In terms of written premium value, the Paraguayan insurance industry grew at a review-period CAGR of 18.5% in 2013. The increase was on account of the strong performance of the life segment, which registered a review-period CAGR of 29.9%. The industry is projected to grow at a forecast-period CAGR of 12.6%, driven by a strengthening economy and rising beef exports. Paraguay is the world’s eighth-largest exporter of beef, and is expected to be the fifth-largest exporter by 2018, creating demand for transit and marine insurance over the forecast period. The overall insurance industry is dominated by the non-life segment, which accounted for 85.1% of the industry's gross written premium in 2013.