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The direct insurance industry is on the road to recovery with further progress expected this year, according to Swiss Re’s latest sigma study. Worldwide premiums for life and non-life insurance grew by an inflation-adjusted 2% to USD 2 941 billion in 2003. sigma’s annual review of developments in world insurance shows premiums and results in non-life business increased markedly in 2003. Life insurers reported improved profitability despite a slight decline in premium income. The recovery is set to continue in 2004.