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24 March 2017
The global non-life insurance market will exceed $US2.7 trillion ($3.79 trillion) by 2020, buoyed by strong growth in the US and China, according to research group MarketLine.
The market grew 5.4% a year from 2011-15 to $US2.03 trillion ($2.64 trillion), it says.
Severe weather events in the US, which accounts for almost 40% of global insurance revenue, have lifted property cover, particularly in Florida, where 14% of insured catastrophe losses occur.
China’s motor insurance market has grown rapidly since the nation introduced compulsory third party cover in 2006. Motor cover now accounts for 57% of the non-life market.
More cars on China’s roads and drivers choosing expensive, comprehensive cover is fuelling the boom.
The global non-life market is forecast to grow at 5.9% a year from 2015-20.
MarketLine analyst Nicholas Wyatt says there is scope for growth beyond that.
“Motor insurance is comfortably the market’s largest segment, and there are still a number of sizeable, largely untapped markets,” he said.
“In countries such as Indonesia and South Africa, car insurance is not a legal requirement and there is a chance such jurisdictions could bring their legislation into line with that of other nations. This could serve as a catalyst for further market growth.”
23 March 2017
To partner with business units stakeholders to identify and implement BI initiatives. To support QBE Australia’s Executives formulate and drive operational strategy.
21 March 2017
Reporting to the head of product and partnerships, this role will manage new product development and product management functions, across insurers and product lines. The role will manage insurer relationships, ongoing product management, compliance and contractual obligations.
20 March 2017
Work as part of an experienced established U/W team. High profile role. NSW - Sydney.