Allianz Trade: Global insurance market grew 8.6% in 2024
The Allianz Global Insurance Report 2025 estimates the global insurance industry grew by 8.6% in 2024, exceeding the previous year's growth. Life insurance and North American markets were key drivers.
The global insurance industry experienced a notable growth of approximately 8.6% in 2024, surpassing the exceptional 8.2% growth recorded in the prior year, according to the Allianz Global Insurance Report 2025 by Allianz Trade. This expansion brought the worldwide premium income for insurance companies to EUR 7.0 trillion, an increase of EUR 557 billion.
Property and casualty (P&C) insurance saw a growth of 7.7%, slightly below the previous year's rate. This growth was primarily fueled by North America, which accounts for over half of global premiums, with an 8.2% increase in premium income. Western Europe reported a 6.0% rise, while the Asian market showed more modest growth at 4.0%.
Life insurance emerged as the fastest-growing segment, expanding by 10.4%, a significant acceleration from 2023. North America again led this surge with a 14.4% growth, partly attributed to a strong demand for annuities amidst rising interest rates. Asia also observed robust growth, particularly in China.
Looking ahead, the report anticipates continued growth for the insurance sector, despite potential headwinds from geopolitical uncertainties and trade tensions. These factors may stimulate demand for risk management solutions. Europe's P&C business is expected to benefit from increased defense and infrastructure investments. Globally, the insurance market is projected to grow at an annual rate of 5.3% over the next decade.