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ZURICH, Switzerland Global non-life insurance business grew 1.5% last year, driven by strengthening demand in emerging markets, a report by Swiss Reinsurance Co. concluded.
Nonlife premiums written in emerging markets rose 10.8% to $157 billion compared to just 0.6% growth in industrialized nations, according to Swiss Re's sigma study, "World insurance in 2006: Premiums came back to 'life'," released July 2.
Insurance buyers in South and East Asia were responsible for the biggest regional jump in non-life premiums with an increase of 14.5% to $42 billion in 2006.
A strong expansion in life insurance was responsible for the overall surge of 5.5% in worldwide insurance premiums to $3,72 trillion in 2006, according to the study.
The study is available at www.swissre.com.