Growth in insurance industry – emerging markets

Russia has experienced the highest total premium growth in 2018, at 12.5%. This is mostly driven by increased demand for loans and mortgages that drove demand for life insurance products. Mexico, India, and China experienced positive total premiums growth in 2018, which was mostly driven by the non-Life premium increase. In general, the growth in non-life premiums is correlated to the macroeconomic environment, and thus positive economic growth generally supports non-life premium growth. Egypt is a clear exception in this regard. However, the reduction in total premiums is mostly due to the gross underdevelopment of the industry. The stagnant growth of total premiums in South Africa is in line with the stagnant economic growth and high unemployment rates.