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The recovery in the advanced markets gained momentum with growth picking up to 1.5% (2011: 0.9%), the fourth consecutive year of rising premiums following the decline in 2008.ĭaniel Staib, one of the authors of the study, says: "Premium growth held up well given the challenging economic environment. In emerging markets, non-life premiums expanded by 8.6% in 2012 (2011: 8.1%). However, this is still less than the average pre-crisis growth rate. Premium volume for non-life business increased by 2.6% in 2012 to USD 1 992 billion (2011: 1.9%). Non-life premium growth picked up in 2012 In advanced markets, growth was 1.8% (2011: 3%), largely supported by robust performance in advanced Asian markets and the US, while life insurance markets in Western Europe continued to shrink. This came after a sharp decline in 2011 due to contractions in India and China following changes to regulations relating to insurance distribution. Life premium volume increased 4.9% in emerging markets. While the increase is encouraging, growth remains below the average pre-crisis rate. Global life insurance premiums increased by 2.3% in 2012 to USD 2 621 billion after contracting by 3.3% the previous year. Life premiums increased by 2.3% worldwide

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Low interest rates continue to depress investment income, but are boosting reported accounting capital and solvency levels under GAAP. Profitability of life insurers remains subdued but non-life underwriting results improved modestly. In non-life, premiums rose by 2.6% on the back of continued economic expansion in emerging markets and selective price increases in some advanced markets. Life premiums expanded by 2.3% unwinding some of the contraction in 2011, thanks to improvements in emerging markets and solid demand in the US and advanced Asian markets. Swiss Re’s latest sigma study reveals that total global premiums written increased by 2.4% 1 in real terms in 2012 to USD 4 613 billion. In the very long-run, projected population patterns suggest that Africa could become the next star of the industry. Asian insurance markets will continue to rise in importance over the next 10 years.However, the weak economy in the Eurozone will remain a drag on insurance demand in the region. In life insurance, China and India are expected to rebound in 2013. The gradual hardening of prices in non-life insurance is likely to broaden and deepen. Premium growth will likely improve further in the near term.Overall premium volume expanded, but developments in Western Europe, China and India weighed on the result. Non-life premium growth picked up to 2.6% in 2012, while life premiums resumed growth, rising by 2.3%.






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