The contribution of rapid-growth markets to insurance premium growth will continue to be significant, says EY's Crawford.

According to EY’s latest report, China, Mexico, Indonesia, Thailand and Columbia will provide insurers with long-term growth opportunities.

The report, Waves of Change: The shifting insurance landscape in rapid growth markets report, maps out prospects for insurance growth based abroad on a range of factors, including economic and premium growth until 2020, financial stability, regulatory change, macroeconomic volatility and liquidity risk.

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