World Overview

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.

WORLD LIFE AND NONLIFE INSURANCE DIRECT PREMIUMS WRITTEN, 2012-2014 (1)

(U.S. $ millions)

Year Life Nonlife (2) Total
2012 $2,624,993 $1,976,336 $4,601,329
2013 2,545,045 2,048,587 4,593,632
2014 2,654,549 2,123,699 4,778,248

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

Source: Swiss Re, sigma, No. 4/2015.

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TOP 10 COUNTRIES BY LIFE AND NONLIFE DIRECT PREMIUMS WRITTEN, 2014 (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) $528,221 $752,222 $1,280,443 2.1% 26.80%
2 Japan (5), (6) 371,588 108,174 479,762 -3.7 10.04
3 United Kingdom (5) 235,321 115,945 351,266 7.9 7.35
4 P.R. China (7) 176,950 151,490 328,439 17.3 6.90
5 France (8) 172,761 97,759 270,520 5.1 5.66
6 Germany (7) 118,475 136,170 254,644 2.8 5.33
7 Italy (9) 145,292 49,443       194,735 15.3 4.08
8 South Korea (6) 101,572 57,943 159,515 9.4 3.34
9 Canada (10), (11) 52,138 73,235 125,373 -2.0 2.62
10 Netherlands (5) 21,855 74,100 95,956 -3.5 2.01

(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 estimated.
(5) Estimated.
(6) April 1, 2014 to March 31, 2015.
(7) Provisional.
(8) Life premiums are provisional; nonlife premiums are estimated.
(9) Nonlife premiums are estimated.
(10) Life premiums are net premiums.
(11) Life premiums are estimated; nonlife premiums are provisional.

Source: Swiss Re, sigma, No. 4/2015.

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LIFE AND NONLIFE INSURANCE PREMIUMS, 2014

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

      Total premiums
Country Nonlife premiums (1) Life premiums Amount Percent of total world premiums
Algeria $1,492 $106 $1,597 0.03%
Angola 1,110 31 1,142 0.02
Argentina 12,847 2,998 15,845 0.33
Australia 31,924 56,151 88,075 1.84
Austria 13,820 8,974 22,794 0.48
Bahamas 563 161 724 0.02
Bangladesh 349 966 1,315 0.03
Belgium 16,549 22,839 39,388 0.82
Brazil 40,464 44,980 85,444 1.79
Bulgaria 983 196 1,180 0.02
Canada 73,235 52,138 125,373 2.62
Chile 4,513 6,401 10,915 0.23
Colombia 6,649 2,861 9,510 0.20
Costa Rica 1,014 142 1,156 0.02
Croatia 1,034 460 1,494 0.03
Cyprus 562 419 981 0.02
Czech Republic 4,174 3,429 7,603 0.16
Denmark 11,378 22,931 34,308 0.72
Dominican Republic 576 188 763 0.02
Ecuador 1,427 276 1,703 0.04
Egypt 1,079 888 1,968 0.04
Finland 5,569 24,055 29,625 0.62
France 97,759 172,761 270,520 5.66
Germany 136,170 118,475 254,644 5.33
Greece 2,893 2,376 5,268 0.11
Guatemala 671 165 835 0.02
Hong Kong 4,182 36,856 41,038 0.86
Hungary 1,536 1,953 3,488 0.07
India 14,590 55,299 69,889 1.46
Indonesia 5,148 10,159 15,307 0.32
Iran 6,737 721 7,458 0.16
Ireland 8,817 45,136 53,954 1.13
Israel 6,651 7,693 14,344 0.30
Italy 49,443 145,292 194,735 4.08
Jamaica 409 309 718 0.02
Japan 108,174 371,588 479,762 10.04
Jordan 664 72 736 0.02
Kazakhstan 1,057 262 1,319 0.03
Kenya 1,152 632 1,784 0.04
Kuwait 816 191 1,007 0.02
Lebanon 1,078 434 1,513 0.03
Liechtenstein 1,159 2,568 3,727 0.08
Luxembourg 3,977 31,303 35,280 0.74
Macao 263 837 1,099 0.02
Malaysia 5,633 10,231 15,864 0.33
Malta 2,098 1,430 3,528 0.07
Mauritius 244 522 766 0.02
Mexico 14,645 12,597 27,242 0.57
Morocco 2,257 1,143 3,400 0.07
Namibia 283 648 931 0.02
Netherlands 74,100 21,855 95,956 2.01
New Zealand 9,808 1,826 11,634 0.24
Nigeria 1,332 457 1,790 0.04
Norway 10,443 14,639 25,082 0.52
Oman 940 95 1,035 0.02
Pakistan 819 1,255 2,074 0.04
Panama 1,032 312 1,343 0.03
Peru 1,841 1,736 3,577 0.07
Philippines 1,369 4,420 5,788 0.12
Poland 9,798 7,436 17,235 0.36
Portugal 5,189 13,962 19,151 0.40
PR China 151,490 176,950 328,439 6.87
Qatar 2,118 65 2,183 0.05
Romania 1,918 456 2,374 0.05
Russia 22,910 2,828 25,738 0.54
Saudi Arabia 7,887 241 8,128 0.17
Serbia 617 169 786 0.02
Singapore 11,458 15,543 27,000 0.57
Slovakia 1,435 1,350 2,785 0.06
Slovenia 1,863 711 2,574 0.05
South Africa 9,375 39,785 49,159 1.03
South Korea 57,943 101,572 159,515 3.34
Spain 38,462 33,012 71,473 1.50
Sri Lanka 485 366 850 0.02
Sweden 10,556 28,179 38,735 0.81
Switzerland 29,117 36,094 65,211 1.36
Taiwan 16,466 79,156 95,622 2.00
Thailand 8,400 13,297 21,696 0.45
Trinidad and Tobago 632 455 1,087 0.02
Tunisia 748 141 888 0.02
Turkey 10,119 1,476 11,595 0.24
Ukraine 2,068 181 2,249 0.05
United Arab Emirates 6,905 2,200 9,106 0.19
United Kingdom 115,945 235,321 351,266 7.35
United States 752,222 528,221 1,280,443 26.80
Uruguay 854 343 1,197 0.03
Venezuela 21,937 727 22,665 0.47
Vietnam 1,293 1,290 2,582 0.05
Other 11,992 3,184 15,176 0.32
World $2,123,699 $2,654,549 $4,778,246 100.00%

