Regional Market Outlook on Insurance Services 

Insurance is a coverage that protects businesses from loss, due to events that may occur during the normal course of business. There may be many types of insurance for business, including coverage for property damage, legal liability, and employee-related risks. Large corporates evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates. The insurance industry is classified globally, as life and non-life insurance where property and Casualty form a sub-category of non-life insurance.

Property Damage and Business Interruption

  • Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft.
  • Business Interruption insurance is a form of insurance coverage that replaces business income lost, as a result of an event that interrupts the operations of the business, such as fire or natural disaster.

General and Product Liability Insurance

  • General and Product Liability Insurance is a form of insurance coverage that replaces business income lost, as a result of an event that interrupts the operations of the business, such as fire or a natural disaster.

Marine/Cargo/ Transport Insurance

  • Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurance is a branch of marine insurance

Directors and Officers Insurance

  • Directors and officers liability Insurance is a liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification for loss or advancement of defence cost in the event an insured suffers such a loss, as a result of legal action brought for alleged wrongful acts in their capacity as directors and officers.

Market Size, Growth, and Outlook

The global insurance industry is set to grow at 4.5% per annum during 2017 and 2018. It is predicted the premium income is expected to grow nominally, slightly higher real growth of 3.0% expected in 2018.

Market Outlook

P&C - In North America, premium growth is likely to remain nominally stable compared with 2016.

It is predicted that property casualty business will recover in the developed markets of the Asia-Pacific, Latin America, and sub-Saharan Africa.

Life insurance premium development is projected to be relatively stable at a high level premium growth in the most emerging markets for 2017 and 2018 is expected to be average 6.5% (5% in real terms) in Eastern Europe, 8.5% (6.5% in real terms) in Latin America, and 8.0% in the MENA region

Market Drivers and Constraints


  • Growth in the global non-life insurance premiums are projected to be driven by the emerging markets
  • Pricing in commercial lines continues to deteriorate, but at a slower pace, demand for cyber insurance solutions are increasing at a rapid pace
  • Emerging market life premiums is expected to grow strongly, driven by demand for savings in emerging Asia
  • An aging global population and rising disposable income are the key forces causing the increase in demand of life insurance products
  • Emerging technologies, such as artificial intelligence and machine learning, provide scope for intelligent automation
  • Automation will reduce the cost of operations and process time


  • It was observed that competitive pressure remained high for commercial lines, though the average price decline moderated
  • The global economic market slowed in 2016, as both advanced and emerging markets saw a diminished growth
  • Equity markets and interest rates progressed favorably toward the end of 2016, improvement can at best be gradual with the political landscape being in a flux
  • To say alert to extended territorial impact for insurers with offshore data processing
  • Preventing data breaches, even as most insurers and brokers are still going through initial digitization.