International

Information on international insurance, including world premiums, reinsurance and captives is below. Additional statistics including country profiles are available in the I.I.I. International Insurance Fact Book.

PREMIUMS

 

WORLD LIFE AND NONLIFE INSURANCE IN 2015

Outside the United States, the insurance industry is divided into life and nonlife, or general insurance, rather than life/health and property/casualty. Swiss Re’s 2015 world insurance study is based on direct premium data from 147 countries, with detailed information on the largest 88 markets.  World insurance premiums rose 3.8 percent in 2015, adjusted for inflation, compared with 3.5 percent in 2014. Nonlife premiums rose 3.6 percent in 2015, adjusted for inflation, following 2.4 percent growth in 2014. Life insurance premiums grew by 4.0 percent after inflation in 2015, slower than the 4.3 percent growth achieved in 2014.

 

Top 10 Countries By Life And Nonlife Insurance Direct Premiums Written, 2015 (1)

(US$ millions)

        Total premiums
Rank Country Life premiums Nonlife premiums (2) Amount Percent change
from prior year
Percent of total
world premiums
1 United States (3), (4) $552,506 $763,766 $1,316,721 3.6% 28.90%
2 Japan (5), (6) 343,816 105,891 449,707 -5.6 9.88
3 P.R. China (7) 210,763 175,737 386,500 17.7 8.49
4 United Kingdom (5) 214,492 105,685 320,176 -5.2 7.03
5 France (7) 150,143 80,402 230,545 -14.5 5.06
6 Germany (8) 96,725 116,538 213,263 -16.4 4.68
7 Italy (5) 124,848 40,189 165,037 -15.3 3.62
8 South Korea (6) 98,218 55,402 153,620 -3.3 3.37
9 Canada (5), (9) 49,331 65,637 114,968 -9.5 2.52
10 Taiwan 79,627 16,352 95,979 0.4 2.11

(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) Life premiums are provisional.
(5) Estimated.
(6) April 1, 2015, to March 31, 2016.
(7) Provisional.
(8) Nonlife premiums are provisional.
(9) Life premiums are net premiums.

Source: Swiss Re, sigma, No. 3/2016.

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World Life And Nonlife Insurance Direct Premiums Written, 2015 (1)

(US$ billions)

(1) Includes accident and health insurance.

Source: Swiss Re, sigma, No. 3/2016.

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World Life And Nonlife Insurance Direct Premiums Written, 2013-2015 (1)

(US$ millions)

Year Life Nonlife (2) Total
2013 $2,547,486 $2,040,966 $4,588,451
2014 2,655,593 2,099,118 4,754,710
2015 2,533,818 2,019,967 4,553,785

(1) Before reinsurance transactions.
(2) Includes accident and health insurance.

Source: Swiss Re, sigma database, sigma 3/2016.

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REINSURANCE

Each year the Reinsurance Association of America (RAA) provides an overview of the countries from which U.S. insurance companies obtain reinsurance, i.e., the countries to which they have ceded, or transferred, some of their risk. The analysis includes premiums that a U.S. insurance company cedes to “offshore” i.e., foreign, reinsurance companies that are not part of the insurer’s own corporate group (“unaffiliated offshore insurers” in the chart below), as well as business ceded to overseas reinsurers that are part of the insurer’s corporate family (“affiliated offshore reinsurers” in the chart below).

The RAA report compares U.S. insurance premiums ceded to U.S. professional reinsurance companies to the U.S. premiums ceded to offshore, i.e., foreign, companies. U.S. professional reinsurance companies accounted for 36.6 percent of the U.S. premium written that was ceded in 2014, while offshore companies accounted for 63.4 percent. However, a number of U.S.-based reinsurers are owned by foreign companies. Taking this into consideration, foreign reinsurers accounted for 91.5 percent, while U.S. professional reinsurers accounted for 8.5 percent.

