Emerging markets, the study finds, have increased their share in the gross domestic product from 21 percent to 34 percent, accounting for two-thirds of global economic growth in 2010.

During the global financial crisis beginning in 2008, emerging markets maintained healthy growth, while a number of industrialized countries fell into deep recessions, the study finds.

This growth also has meant growth for the insurance industry. According to the study, non-life emerging-market premiums rose 9.3 percent faster than industrialized markets, which saw growth of 2.3 percent.

The top-two growth areas were Emerging Asia, which saw total premium growth by 18 percent on average, from $51 billion in 2001 to $336 billion in 2010; and Latin America, whose premiums jumped from $45 billion in 2001 to $128 billion in 2010, according to the report.

Swiss Re explains that emerging markets, especially China and India, have moved from agriculture-based to more industry and service-based economies. Manufacturing facilities have been expanded and developed and the export sector has been developed. This together with infrastructure investments and increased global trade has meant jobs and rising growth in gross domestic product.

When global demand for exports weakened, according to the study, countries elevated domestic consumption. China, for example increased government spending on healthcare and education.

Latin America's growth has been slower, the report says. Its economies are still dependent on commodity exports. In Brazil, however, domestic demand is strong.

In Latin America, a vibrant economy has strengthened domestic demand, fueling purchases of homes and automobiles, Swiss Re finds.

The study notes that improved insurance regulations and supervision have led to lower pricing and more product controls.

Also of note, long-established domestic monopolies that barred foreign entry into Latin American markets have been abolished, encouraging competition, according to the report.