Emerging markets pointed an 11.6% increase to USD 199 billion in 2007
Non-life insurance premiums in emerging markets grew by 11.6% to USD
199 billion in 2007, a study by SWISS Reinsurance reveals.
The latest sigma study by the Switzerland-based reinsurer identified
Eastern Europe (+12%), South and East Asia (13+) and the Middle East
(12+) as the fastest growing non-life markets.
Growth in motor and property business were the dominate performers
in the non-life sector in emerging markets, SWISS Re said in a statement.
The study also noted that premiums for takaful insurance, which complies
with Islamic law, reached USD 1.7 billion worldwide in 2007. That market
could reach USD 7 billion by 2015, the study reports. Also "the
motor and property businesses continued to dominate the emerging markets
insurance landscape in 2007, with motor insurance outperforming the
non-life market as a whole" noted Daniel STAIB, co-author of
the study.
At the same time, growth in the life market slowed from 18% to 14%
in 2007. Premium volume in 2007 amounted to USD 223bn. Co-author Prudence
HO notes, "The strong performance of the stock markets in the
first three quarters of 2007 led to increased sales of investment-linked
life products. The launch of new products and the increasing market
share of bancassurance, the provision of insurance services by banks,
also contributed significantly to the sector's results".
Author: Oleg DORONCEANU
on 02.12.2008
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