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Swiss Re: Latin American Life Premiums Soar

By Staff Writer

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Successful economic policies and rising prices for commodities such as oil and orange juice helped make Latin America a healthier life insurance market in 2007.

Researchers at Swiss Reinsurance Company, Zurich, have published figures demonstrating strong growth in Latin American life insurance premium volume in their 2007 world insurance market review.

World life premium revenue increased 5.4% after adjustments for inflation, to the equivalent of about $2.4 trillion in U.S. currency, the researchers report.

The African life market reported the slowest growth. Life insurers there increased life premium revenue only 3.4%, to just $38 billion.

Life revenue increased 5.6%, to $1 trillion, in Europe; 5.8%, to $624 billion, in North America; 4.3%, to $623 billion in Asia; 7.9%, to $36 billion, in “Oceania,” which includes Australia and New Zealand; and 11%, to $36 billion, in Latin America.

In Latin America, Brazil, Chile and the Dominican Republic all reported life premium growth rates exceeding 10%, according to Swiss Re researchers.