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<\/a>\u201cWe are positive on the outlook for global insurance premiums, expecting above-trend growth of 3.3 percent in 2022 and 3.1 percent in 2023,\u201d states the report.<\/p>\n
\u201cThis forecast is underpinned by rising risk awareness in both the life and non-life segments, as consumers and businesses alike seek protection following the shock of the Covid-19 pandemic.<\/p>\n
.\u201cRising risk awareness is generating demand for more insurance protection. The pandemic has increased consumers\u2019 awareness of health and mortality risk and underpinned life and health insurance premium growth.<\/p>\n
…The change in risk perception is reflected in observed growth in life and health insurance premiums…<\/p><\/blockquote>\n
\u201cOur 2020 and 2021 surveys of consumer trends in major Asia-Pacific markets find consistent evidence of consumers\u2019 rising awareness of health and mortality risks and a perception of being under-insured. The change in risk perception is reflected in observed growth in life and health insurance premiums.<\/p>\n
\u201cThe broad-based elevation of risk concerns also helped sustain positive growth in life protection insurance premiums last year, with volumes up 1.5 percent in 2020 and 4.9 percent globally in 2021.\u201d<\/p>\n
The report states that the growth contrasts with previous crises, during which life premiums contracted. For instance, life protection premiums contracted 0.7 percent during the GFC in 2008 and remained almost flat in 2009, while health insurance premium growth slowed two percentage points to three percent during the GFC.<\/p>\n
The report also states that digital and online insurance options were welcomed by many consumers.<\/p>\n
\u201cThe pandemic has transformed consumers\u2019 receptiveness to interacting with insurance digitally,\u201d say the report\u2019s writers. \u201cWhether for sales, after-sale service, claims or add-ons, people now see online provision as essential.<\/p>\n
\u201cIn Asia Pacific, our consumer surveys find two thirds (66 percent) of respondents see online features as key criteria for life and health insurance purchases.\u201d<\/p>\n
Interestingly, the report points to a mixed trend for excess mortality, with Covid-19 continuing to affect the life insurance industry.<\/p>\n
It states: \u201cIn November 2021, North America is recording average daily death numbers similar to November 2020. Europe is seeing an increase in cases over the past several weeks, but this is not converting into a proportional increase in deaths or hospitalisation.<\/p>\n
\u201cExcess mortality shows a mixed trend, with most countries returning to positive excess mortality after having experienced negative excess mortality over the [northern hemisphere] summer months.\u201d<\/p>\n
The report states that unlike many European countries, the US has experienced continuous excess mortality since the start of the pandemic.<\/p>\n
\u2026third quarter 2021 deaths were up by 40 percent over pre-pandemic levels\u2026<\/p><\/blockquote>\n