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Daily Insurance Industry News
Tuesday 20th of February 2018
July 6, 2011

2010 saw growth in global premium volume

by Richard Kilner

Story link: 2010 saw growth in global premium volume

The Swiss Re World insurance in 2010 sigma study has revealed that world insurance premium volume rose by 2.7% in 2010, when adjusted for inflation.

The growth in premiums in emerging markets continued at an accelerated pace, and premiums increased in three-quarters of the 78 markets looked at in the study.

Global life premiums increased by 3.2% to US$2,520bn, with a robust performance in Europe and increased growth in Asia, although US and UK premiums did fall.

Global non-life insurance premiums were up 2.1%, with Asian markets again leading the way, supporting by rising premium volume in the US and Europe.

Daniel Staib, one of the authors of the new sigma study, forecasts strong growth in 2011, although Europe could see a slowing of growth due to higher interest rates.

The greatest potential risks this year were identified as the ongoing eurozone sovereign debt crisis and the possibility of a major oil shock.

Last month Joe Plumeri, CEO of Willis, suggested that the emerging economies of Brazil, Russia, India and China (BRIC) could herald a golden age for insurance, as 2 billion people get added to the global middle class.

 

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