The Allianz Global Insurance Report for 2022 highlights a strong economic recovery and rising risk awareness, with insurers worldwide collecting almost EUR4.2trn in premiums, a 5.1% increase from the previous year. The US market accounted for half of the increase, reflecting the country's exceptional economic recovery after the Covid-19 crisis. However, the invasion of Ukraine has derailed expectations for another bumper year for the insurance industry, with premium income likely to grow by 1pp slower than originally assumed. Overall, global premium income is expected to grow by +4.8% in 2022, with life and p&c growing by +4.9% and +4.6% respectively, against a backdrop of a global inflation rate of 6.2%. The Ukraine war will have far-reaching consequences for the global risk landscape.
