Good news: The world economy is on the path to a strong recovery following the COVID-19 crisis.

That’s what Swiss Re concluded in its latest World Insurance Sigma report, which ultimately forecasted that global insurance premiums will be approaching the $7 trillion mark by the end of 2022.

In its findings, the report also noted the pandemic had a significant impact on the insurance industry as a whole.

Risk awareness is up. Global health and protection-type insurance premiums grew by 1.9% and 1.7% respectively in 2020, the report found, despite social distancing’s effect on distribution. Insurance demand is estimated to grow by 3.3% by year’s end.

Here are just a few more insights from the report and the factors driving a steady recovery.