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Global Insurance Market Trends 2025 Summary

Overview

The 2024 Global Insurance Market Trends report analyzes developments in the insurance industry, focusing on 2024 performance across key areas. It highlights that 2024 saw moderate growth in insurance penetration despite overall lower levels compared to 2014, improved underwriting and investment results in non-life and life insurance sectors, and identified emerging risks. The data covers 67 jurisdictions, including 38 OECD countries and non-OECD regions.

Key Findings

• Insurance Penetration: Total insurance depth increased slightly in 2024—a direct premium-to-GDP ratio—reaching 6.2% for OECD countries and 5.4% overall. This growth was driven by life insurance, contrasting with stable non-life penetration. However, levels remain below 10-year peaks, with regions like Romania and Brazil showing low coverage.

• Non-Life Insurance Performance: The non-life sector demonstrated improved underwriting profitability as premium growth outpaced claims payments year-on-year. Premiums grew approximately 8.2% nominally, while claims rose only 7.5%, leading to a lower combined ratio in many jurisdictions. Reinsurers benefited from favorable outcomes, aided by strategies like reduced retention rates among insurers.

• Life Insurance Trends: Life insurance premiums surged significantly in 2024, primarily due to favorable interest rate and stock market conditions, achieving a 11.9% nominal growth average. Life insurance payouts grew at a slower pace (7.5% nominal), reflecting reduced claim rates and product-specific factors like annuity sales.

• Investment Performance: Investments improved across all insurance types in 2024, with a majority of companies recording positive real returns. Bonds continued to dominate asset allocation (~50% overall), and stock market strength, particularly in unit-linked products, contributed to better investment gains. Asset distribution varied by business type and jurisdiction.

• Profitability and Equity: Insurance companies showed enhanced profitability in 2024, with improved net return on equity (ROE) across life, non-life, and composite insurers. Strong performance supported equity growth—particularly in Latin America and OECD nations—from higher profits combining successful underwriting and investments.

• Risks and Vulnerabilities: Identified risks include macroeconomic issues (e.g., inflation and interest rate volatility), climate-related disasters, and cyber threats. Stress tests indicate that these risks could significantly impact insurer stability, with varying national assessments highlighting vulnerabilities in cyber and market fluctuations.

Main Data Sources

The report relies on the OECD Global Insurance Statistics database, incorporating qualitative inputs from jurisdictions and annual data collection. All figures represent direct business activities and end-2024 results, with noted methods for consistency across regions.

For detailed definitions and regional specifics, refer to the report's appendices.