World Overview

WORLD LIFE AND NONLIFE INSURANCE IN 2013

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 by 2.4 percent from $4.57 trillion in 2011 to $4.61 trillion in 2012, when adjusted for inflation, following a 1.1 percent inflation-adjusted decline in 2011, according to Swiss Re’s latest study of world insurance. Nonlife premiums expanded 2.6 percent when adjusted for inflation, following 1.9 percent growth in 2011. Life insurance premiums rose by 2.3 percent in 2012, when adjusted for inflation, following a 3.3 percent decline the previous year.

In 2012 life and nonlife insurance premiums (excluding cross-border business) accounted for 6.5 percent of world gross domestic product (GDP). Premiums accounted for 18.2 percent of GDP in Taiwan, the highest share in the Swiss Re study, followed by 14.2 percent in South Africa, 13.0 percent in the Netherlands, 12.4 percent in Hong Kong and 12.1 percent in South Korea. Premiums represented 8.2 percent of GDP in the United States, the 13th highest share in the study.

 

WORLD LIFE AND NONLIFE INSURANCE PREMIUMS, 2010-2013 (1)

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

Year Life Nonlife (2) Total
2010 $2,516,377 $1,819,310 $4,335,687
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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  • A 2012 Swiss Re study put global commercial insurance premiums at $600 billion in 2010, with the U.S. accounting for the largest share ($237 billion in direct premiums written), followed by Japan ($35 billion), China ($31 billion), the United Kingdom ($28 billion) and Germany ($27 billion).

 

TOP TEN COUNTRIES BY LIFE AND NONLIFE DIRECT PREMIUMS WRITTEN, 2013 (1)

(U.S. $ 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) $532,858 $726,397 $1,259,255 -1.1% 27.13%
2 Japan (5), (6) 422,733 108,773 531,506 -15.2 11.45
3 United Kingdom (6) 222,893 106,750 329,643 2.4 7.10
4 P.R. China (4) 152,121 125,844 277,965 13.3 5.99
5 France (7) 160,156 94,598 254,754 7.2 5.49
6 Germany (7) 114,349 132,813 247,162 6.3 5.33
7 Italy (4) 117,978 50,576       168,554 17.1 3.63
8 South Korea (5), (6) 91,204 54,223 145,427 -4.9 3.13
9 Canada (6), (8) 52,334 73,010 125,344 0.6 2.70
10 Netherlands (4) 26,005 75,135 101,140 5.5 2.18

(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) Provisional.
(5) April 1, 2013-March 31, 2014.
(6) Estimated.
(7) Life premiums are estimated; nonlife premiums are provisional.
(8) Life premiums are net premiums.

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

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LIFE AND NONLIFE INSURANCE PREMIUMS, 2012

