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.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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