ˆhere is sti widesread overty in the ‚esite the overa soid rowth since the turn of the century… €‚ƒ er caita in ŽŽ‘ frontier markets … ŽŽ‘ remains ow‡ Income and weath distri ution is hihy uneven… and overty is widesread‡ In 2012… an estimated ¡’0 miion eoe… or 4¡ of the tota ouation… ived on ess than ¥Ž‚ 1‡’0 er day… the ower of two overty ines 11 adoted y the ¦ord ‰ank‡ ˆhis is an imrovement from 1’’0… when ™6‡ of the ouation ived in extreme overty‡ Imroved overnance has een a factor 12 in overty reduction… ut the deree of roress varies widey etween countries‡ … and rowth is set to sow to around ™ ‘thouh more moderate than in recent years… overa economic rowth in ŽŽ‘ is annuay in the next five years‡ forecast to maintain a heathy ace of around ™ er annum etween 2016 and 2020‡ ŽŽ‘ wi remain one of the fastest rowin reions in the word… aonside emerin ‘sia‡ ‘ricuture… financia services… teecoms and infrastructure investments are ikey to e the main rowth drivers… whie the onoin ow oi rice has damened am itions of deveoin newy discovered oi and as fieds‡ Insurance market outlook Insurance enetration in ŽŽ‘ markets is Žince 2000… rea remium rowth in the ŽŽ‘ frontier markets has een ower than eneray ow and varies widey across rea €‚ƒ rowth… damened y years of oitica insta iity and civi wars… which the reion‡ affected the insurance sector much more than economic rowth‡ Insurance 1¡ enetration varies widey amon the markets‡ ˆhe deree of under†enetration is more ronounced in ife than in non†ife insurance‡ ˆhe ŽŽ‘ markets are mosty in the eary staes of deveoment… meanin insurance for commercia risks construction… enineerin… minin or oi and as… rou ife usiness„ dominate‡ ˜otor insurance is ainin in imortance… however… due to increasin enforcement of comusory motor third†arty ia iity ˜ˆƒ›„ cover in many markets‡ Figure 12 000 in USD illion 60% ƒremium voumes ›£Ž„ and rea rowth rate ‹£Ž„ in ŽŽ‘ frontier markets… 10 000 45% 1’’–2014 000 8 30% 6 000 15% 4 000 0% 2 000 –15% 0 –30% 98 999 000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 19 1 2 20 20 20 20 20 20 20 20 20 20 20 20 20 20 Life Life real growth Non-life Non-life real growth Žource: Žwiss ‹e Economic ‹esearch Ÿ Œonsutin‡ 11 World Development Indicators, ˆhe ¦ord ‰ank… htt://data ank‡word ank‡or/data/reorts‡ asx?source¯word†deveoment†indicators‡ htt://overtydata‡word ank‡or/overty/reion/ŽŽ‘ 12 Ibrahim Index o rican Governance, ˜o I rahim —oundation… 201™‡ htt://static‡moi rahimfoundation‡ or/u/201™/11/0¡1¢42™2/201™†Executive†Žummary‡df 13 Insurance in ubaharan rica gearing up or strong groth, Žwiss ‹e… 2012‡ Swiss Re sigma No 2/2016 ¢
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