Published by Swiss Reinsurance Company Ltd Economic Research& Consulting 8022 Zurich elephone+41432852551 Fax+41432820075 -mail:sigma@swissre.com t 52nd Street New York. NY 10055 elephone+12123175400 Fax+12123175455 The editorial deadline for this study was Hong Kong office 18 Harbour Road. Wanchai 28 February 201 Central Plaza. 61st Floor Hong Kong SAR elephone+85225825703 sigma is available on Swiss Re's website Fax+85225116603 swissre.com/sigma Authors Th contain slightl ucia b Telephone +41 43 285 9279 Dr Brian Rogers Telephone +41 43 285 2733 Dr Balz Grollimund Telephone +41 43 285 5758 Managing editor: Head of Economic Research& Consulting. is responsible for the sigma series. The entire content of this sigma edition is pyrg The information may be used for private or internal purposes, provided that any copyright or other proprietary notices are not removed. Electronic reuse of the data published in sigma pr purpose Is pern prior written approval of Swiss Re Economic Research& Consulting and if the source reference"Swiss Re, sigma No 1/2011"is ndicated. Courtesy copies are appreciated Although all the information used in this study was taken from reliable sources Swiss Reinsurance Company does not accept any responsibility for the accuracy or com prehensiveness of the information given purposes only and in no way constitutes Swiss Re 's position. In no event shall Swiss Re be liable for any loss or damage arising in connection with the use of this information Order no: 270 0111 enPublished by: Swiss Reinsurance Company Ltd Economic Research &Consulting P.O. Box 8022 Zurich Switzerland Telephone +41 43 285 2551 Fax +41 43 282 0075 E-mail: sigma@swissre.com New York Office: 55 East 52nd Street 40th Floor New York, NY 10055 Telephone +1 212 317 5400 Fax +1 212 317 5455 Hong Kong Office: 18 Harbour Road, Wanchai Central Plaza, 61st Floor Hong Kong, SAR Telephone + 852 25 82 5703 Fax + 852 25 11 6603 Authors: Lucia Bevere Telephone +41 43 285 9279 Dr Brian Rogers Telephone +41 43 285 2733 Dr Balz Grollimund Telephone +41 43 285 5758 Managing editor: Thomas Hess, Head of Economic Research &Consulting, is responsible for the sigma series. The editorial deadline for this study was 28 February 2011. sigma is available in English (original language), German, French, Spanish, Chinese and Japanese. sigma is available on Swiss Re’s website: www.swissre.com/sigma The internet version may contain slightly updated information. Translations: CLS Communication Graphic design and production: Swiss Re Logistics / Media Production © 2011 Swiss Reinsurance Company Ltd All rights reserved. The entire content of this sigma edition is subject to copyright with all rights reserved. The information may be used for private or internal purposes, provided that any copyright or other proprietary notices are not removed. Electronic reuse of the data published in sigma is prohibited. Reproduction in whole or in part or use for any public purpose is permitted only with the prior written approval of Swiss Re Economic Research &Consulting and if the source reference “Swiss Re, sigma No 1/2011” is indicated. Courtesy copies are appreciated. Although all the information used in this study was taken from reliable sources, Swiss Reinsurance Company does not accept any responsibility for the accuracy or com - prehensiveness of the information given. The information provided is for informational purposes only and in no way constitutes Swiss Re’s position. In no event shall Swiss Re be liable for any loss or damage arising in connection with the use of this information. Order no: 270_0111_en