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Swiss Re Institute's Sigma Study Issues Growth Forecast For Global Insurance Markets

Swiss Re Institute's sigma study projects the global insurance industry to exceed $7 trillion in global premiums by mid-2022, earlier than it estimated in July. Global insurance premiums are projected to grow by 3.4% in real terms in 2021, 3.3% in 2022 and 3.1% in 2023. This is supported by heightened risk awareness in both the life and non-life segments in wake of COVID-19 pandemic, and continued strong rate hardening, as per the study.

However, economic growth is anticipated to slow in the next two years due to an unfolding energy price crisis, prolonged supply-side issues, and inflation risks. Long-term structural support for growth is needed, the study noted.

Swiss Re Institute expects global non-life premiums will grow by 3.3% in 2021, 3.7% in 2022 and 3.3% in 2023. Global life premiums are projected to increase by 3.5% in 2021, 2.9% in 2022 and 2.7% in 2023.

"The economic recovery we are experiencing is cyclical and not structural, with macroeconomic resilience weaker today than before the COVID-19 crisis. As such, we should be anything but complacent," said Jerome Haegeli, Chief Economist.

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