COVID-19 influences some of the developments in the insurance sector in 2020
30/06/2021 – As preliminary data become available for 2020 around the globe and against the backdrop of the COVID-19 pandemic, insurance companies seem to have experienced a slowdown in gross premiums written, especially in the life sector. Gross premiums written increased in both life and non-life sectors in only 15 out 53 reporting jurisdictions, fewer than in 2019. In contrast, premiums declined in both life and non-life sectors in 10 jurisdictions, in the life insurance sector in 19 other jurisdictions only and in the non-life sector in 9 other jurisdictions only. On average, non-life insurance premiums grew by 1.2% in 2020 while life insurance premiums declined by 2.2%.