(Bloomberg) ? The worldwide reinsurance industry will expand faster than the global economy as demand for insurance grows in emerging markets such as China, India and Brazil, said Inga Beale, chief executive of Converium Holding AG.

These countries show ?the classical pattern of insurance demand expanding significantly faster than the overall economy,? Beale said in Zurich. A new middle class ?and their increasing purchasing power? is fuelling demand for assets including cars, homes and durable goods that need insurance. Converium, a Swiss reinsurer that?s been working to restore its credit rating since a reserve shortfall two years ago, competes with companies including Swiss Reinsurance Co. and Germany?s Munich Re by selling coverage to primary insurers. The insurance industry had its costliest year on record after the 2005 hurricane season caused $83 billion in insured damage, Munich Re said. Beale said demand for reinsurance also will increase as more assets are ?concentrated in regions which are exposed to natural catastrophes.?