Abstract
This report was written in late May. Relative to the Q209 report, the main
changes pertain to the profiles
of companies, both regional and
predominantly local, which have been updated considerably. We have
also
included a brief overview of conditions and development of premium income
through Q109. This is
based on comments made by major, mainly listed,
companies which became available for the most part
from mid-May. We hope
to build on this section in terms of detail.
Q109 was a challenging but
far from disastrous quarter for the major protagonists in most markets.
Notwithstanding the fact that particular non-life markets suffered as a result
of a slump in the number of
cars registered, and correspondingly lower
demand for compulsory third party motor (CTPM) insurance
and voluntary
motor insurance, global non-life premiums generally held up well in spite of
the global
economic downturn. In contrast, life premiums were, in most
markets, lower in Q1 than they had been in
Q108. This was largely the
result of the past volatility in global equity markets, although there were
also
other problems. Conditions remain fair in the global reinsurance
market.
In terms of the major regions whose insurance markets are covered
by BMI’s reports, Latin America and
the Middle East and North Africa
(MENA) stood out in terms of growth in premiums (in non-life
insurance in
particular, but also in life insurance). Conditions were far more mixed in
Central & Eastern
Europe (CEE), particularly in non-life insurance, where
the downturn in car registrations hit hard, and
Asia Pacific, where
various factors caused slippage in life premiums in many markets.
Revision
Of Data And Forecasts
We have updated the insurance data for 2008 and our
forecasts for the next five years. In many cases,
preliminary or final
figures for last year have been published by the regulator or the trade
association. In
some cases, we have estimated figures for 2008, but on the
basis of information that has been published in
relation to a significant
portion of the year. In some cases though, we have based our 2008 estimate
on
results disclosed by individual companies operating in the market in
question.
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