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Global premium set for recovery: Allianz

Global premium growth over the next decade should give insurers increased confidence, according to a new report from Allianz.

It predicts premium growth will accelerate to 5.9% per year to 2027, compared with a 3.1% average annual growth rate between 2008 and last year.

The global insurance market should be worth €6.8 trillion ($10.05 trillion) in 10 years, against €3.6 trillion ($5.32 trillion) last year.

“The long, lean spell of the crisis years is finally behind us,” Allianz Chief Economist Michael Heise said.

China is expected to lead the way, with its insurance market tipped to more than quadruple over the next decade.

Allianz says global insurance penetration is also expected to rise, to 5.8% from 5.6%.

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