Introduction

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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