Asia’s insurance markets posted solid growth in 2024, particularly in life and health insurance, yet the region continues to lag behind North America and Western Europe in overall market size and performance—especially in the property and casualty (P&C) sector.
According to Allianz’s Global Insurance Report 2025: Rising Demand for Protection, the global insurance industry grew by 8.6% in 2024, reaching $7.87 trillion (EUR 7.0 trillion) in total premiums. Asia made a significant contribution to the life and health segments, but its P&C sector grew by just 4.0%, notably lower than North America’s 8.2% and Western Europe’s 6.0% growth.
Despite Asia’s large population, its P&C market remains smaller than that of Western Europe, highlighting ongoing regional disparities in insurance market development.
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