Xinhua News Agency December 23 electrical Geneva
Interview: China is expected to become the world's biggest insurance market - Interview with Swiss Re's chief economist Jerome Ege Lee
Xinhua News Agency reporter Chen Binjie Martina Foss
"We have full confidence in the prospects of the Chinese market. It is estimated that by the mid-1930s, China will become the world's largest insurance market." Swiss Re's chief economist Jerome Egeli said in a written interview with a reporter from Xinhua News Agency. Express.
Egerli said that the global economy began to recover periodically after experiencing the impact of the new crown epidemic, laying the foundation for the continued development of the insurance industry. The global insurance market is expected to exceed US$7 trillion for the first time in mid-2022.
Swiss Re predicts that the real growth rate of global premiums in 2022 and 2023 will be 3.3% and 3.1%, respectively.
He believes that thanks to steady income growth, steady expansion of middle-income groups, and increased risk awareness, the fundamentals of China's insurance market remain stable.
The China Banking and Insurance Regulatory Commission has issued a number of guiding opinions and action plans to promote the balanced development of the insurance industry, enrich the types of insurance products, and provide better protection to a wider range of people.
Egerli said that Swiss Re’s research shows that global supply chains, labor shortages, and high energy prices will continue to exist. The global economic growth rate is expected to be 5.6% in 2021, and slow to 4.1% in 2022, and 2023. It was further reduced to 3% in the year.
Inflation is a common macro risk in the near future, and inflation pressures in the United Kingdom and the United States are expected to be the most severe.
He believes that to promote long-term growth and strengthen macroeconomic resilience, we must first deepen structural reforms, such as the construction of sustainable infrastructure, the wider promotion of the digital economy, and the transition to low-carbon energy.
Swiss Re was founded in 1863 and is headquartered in Zurich, Switzerland.