The sector has been growing at an average rate of 2.4% from 2015 to 2020 and will surpass $4.384 trillion.
According to Global Data, the insurance sector as a whole raked in $2.611 trillion in 2019 and was the sixth largest. Notably though, an Allianz Global insurance report projects a decline of 3.8% for the industry worldwide in 2020.
Top 12 Publicly Listed Oil Companies Post $80 Billion Loss in H1 2020
2019 was a great year for insurance as premiums grew at a rate of 4.4%. However, the 2020 decline will be over three times worse than after the 2008 financial crisis. At the time, the sector only shrank 1%. An Allianz study projects that in 2021, the growth rate of insurance premiums will return to pre-pandemic levels.
Oil and gas, which was the top industry in 2019, is ranked third in 2020. It is expected to rake in $3.325 trillion in revenue in 2020. In 2019, it made over $4.797 trillion, growing 16.2% in revenue and 36.3% in profits year-on-year (YoY).
The situation in 2020 is vastly different as the top 12 publicly traded oil companies reported a collective loss of $80 billion. According to Anadolu Agency, during H1 2019, they had posted a collective net income of $46.5 million.
On the other hand, banking was the third largest industry by revenue in 2019, raking in $4.424 trillion. However, in 2020, it sits in the eight spot and is estimated to generate $2.341 trillion.
Putting this in perspective, the top 5 Chinese banks reported a drop of $9.9 billion in H1 2020 profit. In the US, the top 6 banks increased loan loss provisions from $25 billion in Q1 2020 to $35 billion in Q2 2020.
The full story, statistics and information can be found here: https://compraracciones.