 

U.S. Reinsurance Premiums Ceded To Unaffiliated And Affiliated Offshore Reinsurers By Country, 2012-2014 (1)

(US$ millions)

    Unaffiliated offshore reinsurers Affiliated offshore reinsurers  
Rank Country 2012 2013 2014 2012 2013 2014 2014 total
1 Bermuda $9,387 $10,019 $9,962 $23,918 $25,471 $25,465 $35,427
2 Switzerland 1,151 1,426 2,192 9,013 10,803 11,815 14,007
3 United Kingdom 4,719 5,137 4,980 544 477 512 5,492
4 Germany 2,883 3,712 3,740 1,318 1,579 1,541 5,281
5 Cayman Islands 2,963 3,301 2,981 591 982 1,096 4,077
6 Turks and Caicos 873 1,084 1,445 234 237 291 1,736
7 Channel Islands 2,883 1,252 1,323 NA NA NA 1,323
8 Barbados 652 658 761 NA NA NA 761
9 Ireland 454 565 441 194 180 168 609
10 British Virgin Islands 434 462 499 NA NA NA 499
11 Japan NA NA NA 294 -1,857 464 464
12 France NA NA NA 256 336 337 337
13 Spain NA NA NA 278 266 259 259
  Total, countries shown $26,398 $27,615 $28,372 $36,640 $38,474 (2) $41,949 $70,321
  Total, all countries $26,790 $29,176 $30,211 $36,929 $38,741 (2) $42,295 $72,506

(1) Ranked by 2014 total reinsurance premiums.
(2) Includes -$1.86 billion in affiliated premiums ceded to Japan.

NA=Data not available.

Source: Reinsurance Association of America.

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Top 10 Global Insurance Companies By Revenues, 2015 (1)

(US$ millions)

Rank Company Revenues  Country Industry
1 Berkshire Hathaway $210,821 U.S. Property/casualty
2 AXA 129,250 France Life/health
3 Allianz 122,948 Germany Property/casualty
4 Japan Post Holdings 118,762 Japan Life/health
5 Ping An Insurance 110,308 China Life/health
6 Assicurazioni Generali 102,567 Italy Life/health
7 China Life Insurance 101,274 China Life/health
8 State Farm Insurance Cos. 75,697 U.S.  Property/casualty
9 MetLife 69,951 U.S. Life/health
10 Munich Re 69,433 Germany Property/casualty

(1) Based on an analysis of companies in the Global Fortune 500. Includes stock and mutual companies.

Source: Fortune.

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Top 10 Global Property/Casualty Reinsurers By Net Reinsurance Premiums Written, 2013

(US$ millions)

Rank Company Net reinsurance
premiums written
Country
1 Munich Reinsurance Co. $22,545.9 Germany
2 Swiss Re Ltd. 14,542.0 Switzerland
3 Hannover Re S.E. 12,905.8 Germany
4 Berkshire Hathaway Reinsurance Group 11,440.0 U.S.
5 Lloyd's of London 11,363.7 U.K.
6 Scor S.E.  5,931.9 France
7 Everest Re Group Ltd. 5,004.8 Bermuda
8 PartnerRe Ltd. 4,479.1 Bermuda
9 Korean Reinsurance Co. 3,499.0 (1) South Korea
10 Transatlantic Holdings Inc. 3,248.0 U.S.

(1) Fiscal year ending March 31, 2013.

Source: Business Insurance (www.businessinsurance.com), September 1, 2014.

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  • Net reinsurance premiums written by the top 10 global reinsurers rose from $117.8 billion in 2011 to $123.9 billion in 2012, according to Business Insurance.

 

Top 10 Global Insurance Brokers By Revenues, 2015 (1)

(US$ millions)

Rank Company Brokerage revenues Country
1 Marsh & McLennan Cos. Inc. $12,912 U.S.
2 Aon P.L.C.  11,661 U.K.
3 Willis Towers Watson P.L.C. (2) 8,124 U.K.
4 Arthur J. Gallagher & Co.  3,990 U.S.
5 Jardine Lloyd Thompson Group P.L.C. 1,698 U.K.
6 BB&T Insurance Holdings Inc.  1,676 U.S.
7 Brown & Brown Inc.  1,657 U.S.
8 Hub International Ltd.  1,470 U.S.
9 Lockton Cos. L.L.C. (3) 1,329 U.S.
10 Wells Fargo Insurance Services USA Inc. 1,316 U.S.

(1) Revenue generated by insurance brokerage and related services.
(2) Reflects the 2016 merger of Willis Group Holdings P.L.C., Towers Watson & Co. and Gras Savoye & Cie.
(3) Fiscal year ending April 30, 2015.

Source: Business Insurance (www.businessinsurance.com), July 18, 2016.

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  • Revenue generated by the world’s 10 largest brokers increased to $45.8 billion in 2015 from $25.9 billion in 2006.

