As global insurers increasingly focus on Asia as a growth engine, some pockets of the industry have slowed. Consider life insurance: according to senior partner Bernhard Kotanko and coauthors, life insurance premiums in Asia grew at 4.0 percent overall annually from 2012 to 2022, significantly outpacing the Americas (2.8 percent annual growth) and Europe, the Middle East, and Africa (1.9 percent annual growth). Nonetheless, Asia’s growth slowed to 1.6 percent a year from 2017 to 2022, in part due to the market effects of the COVID-19 pandemic.
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Three sets of vertical bar charts show the value of global life insurance gross written premiums in dollars in 2012, 2017, and 2022. Each set of bars represents a different region: the Americas; Europe, the Middle East, and Africa; and Asia–Pacific. The data show that Asia has historically strong growth in premiums but has slowed in recent years.
Source: McKinsey Global Insurance Pools.
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To read the report, see “Global Insurance Report 2023: A paradigm shift in Asia life insurance,” November 3, 2023.