Major insurers are currently experiencing limited growth opportunities in the developed economies of North America and Western Europe. In 2015 emerging markets accounted for just over 7.26% of global insurance premiums, according to Axco's report 'Embedding Insurance in the Frontier Markets: Partnerships for Emerging Opportunities'.  The potential opportunities are considerable: per capita spend on insurance in emerging markets (excluding China) is a mere 3.21% of that in advanced markets and the average insurance penetration in emerging economies actually decreased by 0.09% in 2015.