 

Top 10 Global Reinsurance Brokers By Gross Reinsurance Revenues, 2013 (1)

(US$  000)

Rank Company Gross reinsurance revenues Country
1 Aon Benfield $1,505,000 U.K.
2 Guy Carpenter & Co. L.L.C. (2) 1,131,267 U.S.
3 Willis Re 860,000 U.K.
4 JLT Reinsurance Brokers Ltd. 375,869 U.K.
5 Cooper Gay Swett & Crawford Ltd. 158,466 U.K.
6 Miller Insurance Services L.L.P. (3) 93,528 U.K.
7 UIB Holdings Ltd. (2) 67,463 U.K.
8 THB Group Ltd.  58,094 U.K.
9 BMS Group Ltd. 54,300 U.K.
10 Lockton Re (3) 46,029 U.K.

(1) Includes all reinsurance revenue reported through holding and/or subsidiary companies.
(2) Includes aviation reinsurance business placed by Marsh L.L.C.
(3) Fiscal year ending April 30, 2013.

Source: Business Insurance (www.businessinsurance.com), October 27, 2014.

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The U.S. Department of Commerce provides estimates on two methods of international delivery of insurance services: through sales by subsidiaries of multinational corporations (for example, sales to the European market through a European-based subsidiary of a U.S. insurer) or through cross-border trade (a domestic company or individual transacting directly with a foreign company, for example a European firm purchasing insurance from a U.S. firm through a broker, or a U.S. primary insurer purchasing reinsurance from an overseas reinsurer). The combination of these methods of delivery creates a broad measure of insurance services provided and received from abroad.

 

U.S. Insurance Sales Abroad, 2008-2014

(US$ millions)

Year Sold directly (1) Sold through majority-owned foreign affiliates
of U.S. multinational corporations (2)
2008 $13,403 $61,794
2009 14,586 61,609
2010 14,397 58,379
2011 15,114 59,942
2012 16,790 64,346
2013 17,058 64,805
2014 17,417 NA

(1) Largely based on premiums. Includes adjustments for "normal" i.e., expected losses and premium supplements (income due to policy holders). BEA refers to this category as "cross border sales." Includes property/casualty, life insurance and reinsurance.
(2) Based on sales by primary industry of the affiliate; there could be other services, such as financial services, included in the data.

NA=Data not available.

Source: U.S. Department of Commerce, Bureau of Economic Analysis (BEA), International Division.

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Insurance Business In The U.S. Written By Subsidiaries Of Foreign Controlled Companies, 2010-2014

(US$ millions)

  Gross premiums written 2014
  2010 2011 2012 2013 Amount Percent of total
Life $132,870 $139,311 $141,524 $143,429 $150,000 66.3%
Nonlife 78,504 82,199 69,668 74,219 76,306 34.7
Total (1) $211,374 $221,511 $211,192 $217,648 $226,306 100.0%

(1) Calculated from unrounded data.

Source: Organization for Economic Cooperation and Development.

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CAPTIVES

Over the years, a number of alternatives to traditional commercial insurance have emerged to respond to fluctuations in the marketplace. Captives—a special type of insurance company set up by a parent company, trade association or group of companies to insure the risks of its owner or owners—emerged during the 1980s, when businesses had trouble obtaining some types of commercial insurance coverage. Other alternative risk transfer (ART) arrangements include self insurance, risk retention groups and risk purchasing groups. By 2006, ART accounted for 30 percent of the commercial market, according to Conning Research.

 

Leading Captive Domiciles, 2014-2015

    Number of captives
Rank (1) Domicile 2014 2015
1 Bermuda 800 797
2 Cayman Islands 759 708
3 Vermont 587 596
4 Utah 422 450
5 Delaware  333 323
6 Anguilla  379 319
6 Guernsey  321 319
8 Nevis  281 268
9 Barbados  231 (2) 236
10 Luxembourg  224 217
11 Nevada 160 202
12 Hawaii 194 197
13 Montana 177 196
14 District of Columbia 191 193
15 Puerto Rico 152 (2) 182 (3)
16 South Carolina 158 167
17 British Virgin Islands 146 142
18 Tennessee 70 (2) 127
19 Isle of Man 122 115
20 Arizona 114 110
  Total, top 20 5,821 5,864
  Total, all captives 6,839 6,939

(1) Domiciles with the same number of captives receive the same rank.
(2) Restated.
(3) Estimate.

Source: Business Insurance (www.businessinsurance.com), February 29, 2016.

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