Global insurance premium volume dipped 1.1% last year, with general insurers showing greater resilience to the recession than their life insurance counterparts.

The latest Swiss Re sigma report World Insurance in 2009 has found global non-life premium volumes dipped just 0.1% in 2009 compared to 2% across the life market.

The report says the global downturn had a big impact on demand for unit-linked life products in the US and UK, while rates and demand for general insurance softened only slightly.

Life premiums continued to outstrip the value of general insurance however, at $US2.33 trillion ($2.79 trillion) compared to $US1.74 trillion ($2.08 trillion) in general insurance premium volume.

Non-life premium income showed a 19% surge in China as growth in Asia’s emerging markets slowed but remained positive. Premium fell in the major markets of the US, UK and Japan.

“Stable premiums and the recovery of profitability and capital are good results given the difficult economic environment in 2009,” the report says.

“In most countries, insurance premiums grew faster than gross domestic product in 2009, which shows the robustness of the industry.”

Despite concern over negative underwriting results returned by many general insurers last year, the report affirms a positive outlook on the industry in the months ahead.

“Overall premium growth in the industry will turn positive in 2010 and the industry’s profitability and capital should continue to improve.”