Global insurance spending is expected to continue growing, reaching nearly $10 trillion by 2028. This growth is driven by economic expansion, the rise of the middle class, technological innovations, and an evolving risk environment. Although the growth rate has slowed since 2021, the insurance market is still on track for record-high spending, with the U.S. leading the way. Click here for article.
The global insurance market, spanning both life and non-life sectors, has seen a 25% increase over the past four years, reaching over $9 trillion in 2024.
Factors like economic expansion, insurtech, and the rise of the middle class are driving the market's continued growth.
The COVID-19 pandemic accelerated market growth, with insurance spending surging by 8.6% in 2021 to $8.64 trillion.
The non-life insurance segment is expected to drive future growth, with premiums projected to rise by 10.5%, nearing $6 trillion by 2028.
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