BRUSSELS (dpa-AFX) - Swiss Re (SSREY.PK) expects insurance market premium growth to continue, driven by increased exposures, risk awareness and evolving client needs.
According to Swiss Re Institute, non-life insurance premiums are expected to rise 10% above the pre-COVID-19 level by the end of 2021 to $6.9 trillion and surpass $7 trillion in 2022 for the first time ever.
Heightened risk trends will increase the need for insurance protection, but also require a greater focus on evaluating and modelling, and ensuring pricing is adequate for the risks taken.
According to Swiss Re Institute, the world economy is set to lose up to 18% of gross domestic product from climate change by 2050 if no mitigating actions are taken.
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