Outside the United States, the insurance industry is divided into life and nonlife (or general insurance), rather than life/annuities and property/casualty. Swiss Re’s 2019 world insurance study is based on direct premium data from 147 countries, with detailed information on the largest 88 markets. World insurance premiums rose 2.9 percent in 2019, adjusted for inflation, to $6.3 trillion. Nonlife premiums grew 3.5 percent in 2019, adjusted for inflation, slightly above growth from 2009 to 2018. Life insurance premiums grew 2.2 percent in 2019, faster than the 1.5 percent rise in 2009 to 2018, adjusted for inflation.
The COVID-19 pandemic is expected to reduce life premiums by 4.5 percentage points in 2020 and 2021, resulting in a 1.5 percent decrease from 2020 to 2021, according to Swiss Re. In the nonlife sector, premiums are expected to slow by 1.1 percentage points, causing a 1.6 percent increase from 2020 to 2021.