up once again,” said Michael Menhart, chief economist at Munich Re, in a statement.
“Above all, this is due to economic recovery in industrial nations,” he added.
The premium volume in the U.S. insurance likely will increase to €1.200 trillion ($1.645 trillion) by 2020, according to the report.
The report, “Insurance Market Outlook 2014,” is available here.