Yemisi Izuora
Global non-life premiums showed solid growth in 2014, helped by growth in advanced markets and continuing growth in emerging markets.
This is according to Swiss Re’s latest sigma study World insurance in 2014.
Total direct premiums written were up 3.7 percent to $4.78 trillion after having stagnated the previous year.
A notable feature of the renewed momentum across the insurance industry was a significantly stronger performance in the advanced markets, said the study.
Global non-life premiums increased by 2.9 percent in 2014 to $2,124 billion, slightly higher than the 2.7 percent growth rate of 2013.
North America (+2.6%) saw significant improvement and Western Europe returned to slow growth (0.6%) after years of decline and stagnation.
The sigma study said that in Advanced Asia premiums grew by 1.7 percent, after a 5.2 percent gain in 2013.
Premium growth in Japan slowed notably to 0.8% from 7.2% in 2013, as the impact of earlier motor rate hikes dissipated.
In South Korea, a slowing economy impacted non-life premium growth, particularly in the property, marine and surety businesses. Premium growth in Hong Kong was weak at 1.4% in 2014, with growth mainly driven by A&H.
In Taiwan and Singapore, non-life premiums grew by 3.9 percent and 6.7 percent, respectively.