As one of the key pillars of the financial services sector the insurance sector is a central element of the trade and development matrix. As both an infrastructural and commercial service, a well-functioning insurance sector plays a crucial role in economic development not just at a macro economic level but also in terms of the activities of individuals and businesses. The world insurance market is dominated by industrialized countries which in 2004 generated about 88 per cent of world life insurance premiums and accounted for 90 per cent of the world non-life market. However figures for real growth rate.
