Total global insurance premium income amounted to nearly €5.6 trillion (about $6.05 trillion) last year, according to a new report by Allianz Trade.
Life remained the largest insurance segment at €2.6 trillion, followed by property-casualty (€1.8 trillion) and health (€1.1 trillion). The premium pool grew by 4.9%, or €259 billion, amid a global inflation rate of 8.6%, Allianz Trade said.
The three segments fared quite differently when it came to growth. While P&C grew at a robust 8.7%, health grew by a more modest 4.9%. The life insurance market grew only 2.4% as households felt the squeeze of inflation on their incomes.