(1) Includes accident and health insurance.

Source: Swiss Re, sigma, No. 4/2015.

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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, 2014

Country Gross domestic product (1)
(U.S. $ billions)
Rank
Afghanistan $61.7 100
Algeria 552.6 33
Angola 175.5 64
Argentina 927.4 25
Australia 1,100.0 19
Austria 386.9 45
Azerbaijan 168.4 67
Bangladesh 535.6 35
Belarus 171.2 65
Belgium 467.1 38
Bolivia 70.4 93
Brazil 3,073.0 7
Bulgaria 123.3 77
Burma 244.3 58
Cameroon 67.2 95
Canada 1,579.0 15
Chile 410.3 43
China 17,630.0 1
Colombia 642.7 31
Costa Rica 71.2 92
Cote D'ivoire 72.0 91
Croatia 87.3 85
Cuba 128.5 75
Czech Republic 299.7 51
Denmark 248.7 57
Dominican Republic 135.7 73
Ecuador 182.0 63
Egypt 945.4 23
Ethiopia 139.4 72
Finland 221.5 61
France 2,587.0 8
Germany 3,621.0 5
Ghana 109.4 79
Greece 284.3 52
Guatemala 118.7 78
Hong Kong 400.6 44
Hungary 239.9 59
India 7,277.0 3
Indonesia 2,554.0 9
Iran 1,284.0 18
Iraq 505.4 37
Ireland 224.7 60
Israel 268.3 55
Italy 2,066.0 12
Japan 4,807.0 4
Jordan 79.8 88
Kazakhstan 420.6 42
Kenya 134.7 74
Korea, south 1,786.0 13
Kuwait 283.9 53
Lebanon 80.5 87
Libya 103.3 82
Lithuania 79.0 89
Malaysia 746.8 28
Mexico 2,143.0 11
Morocco 254.4 56
Nepal 66.9 96
Netherlands 798.1 27
New Zealand 158.7 70
Nigeria 1,058.0 20
Norway 339.5 49
Oman 163.6 68
Pakistan 884.2 26
Panama 77.0 90
Peru 376.7 47
Philippines 694.6 29
Poland 941.4 24
Portugal 276.0 54
Puerto Rico 64.8 98
Qatar 323.2 50
Romania 386.5 46
Russia 3,568.0 6
Saudi Arabia 1,616.0 14
Serbia 90.3 84
Singapore 445.2 39
Slovakia 149.9 71
South Africa 683.1 30
Spain 1,534.0 16
Sri Lanka 217.1 62
Sudan 159.5 69
Sweden 434.2 41
Switzerland 444.7 40
Syria 107.6 80
Taiwan 1,022.0 21
Tanzania 92.5 83
Thailand 990.1 22
Tunisia 125.1 76
Turkey 1,512.0 17
Turkmenistan 82.2 86
Uganda 66.7 97
Ukraine 373.1 48
United arab emirates 605.0 32
United kingdom 2,435.0 10
United states 17,460.0 2
Uruguay 69.8 94
Uzbekistan 170.3 66
Venezuela 545.7 34
Vietnam 509.5 36
Yemen 106.0 81
Zambia 61.8 99

(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 2014 GDP.

Source: U.S. Central Intelligence Agency.

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