Kathmandu. In the long run, Asia is expected to account for more than half of life insurance premium growth over the next decade.
According to the Global Insurance Report 2025 Rising Demand for Protection released by Allianz Group in May 2025, the emerging market Asian continent is expected to account for a significant share of the growth in life insurance premiums, driven by the demand for long-term financial protection.
According to the report, in 2024, the insurance market is expected to grow by 8.6 percent to a total of EUR 7 trillion. The ratio of insurance premium to GDP has increased from 7.1 percent in 2022 to 7.4 percent in 2024.
Globally, property and liability insurance grew by 7.7 per cent in the Asian market and by just 4 per cent, and this suggests that the market for property and liability insurance should expand further in the Asian market than in Western Europe and the rest of the region. Similarly, the overall life insurance market is expected to grow by 10.4 percent in 2024.
In the life insurance segment, North America grew by 14.4 percent and China by 15.4 percent.
Health insurance accounts for two-thirds of the world’s insurance revenues. The Asian insurance market is also expected to grow by 12.6 percent in 2024.
This overall growth and changing insurance environment clearly shows that the insurance sector will play an important role in promoting the United Nations Sustainable Development Goals.
