The global insurance industry grew in 2014 with life premiums seeing growth of 4.3% after a decline of 1.8% in 2013, Swiss Re's sigma study of 2014 has found.
The global insurance industry has seen growth of 3.7% to $4,778bn in direct premiums written, and life grew faster than non-life which grew 2.9%.
Life premiums in advanced markets grew by 3.8% in 2014 with profitability improving slightly across all markets.
The report notes that much of the growth came from advanced markets with growth in Japan, Oceania and Western Europe offsetting a decline in North America.
In emerging markets life premiums grew by 6.9%, mainly driven by China where online sales and a recovery in sales by banks offset a slowing or decline in premium income in other regions.
Growth in life premiums is expected to remain solid in advanced regions in 2015 and increase in emerging markets, though the report warned profitability is likely to remain below pre-crisis levels.
Kurt Karl, chief economist at Swiss Re, said: "Despite the acceleration in 2014, overall advanced-market life insurance premiums are about the same level as before the steep drop in volumes in 2008."
He added: "The gain in premiums in 2014 outpaced economic growth, increasing insurance penetration in the advanced markets, but premiums post-crisis have been growing at a much slower rate than before the financial crisis."
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