TRENDS IN INSURANCE MARKET DEVELOPMENT

The global insurance market is a crucial part of the world economy and its development is infl uenced by macroeconomic factors, the intensifi cation of existing risks and the emergence of new ones, regulatory changes, globalization, liberalization, and more. The COVID-19 pandemic, large-scale natural disasters, infl ation, and geopo litical events have signifi cantly impacted the decline or slowdown in the growth of the global economy and the world insurance market. There was a slight decrease in global insurance premiums in 2022 compared to 2021, and preliminary results suggest a slight increase in insurance premiums in 2023 compared to 2022. Changes have occurred in the provision of insurance services, demand for them, and insurers’ operations. The focus of this paper is the analysis of the trends in the development of the global insurance market. The goal is to highlight the degree of insurance development worldwide and to assess the global insurance market’s readiness to withstand negative phenomena and leverage contemporary challenges for growth and performance improvement.

Keywords: insurance market, life insurance, non-life insurance, development trends, COVID-19, natural disasters, infl ation, digitalization.