Sigma: non-life market growth slowed

25-06-2014

A report by Swiss Re’s sigma group has found that non-life growth slowed in 2014, down from 2.7 percent in 2013, to 2.3 percent in 2014.

Fortunately, emerging market growth remains robust in the non-life sector at 8.3 percent, although even that fell a percentage point, down from 9.3 percent in 2013.

Global non-life premiums reached $2,033 billion in 2014, with the market looking to emerging economies to buoy up results.

Commenting on the potential of emerging economies, Mahesh Puttaiah, one of the authors of the study notes: "As people get wealthier and acquire more physical assets to protect, for example vehicles, they spend more on non-life insurance products. That is what is happening in many emerging Asian countries." In India, however, non-life sales growth slowed to 4.1% from 8.9% in 2012, due to a slower economy and weaker business sentiment.

Western Europe and the US remain depressed however, with Europe’s continuing economic woes acting as perhaps the greatest drag on growth. 

Fortunately, emerging market growth remains robust in the non-life sector at 8.3 percent, although even that fell a percentage point, down from 9.3 percent in 2013.

Global non-life premiums reached $2,033 billion in 2014, with the market looking to emerging economies to buoy up results.

Commenting on the potential of emerging economies, Mahesh Puttaiah, one of the authors of the study notes: "As people get wealthier and acquire more physical assets to protect, for example vehicles, they spend more on non-life insurance products. That is what is happening in many emerging Asian countries." In India, however, non-life sales growth slowed to 4.1% from 8.9% in 2012, due to a slower economy and weaker business sentiment.

Western Europe and the US remain depressed however, with Europe’s continuing economic woes acting as perhaps the greatest drag on growth. 

Swiss Re, sigma, insurance, reinsurance

Bermuda Re