Global insurance industry growth outlook is mixed

Global insurance industry grows steadily in 2015 amidst moderate economic growth but outlook is mixed, Swiss Re sigma report says

• Global insurance premium growth increased to 3.8% in 2015 from 3.5% in 2014

• Life premium growth slowed to 4.0% in 2015 from 4.3% in 2014, due to weaker performance in advanced markets

• Non-life premiums were up 3.6% based on strong growth in advanced markets; emerging markets' performance was mixed

• Still-low interest rates weigh on profitability, but the insurance industry remains well capitalised

• Advanced markets life premium growth to improve, non-life outlook mixed

• Global trade slowdown likely to impact marine and credit premium growth

Global insurance premiums grew by 3.8% in real terms in 2015, amidst variations in regional growth rates, Swiss Re's latest sigma report says. The overall performance was steady after a 3.5%-gain in direct insurance premiums written in 2014, and coming in an environment of just moderate (2.5%) global economic growth, the latter a key driver of insurance demand. There was a slight slowdown in the life sector in 2015, with global premium growth dipping to 4.0% from 4.3%, due to weaker performance in the advanced markets. On the non-life side, strong growth in the advanced markets of Asia, and improvement in North America and Western Europe, contributed to a 3.6% increase in global premiums, up from 2.4% growth in 2014.

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