The Asia-Pacific region will account for nearly half of the growth in global income by 2020, with China playing a leading role, the world's largest reinsurer Munich Re said in a report on Wednesday.

By 2020, the global income will be over 1 trillion ($1.29 trillion), of which 425 billion would come from China, according to the report.

Given the rapid growth in China's insurance industry, more talent is urgently needed in the sector, said Steve Zhang, Munich Re's Managing Director of Life Greater China.