Global insurance premium will grow by more than €460 billion ($722.88 billion) over the next 18 months, Munich Re says.

Average annual premium growth will increase by 5.3%, according to the reinsurer’s Insurance Market Outlook.

The long-term premium growth outlook is even more upbeat, with volume of almost €8 trillion ($12.57 trillion) predicted for 2030 – nearly double the current figure.

Almost one-third of additional premium is forecast to come from China, which is tipped to overtake Japan as the second-biggest insurance market by 2030, recording €1.65 trillion ($2.59 trillion) in premium volume.

While insurtech growth is expected to change the market considerably through product innovation and digital broking, this will not lead to a significant change in premium growth, Munich Re says.

Property and casualty insurance will grow at the same rate as the global economy this year and next, the outlook forecasts.