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In Asia, despite adverse economic conditions, Life insurers achieved good growth rates in 2001, mainly because of the low density of insur- ance in the continent. The slowdown in world economic growth is expected to lead to further market concentration.

Credit and Bond business disappointing

Contrary to expectations, Credit and Bond business failed to continue along the gratifying lines of the previous two years. This was due to general premium erosion and a mounting number of insolvencies in nearly all markets, notably the markets of Germany and the United States. As a result of the unexpectedly sharp rise in insolvency, con- ditions worldwide became considerably more restrictive.

14 Developments in insurance markets

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