dvanced maret premiums grow aster than € lobal share o advanced marets declined to 1…3ˆ in 201 dvanced countries continued to lose Total premiums in the advanced marets grew by 2…ˆ in 201‰ little changed rom global insurance maret share in 201 the previous year… n nominal ‹„ terms‰ however‰ premiums declined by …ƒˆ to due to exchange rate depreciation… ‹„ 3 ƒ0’ billion due to widespread exchange rate depreciation‰ particularly in the euro §one‰ ustralia and —anada… Exchange rate weaness against a resilient —hinese renminbi also contributed to the decline in the advanced marets’ share o global insurance premiums to 1…3ˆ †201’“ 2…6ˆ‡… Life insurance ”ie insurance premiums grew slightly Total lie premiums in the advanced marets grew by 2…ˆ in 201‰ outpacing € aster than the economy‰ … growth slightly and increasing insurance penetration marginally †premiums/€‡… n 1ƒ o the 2 marets or which data are available †see ¥igure 1 in which the blue dots above the line indicate premium growth above € growth‡‰ lie premiums growth outpaced economic growth… Figure 1 20€ ”ie and nonŽlie premium growth versus € growth in the advanced marets‰ 201 15€ ingapore 5 10€ 1 Finland ong ong weden 0 Portugal h 2 5€ wt o r 0€ pain Greece emium g5€ eal pr10€ Netherlands ustralia R Luemourg 15€ 20€ Portugal 0‚5€ 0€ 0‚5€ 1‚5€ 2‚5€ ƒ‚5€ „‚5€ Real GDP growth 2015 Life insurance Non-life insurance GDP growth e ual to premium growth „ource“ „wiss ˜e Economic ˜esearch ™ —onsulting… Non-life insurance … as did nonŽlie premiums… n nonŽlie‰ total premiums in the advanced marets grew by 2…6ˆ in 201‰ also more than the overall economy… €remium growth was stronger than € growth in 16 o the 2 marets with data… 22 Swiss Re sigma No 3/2016
World Insurance in 2015 Page 29 Page 31