The non-life insurance market grew at a record-breaking rate during 2002, revealed a new Swiss Re sigma study.
Global premium for both life and non-life insurance during 2002 was $2,627bn, with the non-life sector contributing $1,091bn to that figure. This represented a 9.2% growth in the non-life market, said the study.
There were significant increases in premiums for the non-life market in the US and UK during 2002, the sigma report said. However, these improvements were only partly reflected in underwriting and overall results as loss reserves had to be topped up and investment returns were again poor.
The report predicted globally improved underwriting results for the non-life sector in 2003, due to sustained price increases.
It said prospects for non-life insurance in the emerging markets were extremely positive, with a 10% growth in premiums during 2002 and further growth expected.
