WORLD LIFE AND NONLIFE INSURANCE IN 2014
Outside the United States, the insurance industry is divided into life and nonlife, or general insurance, rather than life/health and property/casualty. World insurance premiums rose 3.7 percent in 2014, adjusted for inflation, after stagnating in 2013, according to Swiss Re’s latest study of world insurance. Nonlife premiums rose 2.9 percent in 2014, adjusted for inflation, following 2.7 percent growth in 2013. Life insurance premiums grew by 4.3 percent after inflation in 2014, after having fallen 1.8 percent in 2013, adjusted for inflation.
In 2014 life and nonlife insurance premiums (excluding cross-border business) accounted for 6.2 percent of world gross domestic product (GDP). Premiums accounted for 18.9 percent of GDP in Taiwan, the highest share in the Swiss Re study, followed by 14.2 percent in Hong Kong, 14.0 percent in South Africa, 11.3 percent in South Korea and 11.0 percent in the Netherlands. Premiums represented 7.3 percent of GDP in the United States, the 16th highest share in the study.
TOP TEN COUNTRIES BY LIFE AND NONLIFE DIRECT PREMIUMS WRITTEN, 2014 (1)
(U.S. $ millions)