2024年全球保险市场趋势_50页_1mb

报告摘要

Global Insurance Market Trends 2024 Summary

Core Content

The OECD Global Insurance Market Trends 2024 report provides an overview of the insurance industry's performance in 2023, based on data from the OECD Global Insurance Statistics (GIS) database. It highlights global trends in insurance penetration, premium and claims growth, underwriting performance, investment returns, and profitability across different insurance sectors and jurisdictions.

Main Sectors and Trends

1. Insurance Business Development

The insurance industry 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 wealthy economies.
The non-life sector dominates the insurance industry, accounting for the largest share of premiums written globally, especially due to mandatory motor vehicle insurance.
Life insurance is more developed in high-income regions, where individuals have higher demand for life insurance products.

2. Non-Life Sector Performance

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 in 2022.
Despite rising claims costs, non-life insurers generally recorded positive underwriting results.
Reinsurance prices increased due to higher claims costs and market hardening.
Motor vehicle insurance was the largest contributor to non-life premiums, with over a third of non-life premiums written in 2023.
Health insurance accounted for 23% of non-life premiums, with private health insurance being the main source in some jurisdictions like the Netherlands and Switzerland.
Fire and property damage insurance is also a significant segment, with property insurance often a condition for obtaining loans.

3. Life Insurance Trends

Life insurance premiums grew overall in just over two-thirds of reporting jurisdictions.
Interest rates had mixed effects on the life insurance sector:
- Higher rates led to increased demand for annuity and guaranteed investment products.
- Some customers surrendered policies due to higher interest rates, shifting savings to other financial products.
Annuity products are increasingly important for retirees, offering protection against longevity risk.
Unit-linked products became more common as insurers moved away from guaranteed returns, allowing policyholders to select investment funds based on their preferences.

Investment Performance and Profitability

4. Investment Performance

Insurers achieved positive real investment returns in around two-thirds of reporting jurisdictions in 2023.
This was due to strong financial market performance, including rising equity markets and falling government bond yields reflecting reduced inflationary expectations.
Bonds accounted for over half of insurer assets at the end of 2023, highlighting their importance in the investment portfolio.

5. Profitability Improvements

Insurer profitability broadly improved in 2023, reversing previous negative performance in some jurisdictions.
This improvement was driven by positive underwriting performance and investment gains.
The implementation of new accounting standards (IFRS 17) in 2023 had implications for insurer liabilities and shareholder equity.
Shareholder equity generally increased across the industry.

Key Information

Data Sources: OECD Global Insurance Statistics (GIS) database and IMF data.
Reporting Jurisdictions: Include OECD countries, as well as non-OECD Latin American, Asian and other jurisdictions.
Statistical Notes:
- The report includes statistical tables (Annex A) and methodological notes (Annex B) for detailed analysis.
- Notes section provides additional context and explanations.

Conclusion

The insurance industry in 2023 experienced overall growth and improved profitability, with the non-life sector showing stronger premium growth and positive underwriting results, despite rising claims costs. The life insurance sector saw mixed results, influenced by interest rate changes and market dynamics. Investment performance improved due to positive financial market developments, and insurance penetration remains uneven, with higher coverage in advanced economies.

References

Kwon and Wolfrom (2017)
OECD (2022, 2023)
IMF (2024)
Fong and Li (2022)

Figures and Tables

Figure 1.1: Total direct gross premiums written in 2023 (as a percentage of GDP)
Figure 1.2: Non-life insurance penetration and GDP per capita in selected jurisdictions in 2023
Figure 1.3: Direct gross premiums written by main non-life insurance classes in 2023
Figure 1.4: Life insurance penetration and GDP per capita in selected jurisdictions in 2023
Figure 2.1: Annual growth rates of direct gross premiums written in the non-life sector in 2023
Figure 2.2: Nominal growth rate of direct gross premiums written in selected main non-life insurance classes in 2023
Figure 2.3: Nominal growth rate of the price of insurance policies in selected OECD countries in 2023
Figure 2.4: Annual growth rates of gross claims payments in the non-life sector in 2023
Figure 2.5: Combined ratio for the non-life sector in 2022 and 2023
Figure 2.6: Retention ratios in the non-life sector in 2022-23
Figure 4.1: Average asset allocation of domestic life, non-life and composite insurers among reporting jurisdictions, at end-2023
Figure 4.2: Average real net investment rates of return by type of domestic insurer in selected jurisdictions in 2023
Figure 5.1: Return on equity by type of insurer in 2023
Figure 5.2: Change in shareholder equity by type of insurer in 2023