Test

topic: Global insurance markets
year: 2024
source: Activity report - Full Year 2024

markets:
  - region: France
    segments:
      - name: Savings insurance
        performance:
          premium_growth_yoy: +14%
          total_premiums_eur_bn: 173
        sub_products:
          - name: Unit-linked
            growth_yoy: +8%
            share_of_total: 38%       # down from 40% in 2023
          - name: General Account
            growth_yoy: +17%
        notes:
          - Saving ratio increased amid economic, fiscal, and political uncertainty.
          - Stagnant real estate market supported net flows into Life insurance.
          - Surrenders decreased in General Account funds despite Livret A rate held at 3%.
          - Surrenders increased in Unit-linked products, partially offsetting the GA decrease.

      - name: Protection and Complementary Health insurance
        notes:
          - Medical inflation partly absorbed via average tariff increase of 8% in 2024.
          - Cost and frequency of claims both rose.
          - Political uncertainty around the Sécurité Sociale budget may drive further tariff increases as state reimbursement share decreases.

      - name: Property & Casualty
        notes:
          - Motor claims rose due to driver behavior and higher repair costs.
        natural_catastrophes:
          - event: Cyclone Belal (overseas)
            estimated_cost_eur_bn: 0.1
          - event: Cyclone Chido (overseas)
            estimated_cost_eur_bn_range: [0.65, 0.8]
          - event: Floods (including Kirk depression)
            estimated_cost_eur_bn_range: [0.35, 0.42]

  - region: Europe (excluding France)
    segments:
      - name: Property & Casualty
        notes:
          - Faced rising repair costs amid persistent but moderating inflation.
          - Evolving risks including climate change.
          - Multiple but less severe weather events, mainly hailstorms and floods across most geographies.
          - Insurers responding via pricing measures, product reshaping, and updated risk management practices.

      - name: Life and Savings
        notes:
          - Recovering from last year's challenging macroeconomic environment.
          - Still affected by modest growth and economic/political uncertainties.

      - name: Health
        notes:
          - Private insurers facing ageing population, claims cost inflation, and strains on national healthcare systems.
          - Implementing progressive price increases.
          - Focusing on digital transformation, including care pathway management and wellness benefits.

  - region: Japan
    segments:
      - name: Life insurance
        performance:
          gwp_growth_yoy: +5%
        notes:
          - Growth driven by strong sales of traditional General Account Savings products.
          - Higher guarantees offered as a result of rising Japanese interest rates.
          - Major insurers' net income boosted by favorable Japanese equity market performance.

      - name: Property & Casualty
        performance:
          gwp_growth_yoy: +3%
        notes:
          - Driven by price increases in Motor and Fire insurance.

  - region: Hong Kong
    segments:
      - name: Life insurance
        performance:
          gwp_growth_yoy: +8%
          new_business_growth_yoy: +16%
        notes:
          - New business growth derived from non-Linked individual business.
          - Mainland China Visitors new business slightly decreased vs. 2023.
          - Mainland China Visitors represented 28% of total Individual business.

      - name: Property & Casualty
        notes:
          - Market remained stable.

  - region: United States
    segments:
      - name: Property insurance
        notes:
          - Rates rose, though at a slower pace than prior years.
          - Strict underwriting across capacity deployment, risk selection, and terms and conditions.
          - Adversely impacted by increased frequency of Nat Cat events, particularly secondary perils.
          - Rising reinsurance costs and economic inflation drove up construction costs.

      - name: Casualty insurance
        notes:
          - Continues to experience rate increases due to loss trends.
          - Elevated casualty claims from social inflation have impacted underwriting margins and reserves.

  - region: Global
    segments:
      - name: Reinsurance
        notes:
          - Market remains well-capitalized; companies successfully raised capital to support growth.
          - Property reinsurance saw increased rates and attachment points, improving margins.
          - Realignment of property catastrophe risk allowed reinsurers to limit losses despite active weather patterns.
          - Strong underwriting performance and improved investment returns helped mitigate adverse prior-year reserve development in US casualty business.