North America’s share of life insurance and nonlife insurance premiums written globally will decline by 5 percent over the next decade, according to a new report.
The Swiss Re Group discloses this finding in a new sigma study, “World Insurance in 2012.”
The report pegs the share of global life premiums held by North America and Oceania (a region centered on the islands of the tropical Pacific Ocean) in 2023 at 23 percent, down from 25 percent in 2012. Likewise, Western Europe’s share declines to 28 percent from 33 percent over the same period.
And Advanced Asia’s (including Japan and South Korea) falls to 23 percent from 28 percent. By contrast, Swiss Re expects market share gains in other regions between 2012 and 2023, including:
Non-Asian emerging markets: rising to 8 percent from 5 percent;
China: increasing to 13 percent from 5 percent; and
Emerging Asia (except for China): edging up to 6 percent from four percent.