German insurer Allianz SE has identified Asia as a key growth market next year, with regional gross domestic product (GDP) expected to contribute nearly 40% of growth in total worldwide economic output.

China is expected to lead the way with forecast GDP of 8.7% with “emerging Asia” likely to grow by an overall rate of 6.7%.

“This means that Asia will contribute almost 39% to the expected increase in global economic output of 2.8% next year,” Allianz Chief Economist Michael Heise said.

A substantial Chinese fiscal package and strong lending growth is credited for the region’s relatively limited exposure to the global downturn.

Allianz Asia Pacific CEO Bruce Bowers says the insurer has healthy prospects in the region following improvements to its operating platform in recent years.

“Asia’s growth markets have shown resilience during the crisis, and our insurance business has been displaying solid results in 2009 so far,” he said. “We expect to continue to deliver profitability and sustainable growth in Asia.”

Figures from Allianz reveal real GDP in emerging Asia grew by 9.8% in 2007 and 6.4% last year. Estimated growth of 4.8% this year is projected to increase to 6.7% next year.