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P&C premium rise outpaces global growth

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Property and casualty premiums rose 2.8% to $US2.2 trillion ($3 trillion) last year, Swiss Re says in its latest Sigma study.

Overall insurance premium growth, which includes the life sector, weakened 1.5% to $US5 trillion ($6.73 trillion) from 2.2% growth in 2016.

The outlook for the non-life property & casualty sector remains upbeat despite the industry-wide slowdown. The optimistic outlook is supported by the resurgent US economy and other advanced economies.

Non-life premiums in the US grew 2.6% to $US830 billion ($1.12 billion) last year, the fastest among the advanced markets monitored by Sigma.

The advanced markets generated about $US1.76 trillion ($2.37 trillion) in P&C premium last year, up 1.9% from 2016.