1、04Looking back:Life is back11The changing risk land-scape23 May 2024Allianz ResearchTransformative years AllianzTradeAllianz Global Insurance Report 202417Looking ahead:Defending its relevance21The next frontier:GenAIahead for the insurance sector2 The global insurance industry grew by an estimated+

2、7.5%in 2023,clocking the fastest growth since 2006,the year before the Global Financial Crisis.In all,insurers worldwide collected EUR6.2trn in life(EUR2,620bn),p&c(EUR2,154bn)and health(EUR1,427bn)insurance premiums.Over the last three years,global premium income increased by a whopping EUR1.1trn o

3、r+21.5%.However,the robust development must be seen against the backdrop of high inflation.In real terms,therefore,the picture is becoming less impressive.Real premiums almost stagnated,advancing only by+0.7%since 2020.In contrast to 2022,when the global premium increase was primarily driven by the

4、p&c segment,growth in 2023 was more balanced with the life segment in the lead,accounting for 46.9%of the total increase(p&c:32.7%and health:20.4%).However,looking at the individual growth rates,all three segments recorded rather similar increases,with life at+8.4%,p&c at+7.1%and health at+6.6%.The

5、recovery of the life segment which grew at only+3.1%in 2022 was mainly driven by Asia,the biggest life market in the world,with a global market share of 39.0%.At+14.9%,regional premium growth was way above the long-term average(CAGR 2013-2023:+5.2%).China,by far the biggest market in the region,acco

6、unting for almost every second euro written in life(w/o Japan),also returned to form,growing by+12.8%.The strong growth of the p&c segment(+7.0%)last year was driven by all regions around the globe.North America remained by far the largest market(global market share:54.2%).With a projected plus of+7