Emerging marets continue to gain global share nsurance maret expansion advances urther €remium growth in the emerging Total insurance premiums written in the emerging marets in 201 rose by ¡…ˆ to marets remained strong in 201… ‹„ 0 billion‰ and premium growth continued to outpace € growth… The global share o emerging maret premiums grew by 1…2 ppt to 1…ƒˆ‰ helped by exchange rate weaness in the maŠor advanced economies… „ince 2006‰ insurance sector growth in the emerging marets has outpaced economic growth by a actor o more than 1…… Excluding —hina‰ however‰ this actor was signiicantly lower as insurance maret growth was only 1…1 times higher than economic growth… Life insurance ”ie insurance penetration continued to ”ie premiums in the emerging marets overall grew by 12ˆ in 201‰ well above increase in 201… economic growth o 3…ˆ… €remium growth was stronger than economic growth in ’1 o the 1 marets or which data are available… n ¥igure 20‰ the blue dots above the line represent those marets where premium growth exceeded € growth last year‰ meaning an increase in insurance penetration… Figure 20 25€ ”ie and nonŽlie premium growth versus € growth in emerging marets‰ 201 15€ 5 rail 1 0 5€ h 2 0€ Russia wt o r 5€ eneuela cuaor emium g 15€ eal pr R 25€ Ukraine 5€ 1€ ‚€ € 0€ € ‚€ Real GDP growth 2015 Life insurance Non-life insurance GDP growth eual to premium growth „ource“ „wiss ˜e Economic ˜esearch ™ —onsulting… Non-life €remium growth in the nonŽlie sector NonŽlie premiums in the emerging marets overall grew by ƒ…ˆ in 201‰ still solid was slower than in lie… despite a wea economic environment… t the country level‰ insurance penetration increased in 3’ o the 2 marets or which 201 data are available… ‰nsurance ‡enetration and densit€ €er capita spending on insurance in the verage per capita spending on insurance in emerging marets remained little emerging marets was unchanged in changed at ‹„ 13 in 201‰ o which ‹„ ƒ1 went to lie insurance and ‹„ 6’ 201‰ but penetration increased… to nonŽlie… The average insurance penetration in emerging marets increased to 2…¡ˆ last year rom 2…ƒˆ in 201’… 2 Swiss Re sigma No 3/2016
World Insurance in 2015 Page 36 Page 38