Kathmandu. The world’s insurance market has reached $ 8 trillion.
According to allianz’s ‘Global Insurance Report 2025: Rising Demand for Protection’, the global insurance market reached $ 7.87 trillion in 2024. Compared to the previous year 2023, the global insurance market grew by 8.6 percent.
Asia has also played an important role in the growth of the global insurance market. Although the growth of life and health insurance in asian markets has increased significantly, property and accident insurance have not made much progress, the report said.
North American and Western European markets have played an important role in the growth of property and accident insurance. In 2024, this segment saw an increase of 8.2 percent of the North American market and 6 percent of the Western European market.
On the other hand, asian market growth has been limited to 4 percent. Despite its large population, the Asian market property and accident insurance market is smaller than in Western Europe.
China is leading the life insurance market in Asia. The size of china’s life insurance market grew by 15.4 percent in 2024 compared to 2023. China’s increase is 7.1 percent compared to Western Europe and 10.4 percent against the global market.
The demand for health insurance in Asia is getting stronger. As a result, the health insurance premium has increased by 12.6 percent in 2024.
In order to increase the property and accident insurance market, Asian markets should expand the scope of insurance and strengthen their presence.
