European insurers are turning their growth strategies to developing markets, according to a survey by consulting company Andersen.

The survey, "The hidden power of Europe's insurance giants", says most of Europe's top 50 insurance companies view expansion into developing countries as a key to their future success.

The Third World countries are seen as having more potential for the European giants, rather than attempting to concentrate on the mature European markets.

And rather than develop their own client customer base in new markets, the Europeans said they prefer acquisition, It’s the fastest way to grow.