Global insurance industry premium income grew to €7.0 trillion in 2024
The total premium income of the global insurance industry in 2024 amounted to a record €7.0 trillion, exceeding the same figure in 2023 by 8.6% or €557 billion.
This is known from the Allianz Global Insurance Report 2025, the online resource UkrStrakhuvannya.
The life insurance sector in 2024 became the largest segment with premium income of €2.9 trillion, followed by property and liability insurance (€2.4 trillion) and health insurance (€1.68 trillion). The global growth of life, property and health insurance was 10.4%, 7.7% and 7.0%, respectively.
The highest growth in premium income was observed in the US insurance market: 8.2% in the property and casualty insurance sector and 14.4% in life insurance. The highest growth rate in health insurance was observed in Asian countries (12.6%), where the level of insurance penetration remains quite low.
“Geopolitical uncertainty and trade tensions may affect insurance volumes through weaker economic growth, slowing trade and higher credit and market risks/…/In the longer term, financial fragmentation and weakening international cooperation, including on climate, cybersecurity or pandemic preparedness, may lead to an increase in the cost of insuring these risks,” the report says.