Global insurance premiums will surpass $7 trillion for the first time by mid-2022 with the ongoing rate hardening in non-life insurance commercial lines providing further support.
Following the report released by the Swiss Re Institute titled Sigma: Turbulence after lift-off: global economic and insurance market outlook 2022/23.
The report projects that the premium will reach a 3.3% in 2022 and 3.1% in 2023 on the back of rising risk awareness in the life and non-life segments which is pushing consumers and businesses to seek protection following the shock of the COVID-19 pandemic and above-average natural catastrophes.
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