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Economic insights : annual compendium 2020

 
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<subTitle>: annual compendium 2020</subTitle>
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<dateIssued>2020</dateIssued>
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<abstract displayLabel="Summary">The re/insurance industry has weathered the COVID-19 pandemic and recession of 2020 better than we initially anticipated. Our Economic Insights (EI) series highlighted areas of resilience in the turbulence throughout the year. By mid-year, we estimated the global shock to life and health insurance premium growth at eight percentage points, and non-life premium growth for 2020 almost flat on 2019. Yet insurers responded to the challenge and found opportunities for growth. For example, the pandemic has heightened risk awareness, particularly for health and mortality risks, and reinforced the shift from savings to protection-type life insurance products; in commercial lines of business, rate hardening has supported non-life insurance. In our latest forecasts at yearend, we now see global life premiums returning to 3% trend growth, and non-life premiums to 3.6% growth, from 2021.</abstract>
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