Size Of Market

WORLD LIFE AND NONLIFE INSURANCE DIRECT PREMIUMS WRITTEN, 2011-2013 (1)

(Direct premiums written, U.S. $ millions)

Year Life Nonlife (2) Total
2011 $2,611,718 $1,954,445 $4,566,163
2012 2,630,274 1,968,677 4,598,951
2013 2,608,091 2,032,850 4,640,941

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

Source: Swiss Re, sigma, No. 3/2014.

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CROSS-BORDER AND INTERNATIONAL SALES

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 (1)

($ millions)

Country/region Sold directly Sold through affiliates of multinational corporations (2) Total
Canada $2,512 $5,908 $8,420
Europe 4,381 18,545 22,926
Latin America and other Western Hemisphere 3,699 10,402 14,101
Japan 1,530 15,744 17,274
Other 1,416 14,683 16,099
Total $13,538 $65,282 $78,820

(1) Largely based on premiums. Includes adjustments for "normal" i.e., expected losses and premium supplements (income due to policy holders). Cross-border insurance also includes auxiliary insurance. Includes all types of insurance, including property/casualty, life and reinsurance.
(2) Based on primary industry of the affiliate.

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

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FOREIGN INSURANCE SALES IN THE U.S., 2008 (1)

($ millions)

Country/region Purchased directly from foreign firms Purchased through majority-owned U.S. affiliates of multinational corporations (2) Total
Canada $897 $6,520 $7,417
Europe 26,017 33,497 59,514
Latin America and other
Western Hemisphere
28,546 4,646 33,192
Japan 226 774 1,000
Other (3) 421 2,225 2,646
Total $56,107 $47,662 $103,769

(1) Largely based on premiums. Includes adjustments for "normal" i.e., expected losses and premium supplements (income due to policy holders). Cross-border insurance also includes auxiliary insurance. Includes all types of insurance, including property/casualty, life and reinsurance.
(2) Based on primary industry of the ultimate beneficial owner.
(3) For services purchased through majority-owned U.S. affiliates, includes U.S. affiliates with a foreign parent, but whose ultimate beneficial owner is in the United States.

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

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