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Robust Economies Set to Drive Insurance Growth and Profitability
The Swiss Re Institute reports that global GDP growth is forecasted at 2.7% for 2024, indicating resilience in major economies. This stable economic environment is expected to enhance insurance industry growth and profitability.
Geopolitical tensions and inflation have raised concerns, but the worldwide economy's resilience sets a positive outlook for the insurance sector. Swiss Re's Group Chief Economist, Jérôme Haegeli, emphasizes that higher interest rates will boost both investment income and consumer demand for life insurance products.
The non-life insurance sector sees an ongoing hard market due to rising claim costs and inflation. Premium volumes are projected to reach USD 4.6 trillion in 2024 and USD 4.8 trillion in 2025, continuing the growth trajectory from previous years.
The life insurance sector benefits from higher interest rates, with expected premium growth of 2.9% in 2024. Increased demand for annuities, driven by secure retirement income needs, is a significant growth factor.
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