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

      Total premiums
Country Nonlife
premiums (1)
Life
premiums
Amount  Percent of total 
world premiums
Algeria $1,161 $89 $1,250 0.03%
Angola 1,083 57 1,140 0.02
Argentina 12,340 3,118 15,458 0.34
Australia 42,525 43,689 86,214 1.87
Austria 12,575 8,373 20,948 0.45
Bahrain 484 142 627 0.01
Belarus 495 25 520 0.01
Belgium 14,564 26,548 41,111 0.89
Brazil 37,483 44,784 82,267 1.78
Bulgaria 886 153 1,039 0.02
Canada 70,750 51,783 122,532 2.66
Chile 4,357 6,134 10,491 0.23
Colombia 6,126 2,754 8,879 0.19
Costa Rica 818 79 896 0.02
Croatia 1,124 421 1,545 0.03
Cyprus 580 441 1,021 0.02
Czech Republic 4,165 3,680 7,846 0.17
Denmark 10,771 20,774 31,544 0.68
Dominican Republic 632 114 746 0.02
Ecuador 1,230 255 1,485 0.03
Egypt 1,033 785 1,818 0.04
Finland 4,931 20,910 25,841 0.56
France 93,112 149,346 242,459 5.26
Germany 125,497 106,411 231,908 5.03
Greece 3,395 2,479 5,873 0.13
Guatemala 489 125 613 0.01
Hong Kong 3,738 28,979 32,717 0.71
Hungary 1,524 1,774 3,298 0.07
India 13,142 53,300 66,441 1.44
Indonesia 4,615 10,894 15,509 0.34
Iran 7,570 652 8,222 0.18
Ireland 8,230 42,625 50,855 1.10
Israel 5,355 6,201 11,555 0.25
Italy 50,945 93,273 144,218 3.13
Jamaica 442 259 701 0.02
Japan 129,740 524,372 654,112 14.18
Jordan 598 62 659 0.01
Kazakhstan 1,067 352 1,419 0.03
Kenya 855 436 1,290 0.03
Kuwait 789 181 970 0.02
Lebanon 918 377 1,295 0.03
Liechtenstein 853 3,519 4,373 0.09
Luxembourg 3,317 25,946 29,263 0.63
Macao 207 468 674 0.01
Malaysia 5,315 9,513 14,828 0.32
Malta 1,591 1,368 2,958 0.06
Mauritius 213 442 655 0.01
Mexico 13,138 10,844 23,982 0.52
Morocco 1,927 930 2,857 0.06
Namibia 306 674 980 0.02
Netherlands 71,005 29,338 100,342 2.18
New Zealand 8,811 1,672 10,483 0.23
Nigeria 1,354 474 1,828 0.04
Norway 9,942 14,183 24,124 0.52
Oman 637 126 762 0.02
Pakistan 608 951 1,559 0.03
Panama 884 255 1,139 0.02
Peru 1,604 1,394 2,997 0.06
Philippines 1,231 2,265 3,496 0.08
Poland 9,318 9,721 19,038 0.41
Portugal 5,155 8,400 13,556 0.29
PR China 104,302 141,208 245,511 5.32
Qatar 1,242 58 1,300 0.03
Romania 1,812 475 2,287 0.05
Russia 24,296 1,732 26,027 0.56
Saudi Arabia 5,220 235 5,455 0.12
Serbia 571 126 697 0.02
Singapore 9,823 12,257 22,080 0.48
Slovakia 1,385 1,215 2,600 0.06
Slovenia 1,873 700 2,573 0.06
South Africa 10,084 44,787 54,871 1.19
South Korea 60,376 78,920 139,296 3.02
Spain 38,229 33,762 71,991 1.56
Sri Lanka 385 313 698 0.02
Sweden 9,804 27,275 37,079 0.80
Switzerland 27,376 33,171 60,547 1.31
Taiwan 15,230 72,522 87,753 1.90
Thailand 7,567 10,789 18,355 0.40
Trinidad and Tobago 591 361 952 0.02
Tunisia 694 123 816 0.02
Turkey 9,140 1,742 10,882 0.24
Ukraine 2,798 249 3,047 0.07
United Arab Emirates 5,747 1,443 7,190 0.16
United Kingdom 105,500 205,918 311,418 6.75
United States 703,128 567,756 1,270,884 27.55
Uruguay 738 235 973 0.02
Venezuela 13,670 493 14,163 0.31
Vietnam 1,091 882 1,973 0.04
Other 9,428 2,428 11,870 0.28
World $1,991,650 $2,620,864 $4,612,514 100.00%

(1) Includes accident and health insurance.

Source: Swiss Re, sigma, No. 3/2013.

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POPULATION BY COUNTRY, 2014

Country Population (1) Rank
Afghanistan 31,822,848 40
Algeria 38,813,722 33
Angola 19,088,106 58
Argentina 43,024,374 32
Australia 22,507,617 55
Austria 8,223,062 94
Azerbaijan 9,686,210 91
Bangladesh 166,280,712 8
Belarus 9,608,058 92
Belgium 10,449,361 83
Benin 10,160,556 87
Bolivia 10,631,486 81
Brazil 202,656,788 5
Burkina Faso 18,365,123 59
Burma 55,746,253 24
Burundi 10,395,931 85
Cambodia 15,458,332 68
Cameroon 23,130,708 53
Canada 34,834,841 37
Chad 11,412,107 76
Chile 17,363,894 64
China 1,355,692,576 1
Colombia 46,245,297 29
Congo, Democratic Republic of the 77,433,744 19
Cote d'Ivoire 22,848,945 54
Cuba 11,047,251 77
Czech Republic 10,627,448 82
Dominican Republic 10,349,741 86
Ecuador 15,654,411 67
Egypt 86,895,099 15
Ethiopia 96,633,458 13
France 66,259,012 21
Germany 80,996,685 17
Ghana 25,758,108 48
Greece 10,775,557 80
Guatemala 14,647,083 69
Guinea 11,474,383 75
Haiti 9,996,731 88
Honduras 8,598,561 93
Hungary 9,919,128 89
India 1,236,344,631 2
Indonesia 253,609,643 4
Iran 80,840,713 18
Iraq 32,585,692 39
Israel 7,821,850 98
Italy 61,680,122 23
Japan 127,103,388 10
Jordan 7,930,491 97
Kazakhstan 17,948,816 61
Kenya 45,010,056 30
Korea, North 24,851,627 49
Korea, South 49,039,986 26
Madagascar 23,201,926 52
Malawi 17,377,468 63
Malaysia 30,073,353 43
Mali 16,455,903 66
Mexico 120,286,655 11
Morocco 32,987,206 38
Mozambique 24,692,144 50
Nepal 30,986,975 41
Netherlands 16,877,351 65
Niger 17,466,172 62
Nigeria 177,155,754 7
Pakistan 196,174,380 6
Peru 30,147,935 42
Philippines 107,668,231 12
Poland 38,346,279 34
Portugal 10,813,834 79
Romania 21,729,871 57
Russia 142,470,272 9
Rwanda 12,337,138 73
Saudi Arabia 27,345,986 46
Senegal 13,635,927 72
Serbia 7,209,764 100
Somalia 10,428,043 84
South Africa 48,375,645 27
South Sudan 11,562,695 74
Spain 47,737,941 28
Sri Lanka 21,866,445 56
Sudan 35,482,233 36
Sweden 9,723,809 90
Switzerland 8,061,516 95
Syria 17,951,639 60
Taiwan 23,359,928 51
Tajikistan 8,051,512 96
Tanzania 49,639,138 25
Thailand 67,741,401 20
Togo 7,351,374 99
Tunisia 10,937,521 78
Turkey 81,619,392 16
Uganda 35,918,915 35
Ukraine 44,291,413 31
United Kingdom 63,742,977 22
United States 318,892,103 3
Uzbekistan 28,929,716 44
Venezuela 28,868,486 45
Vietnam 93,421,835 14
Yemen 26,052,966 47
Zambia 14,638,505 70
Zimbabwe 13,771,721 71

