"New types of mandatory insurance contributed to the underwritings
growth in emerging markets. From 2001 until 2011, premiums written in
the emerging markets increased by 150%, according to SWISS Re's study. The most significant growth rate
was registered in South-East Asia and Latin America. Therefore, the
share of emerging markets in the total life insurance business worldwide
increased from 5% to 14% and in the non-life insurance business, from
7% to 16%" said Capitolina TOURBINA, Director of Russia Representative Office, GEN Re at the
Azerbaijan International Insurance Forum, organized in partnership by
Azerbaijan Insurers Association and Media XPRIMM.
According to the representative of GEN Re, "the main growth factors include: increasing share of insurance in the country's GDP, the liberalization of insurance markets, new investments, new sales development and distribution channels for insurance products and, last but not least, introduction of new types of mandatory insurance as recommended by the OECD".