NU Online News Service, Dec. 4, 11:03 a.m. – Because of stock market turmoil and high claims rates, the global insurance industry attracted $2.4 trillion in premium revenue in 2001, up only 1% from the total for 2000, according to a new report from Swiss Reinsurance Company, Zurich.
The increase is the lowest Swiss Re researchers have recorded since the early 1980s.
Roughly $1.4 trillion of the premium payments were spent on life insurance, Swiss Re researchers estimate.
Adjusted for inflation, non-life insurers reported a 5.4% increase in premium revenue for 2001, but life insurers actually suffered a 1.8% decrease, the researchers write.