The ‘big four’ accounting firm outlines why emerging markets drive non-life growth in 2016 and beyond
Emerging markets are expected to drive the recovery of the non-life insurance industry, in the face of the evolving geopolitical landscape in more mature markets.
EY has said that with easing soft pricing conditions emerging markets saw an uptick in growth in 2016.
According to a EY recent report, 2017 is a year that will observe 6 of the world’s top 11 markets undergoing major political Developments.
The report, Global Insurance Trend Analysis 2016, stated that the rise in protectionism in mature markets like the UK and the US will hit global trade, affecting the free flow of capital and resources, and will impact several business lines.
This could open the door for investment in newer lines like crop insurance and cyber - outlining why emerging markets drive non-life growth moving forward.
EY said: “With greater rigor from policymakers, new lines of business such as crop insurance and cyber insurance are expected to drive growth in several key markets.”