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THE GLOBAL DIMENSION |
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INTRODUCTION
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WORLD LIFE AND NONLIFE INSURANCE IN 2006
Outside the United States, the insurance industry is divided into life and nonlife or general insurance rather than life/health and property/casualty.
In 2007 world insurance premium volume, for both sectors combined, totaled $4.06 trillion, up 10.5 percent from $3.67 trillion in 2006, according to Swiss Re. On an inflation-adjusted basis, total insurance premiums grew fastest in Latin America and the Caribbean, up 9.6 percent, followed by Asia, up 4.5 percent, Oceania (Australia, New Zealand and other islands), up 3.9 percent, Europe, up 3.4 percent, Africa, up 2.8 percent and North America, up 2.1 percent. Inflation-adjusted premiums grew 11.8 percent in emerging markets and 2.5 percent in industrialized countries.
In 2007 life and nonlife insurance premiums (excluding cross-border business) accounted for 15.7 percent of gross domestic product (GDP) in both Taiwan and the United Kingdom, the highest share in the Swiss Re study, followed by 15.3 percent in the South Africa. Premiums represented 8.9 percent of GDP in the United States.
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TOP TEN COUNTRIES BY NONLIFE AND LIFE DIRECT PREMIUMS WRITTEN, 2007 (1)
(Direct premiums written, U.S. $ millions)
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Total premiums |
Rank |
Country |
Nonlife premiums (2) |
Life premiums |
Amount |
Percent change from prior year |
Percent of total world premiums |
| 1 | United States (3) | $651,311 | $578,357 | $1,229,668 | 4.69% | 30.28% |
| 2 | United Kingdom | 113,946 | 349,740 | 463,686 | 28.16 | 11.42 |
| 3 | Japan (4) | 94,182 | 330,651 | 424,832 | -3.31 | 10.46 |
| 4 | France | 81,907 | 186,993 | 268,900 | 7.47 | 6.62 |
| 5 | Germany | 120,407 | 102,419 | 222,825 | 10.09 | 5.49 |
| 6 | Italy | 54,112 | 88,215 | 142,328 | 1.27 | 3.50 |
| 7 | South Korea (4) | 35,692 | 81,298 | 116,990 | 16.28 | 2.88 |
| 8 | Netherlands | 66,834 | 35,998 | 102,831 | 11.98 | 2.53 |
| 9 | Canada (5) | 54,805 | 45,593 | 100,398 | 14.74 | 2.47 |
| 10 | PR China | 33,810 | 58,677 | 92,487 | 30.75 | 2.28 |
(1) Before reinsurance transactions.
(2) Includes accident and health insurance.
(3) Nonlife premiums include state funds; life premiums include an estimate of group pension business.
(4) April 1, 2007-March 31, 2008.
(5) Life business expressed in net premiums.
Source: Swiss Re, sigma, No. 3/2008. |
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