Insurance Premiums Rising
Insurance Premiums Total direct insurance premiums written were up by 3.1% in real terms in the last year, even amid moderate global economic growth. Nominal growth of 2.9% – based on US dollar figures – was lower than real growth because of currency depreciations particularly in the UK and some emerging countries. Swiss Re’s latest sigma report revealed that global insurance premiums showed a “fairly solid” outcome, despite economic growth standing at just 2.5% last year. It cited economic growth as a key driver of insurance demand. This has held true in the Australian insurance market, with Australian insurance premiums rising by 5 to 10% over the last year, among all major insurance companies including QBE , Allianz, Zurich, NTI, Global Transport, Suncorp, RACQ, NRMA, GIO and Budget Direct. Global direct life insurance premiums in 2016 increased 2.5% in real terms, amounting to $2.6trn. In non-life, global premiums grew by 3.7%. Search and compare insurance product listin