碎片化世界中的保险业未来

Allianz Global InsuranceReport 2026: The future of Content Page 3-4Executive Summary Page 5-11Looking back: From boom to normalization Page 12-15The changing risk landscape Page 16-22Looking ahead: Insurance remains agrowth industry Page 23-25 The next frontier: Climate risk, affordabilityand the future of insurability Page 26-27Appendix SummaryExecutive •The insurance industry is cooling from exceptional growth, not slowinginto weakness.Global premiums rose by +7.1% to EUR6.9trn in 2025, addingEUR456bn to the global premium pool. Although growth moderated from theexceptional +9.4% recorded in 2024, it remained comfortably above the ten-year CAGR of +5.6%, confirming that the industry’s growth drivers remain firmlyintact. Life insurance remained the largest segment (EUR2,861bn; +EUR185bn Michaela GrimmSenior Economist,Demography & Social Protectionmichaela.grimm@allianz.com •Asia remains the structural center of growth even as advanced marketsoutperform cyclically. Western Europe grew nearly twice as fast as its 2015–2025 average, while emerging market growth softened as China slowed to+7.4%, more than 3pps below its long-term average. Excluding China and Patrick HoffmannEconomist, ESG & AIpatrick.hoffmann@allianz.com •Much of the industry’s recent expansion reflects higher prices rather thanmaterially broader coverage.Global insurance penetration rose only modestlyto 7.2% of GDP in 2025 and remains below levels seen a decade ago. Thedisconnect is most visible in P&C, where penetration has stagnated around2.5% of GDP despite strong premium growth. Trends across business lines are Simon KrauseEconomist, ESG & Insurancesimon.krause@allianz.com Hazem KricheneSenior Economist, Climatehazem.krichene@allianz.com •The P&C boom is normalizing while life and health remain structurallystrong.Global P&C growth slowed to +3.8% in 2025 as pricing cycles maturedand claims inflation stabilized. North America remained dominant, accountingfor 52% of global P&C premiums, while Asia continued to exhibit the world’slargest protection gap, with penetration of just 1.3% compared with 4.3% inNorth America. Life insurance grew by a still robust +6.9%, though the US annuity Kathrin StoffelEconomist, Insurance & Wealthkathrin.stoffel@allianz.com Katharina UtermoehlHead of Thematic & Policy Researchkatharina.utermoehl@allianz.com •Despite Asia’s rise, global insurance remains overwhelmingly dominated bythe US.North America increased its share of global premiums from 42.5% to46.4% over the past decade, meaning that almost every second euro writtenglobally now originates from the region. China has emerged as a clear numbertwo, increasing its market share from 7.5% to 10.9%. Yet, at EUR746bn in Lucie TrolléResearch Assistantlucie.trolle@allianz.com Rozalia PapaioannouResearch Assistantrozalia.papaioannou@allianz.com •Geopolitics and fragmentation are becoming central forces shaping theinsurance industry.The Iran war is acting as a major external supply shock, disrupting energy markets, trade flows and supply chains. In our central scenario,global GDP growth is expected to slow to +2.6% in 2026, while Eurozone growthwill fall to just +0.8%. If the conflict is not resolved during the summer, we expectadditional upward pressure on inflation and a materially worse global growthoutlook. More broadly, geopolitical fragmentation is creating a structurallymore complex operating environment, challenging assumptions around globalintegration, capital mobility and cross-border risk diversification. Insurers will •Protection remains a structurally growing need in an increasingly uncertainand ageing world.The global insurance market is expected to expand by+5.3% annually over the next decade, driven by rising demand for protection,demographic change, higher interest rates and growing health and retirementneeds. Health insurance is projected to remain the fastest-growing segmentat +6.7% p.a., followed by life insurance at +4.9% and P&C at +4.7%. Asia, •Asia will generate most of the industry’s future growth, with India emergingas the standout opportunity.The global premium pool is expected to expandby EUR5,260bn by 2036, with more than half of additional premiums originatingin Asia. China will remain the region’s dominant market, but India is expected toemerge as the fastest-growing major insurance market. Despite already rankingamong the world’s ten largest, India remains significantly underinsured, with •Climate change is turning insurance affordability into a structural challengefor the industry.Insured NatCat losses are rising by +5–7% annually in real terms,while higher premiums are increasingly colliding with weakening householdpurchasing power. The result is widening protection gaps, pushing lower-incomehouseholds out of coverage. As affordability deteriorates, more climate lossesare shifting onto already strained public balance sheets. Preserving long-term Looking back: From boom tonormalization The global insuranc