Insurance for economic growth: closing the gaps

A robust insurance industry that is dedicated to risk management and risk financing is a necessary component of sustainable economic growth. Yet in terms of growth, the insurance industry is not keeping pace with the economy. In 2012, the industry reported 2.4 percent growth in total real premiums, lagging behind the world gross domestic product (GDP) growth of 3.2 percent. As the insurance industry’s relevance wanes, leaders in the field are considering how to reverse the trend and play a more important role in global economic growth.