nsurance premium growth steady lobal insurance premiums continued to grow in 201 lobal premiums grew by a real 3…ˆ Total direct premiums written grew by 3…ˆ in real terms in 201‰ up rom 3…ˆ 6 in 201‰ but declined by ’…2ˆ to growth in 201’… lobal premium volumes were ‹„­ ’ ’ billion‰ which in nominal ‹„­ ’ ’ billion in nominal terms… terms was ’…2ˆ less than the previous year‰ due to signiicant currency depreciation against the ‹„ dollar †‹„­‡… The euro lost signiicant value against the ‹„­ †–20ˆ‡‰ and ‹– sterling †¦€‡ and the •apanese yen †•€µ‡ were also impacted‰ as were advancedŽmaret commodity exporters † ustralia‰ —anada‡… ‚any emerging maret †˜ussia‰ ¦ra§il‰ „outh rica‰ others‡ currencies depreciated strongly also… Figure 5 20% lobal real direct premium growth‰ 1¡0 –201 15% 10% 5% 0% –5% –10% 1 3 5 7 9 1 3 5 7 3 5 9 11 13 15 8 8 8 8 8 9 9 9 9 999 01 0 0 07 0 0 0 0 19 19 19 19 19 19 19 19 19 1 0 0 2 2 2 2 20 20 2 20 Total Non-life Life „ource“ „wiss ˜e Economic ˜esearch ™ —onsulting… Figure  lobal real premium growth rates‰ 201 No data < –10.0% –10.0% to –5.0% –5.0% to –2.5% –2.5% to 0.0% 0.0% to 2.5% 2.5% to 5.0% 5.0% to 10.0% > 10.0% „ource“ „wiss ˜e Economic ˜esearch ™ —onsulting… 6 ‹nless otherwise stated‰ all premium growth rates indicate changes in real terms †ie‰ adŠusted or local consumer price inlation‡…  Swiss Re sigma No 3/2016