Allianz released yesterday its global ranking of insurance markets for 2016.
According to data published in the ranking, China became the third largest insurance market in the world in 2016.
Gross written premiums reached EUR 365bn (USD 389.3bn), soaring ahead other markets like the UK (EUR 232bn), France (EUR 198bn) and Germany (EUR 152bn).
In total, worldwide insurance premiums rose to EUR 3.65tn, with an annual premium growth of 4.4 percent on a global scale. With growth of EUR 70bn in premiums, half of the global annual growth of EUR 150bn was generated in China.
Life insurance accounts for about two-thirds of worldwide premiums. Interestingly, China seems to play a less prominent role with regards to non-life (i.e. property and casualty) business.
Initial projections by Allianz Research suggest that total global premium income rose to a new record high of 3,650 billion euros last year (excluding health insurance). In a year-on-year comparison, the nominal increase - after adjustments to reflect foreign currency translation effects - comes to an estimated 4.4 percent. This trend would appear to be fairly unspectacular at first glance: although the pace of growth is down slightly on the two previous years - when it was above the five percent mark - it is in line with both the long-term average and the rate of global economic growth. So can we describe 2016 as a normal year?