North America’s share of global premiums to decline

“The expansion in emerging markets will likely accelerate as insurers in China and India adapt to the new regulatory environment, but the weakness in Western Europe will dampen development in advanced markets,” the report states. “The nonlife side is more positive since the sector will benefit from the strong economic performance of emerging markets and selective rate increases in advanced markets.”

The report additionally shows the share of global nonlife premiums held by North America and Oceania dipping to 36 percent in 2023 from 41 percent in 2012. Also declining over the 11-year period is Western Europe’s share, which is projected to fall to 26 percent from 30 percent; and that of advanced Asian countries, which declines to 10 percent from 11 percent.

However, the Swiss Re report again expects emerging nations to boost their shares between 2012 and 2023. Among them:

China: increasing to 13 percent from 5 percent

Emerging Asia, except for China: rising to 4 percent from 3 percent;

Non-Asian emerging markets: rising to 11 percent from 9 percent.

The study adds that global premiums written increased by 2.4 percent in real terms in 2012 to $4.6 trillion. Life premiums expanded by 2.3 percent, thanks to “improvements in emerging markets and solid demand in the U.S. and Asian markets.”