(1) Estimate for July 2014. Includes the 100 largest countries.

Source: U.S. Central Intelligence Agency.

 

 

GROSS DOMESTIC PRODUCT BY COUNTRY, 2013

Country Gross domestic product (1)
(U.S. $ billions)
Rank
Afghanistan $45.3 100
Algeria 284.7 45
Angola 131.8 66
Argentina 771.0 22
Australia 998.3 17
Austria 361.0 37
Azerbaijan 100.4 75
Bangladesh 324.6 43
Belarus 150.4 62
Belgium 421.7 32
Bolivia 58.3 91
Brazil 2,422.0 7
Bulgaria 104.6 73
Burma 111.1 70
Cameroon 53.2 96
Canada 1,518.0 13
Chile 335.4 42
China 13,370.0 2
Colombia 526.5 28
Costa Rica 61.4 90
Croatia 78.9 83
Cuba 121.0 67
Czech Republic 285.6 44
Denmark 211.3 54
Dominican Republic 101.0 74
Ecuador 157.6 61
Egypt 551.4 27
El Salvador 47.5 97
Ethiopia 118.2 68
Finland 195.5 57
France 2,273.0 9
Germany 3,227.0 5
Ghana 90.4 77
Greece 267.1 50
Guatemala 81.5 79
Hong Kong 381.7 35
Hungary 196.6 56
India 4,962.0 3
Indonesia 1,285.0 15
Iran 987.1 18
Iraq 248.0 51
Ireland 190.4 58
Israel 274.5 48
Italy 1,805.0 11
Japan 4,729.0 4
Kazakhstan 243.6 52
Kenya 79.9 81
Korea, South 1,666.0 12
Kuwait 165.8 60
Lebanon 64.3 87
Libya 73.6 84
Lithuania 67.4 85
Macau 47.2 98
Malaysia 525.0 29
Mexico 1,845.0 10
Morocco 180.0 59
Netherlands 696.3 23
New Zealand 136.0 63
Nigeria 478.5 30
Norway 282.2 46
Oman 94.9 76
Pakistan 574.1 26
Panama 61.5 89
Paraguay 45.9 99
Peru 344.0 39
Philippines 454.3 31
Poland 814.0 21
Portugal 243.3 53
Puerto Rico 64.8 86
Qatar 198.7 55
Romania 280.7 47
Russia 2,553.0 6
Saudi Arabia 927.8 19
Serbia 80.5 80
Singapore 339.0 40
Slovakia 133.4 65
Slovenia 56.5 92
South Africa 595.7 25
Spain 1,389.0 14
Sri Lanka 134.5 64
Sudan 90.0 78
Sweden 393.8 34
Switzerland 370.3 36
Syria 107.6 72
Taiwan 926.4 20
Tanzania 79.3 82
Thailand 674.3 24
Tunisia 108.4 71
Turkey 1,167.0 16
Turkmenistan 55.2 94
Uganda 54.4 95
Ukraine 337.4 41
United Arab Emirates 269.8 49
United Kingdom 2,378.0 8
United States 16,720.0 1
Uruguay 56.3 93
Uzbekistan 112.6 69
Venezuela 407.4 33
Vietnam 358.9 38
Yemen 61.6 88

(1) Estimate. Based on Purchasing Power Parity calculations, which take into account the relative cost of living and inflation rates of countries. Includes 100 largest countries based on 2013 GDP.

Source: U.S. Central Intelligence Agency.