Life Insurance Market Set for Unprecedented Growth

The life insurance market is experiencing unprecedented growth, with Swiss Re's Sigma report forecasting a 5% growth in 2024 and an anticipated total premium of $4.8 trillion by 2035. Paul Murray, CEO of Life & Health Reinsurance at Swiss Re, highlights a unique opportunity in the sector, shaped by economic shifts such as rising interest rates and an aging demographic. Despite the positive outlook, concerns about the retirement savings gap and the challenges posed by antimicrobial resistance (AMR) are looming. While high interest rates encourage savings, the ongoing issues of healthcare access and the impacts of the COVID-19 pandemic continue to affect life expectancy and market dynamics.