Global non-life insurance premiums grew 1.9 percent in 2011 compared to 2010, driven by strong economic expansion in emerging markets and by rate increases in advanced markets, according to Swiss Re.
In its recent study on world insurance in 2011, Swiss Re says non-life insurers’ capital position remains sound and the industry is in a “strong position to grow steadily in the future.”
But the study does note some challenges in advanced markets. The unfolding recession in Europe and slowly recovering economy in the U.S. have dampened demand for insurance cover, Swiss Re says: “Slower economic growth in the advanced markets will weigh on demand for non-life insurance.”
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