2024年全球保险市场趋势OECD_49页_1mb

Global Insurance Market Trends 2024 Summary

Core Content

The 2024 edition of the OECD's Global Insurance Market Trends provides an analysis of the insurance industry's performance in 2023, based on data from the OECD Global Insurance Statistics (GIS) database. The report covers various aspects of the insurance sector, including market penetration, premium and claims trends, underwriting performance, investment returns, and profitability across different jurisdictions and insurance types.

Main Points

1. Global Insurance Market Development

• The insurance business is unevenly developed globally, with lower coverage in less advanced economies.
• Insurance penetration, measured as premiums written as a percentage of GDP, is higher in more advanced and wealthier economies.
• The non-life sector dominates the insurance industry, accounting for the largest share of premiums written globally, especially due to motor vehicle insurance which is often mandatory.
• Life insurance is more developed in regions with higher per capita income, where individuals have greater demand for life insurance products.

2. Non-Life Insurance Trends

• Non-life premiums grew in all reporting jurisdictions in 2023, with an average nominal growth of 12.4% and real growth of 6.2%, double the real growth rate of 2022.
• Despite increased claims costs, non-life insurers generally recorded positive underwriting results.
• Premium rate increases were driven by inflationary pressures and rising reinsurance prices.
• Motor vehicle insurance was the largest non-life class, accounting for over a third of non-life premiums on average, and exceeding 50% in several European countries, Japan, and Chinese Taipei.
• Health insurance was also a major non-life class, with 23% of non-life premiums on average, and private health insurance was the primary mechanism in some OECD countries like the Netherlands and Switzerland.
• Fire and other property damage insurance is a significant segment of the non-life sector, offering coverage for assets and equipment.
• Other non-life classes, such as transport and travel insurance, also saw significant premium growth, especially in Luxembourg where marine, aviation, and transport insurance accounted for over 20% of non-life premiums.

3. Life Insurance Trends

• Life insurance premiums remained stable and positive overall in 2023, though some jurisdictions experienced negative trends.
• Higher interest rates positively impacted annuity and guaranteed investment products, increasing demand for these products in some regions.
• Individuals may surrender life insurance policies in favor of other financial products due to higher interest rates, which also increased mortgage rates and reduced housing market activity.
• Annuity products provide lifetime income to retirees, helping to mitigate longevity risk.
• Unit-linked products are increasingly common in some jurisdictions, allowing policyholders to manage investment risks and choose from various funds.

4. Investment Performance

• Investment performance for insurers turned positive in around two-thirds of reporting jurisdictions in 2023.
• Bonds accounted for over half of insurer assets at the end of 2023.
• Positive financial market developments, such as rising equity valuations and falling bond yields, contributed to improved investment returns.

5. Profitability

• Insurer profitability improved broadly in 2023, with negative performance in 2022 largely reversed.
• Positive underwriting performance and investment gains contributed to increased shareholder equity.
• The implementation of IFRS 17 in 2023 had implications for recorded liabilities and shareholder equity in many jurisdictions.

Key Information

• The report is published by the OECD and provides comparable cross-country data for governmental authorities, the insurance sector, the research community, and consumers.
• The GIS database includes data from OECD and non-OECD countries, such as Latin American, Asian, and other jurisdictions.
• Non-life insurance accounted for 55% of total premiums written in 2023 across 54 reporting jurisdictions, with some jurisdictions exceeding 80%.
• Life insurance penetration increases with GDP per capita, but varies significantly at higher income levels.
• Insurance policy prices rose in most OECD countries, partly due to rising claims costs and inflation.
• Reinsurance prices increased in 2023, reflecting higher claims costs and market conditions.

Conclusion

The 2023 insurance market showed mixed trends, with non-life insurance performing strongly due to premium growth and positive underwriting results, while life insurance saw stable growth but some negative trends in specific jurisdictions. The investment performance of insurers improved due to financial market developments, and profitability generally increased across the industry. The global insurance market continues to be unevenly developed, with advanced economies showing higher insurance penetration and greater product diversity.