Emerging markets will benefit most from economic growth

General insurance rates are set to grow by as much as 8% in 2014, according to research from Swiss Re.

The reinsurer has projected that non-life premiums in emerging markets could grow by as much as 8%, while advanced markets could see rate increases of 2%.

Swiss Re said the growth would be supported by the strengthening of the global economy over next year, however it also raised concerns about the recovery’s long-term sustainability.

Swiss Re chief economist Kurt Karl said: “A return to economic growth in the mature markets is a good sign for insurance and we see a positive outlook for the next two years.

“Emerging markets, especially in Africa and Asia, will definitely provide some of the more spectacular growth figures in non-life business as cities grow and people look for financial protection for their property.”