安联（Allianz）：2026年全球保险业报告：碎片化世界中的保险业未来发展（英文版）（31页）.pdf

1、28 May 2026Allianz ResearchAllianz Global Insurance Report 2026:The future of insurance in a fragmenting worldAllianz Research2Content Page 3-4 Executive SummaryPage 5-11Looking back:From boom to normalizationPage 12-15 The changing risk landscapePage 16-22 Looking ahead:Insurance remains a growth i

2、ndustryPage 23-25 The next frontier:Climate risk,affordability and the future of insurabilityPage 26-27 Appendix28 May 2026 The insurance industry is cooling from exceptional growth,not slowing into weakness.Global premiums rose by+7.1%to EUR6.9trn in 2025,adding EUR456bn to the global premium pool.

3、Although growth moderated from the exceptional+9.4%recorded in 2024,it remained comfortably above the ten-year CAGR of+5.6%,confirming that the industrys growth drivers remain firmly intact.Life insurance remained the largest segment(EUR2,861bn;+EUR185bn in 2025),followed by P&C(EUR2,320bn;+EUR85bn)

4、and health(EUR1,688bn;+EUR185bn).Asia remains the structural center of growth even as advanced markets outperform cyclically.Western Europe grew nearly twice as fast as its 20152025 average,while emerging market growth softened as China slowed to+7.4%,more than 3pps below its long-term average.Exclu

5、ding China and Japan,however,Asia remained the industrys fastest-growing major region,with premium growth accelerating to+10.9%versus a long-term average of+4.9%.Much of the industrys recent expansion reflects higher prices rather than materially broader coverage.Global insurance penetration rose on

6、ly modestly to 7.2%of GDP in 2025 and remains below levels seen a decade ago.The disconnect is most visible in P&C,where penetration has stagnated around 2.5%of GDP despite strong premium growth.Trends across business lines are diverging:health-insurance penetration rose from 1.4%of GDP in 2015 to 1