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 1.4 percent in 2013, adjusted for inflation, following a 2.5 percent inflation-adjusted increase in 2012, according to Swiss Re’s latest study of world insurance. Nonlife premiums rose 2.3 percent in 2013, adjusted for inflation, following 2.7 percent growth in 2012. Life insurance premiums grew by 0.7 percent after inflation in 2013, down from 2.3 percent inflation-adjusted growth in 2012.

In 2013 life and nonlife insurance premiums (excluding cross-border business) accounted for 6.3 percent of world gross domestic product (GDP). Premiums accounted for 17.6 percent of GDP in Taiwan, the highest share in the Swiss Re study, followed by 15.4 percent in South Africa, 13.2 percent in Hong Kong, 12.6 percent in the Netherlands and 11.9 percent in South Korea. Premiums represented 7.5 percent of GDP in the United States, the 10th highest share in the study.

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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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, 2013

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

      Total premiums
Country Nonlife premiums (1) Life premiums Amount  Percent of total world premiums
Algeria $1,342 $98 $1,440 0.03%
Angola 1,079 57 1,136 0.02
Argentina 13,957 3,359 17,317 0.37
Australia 32,667 45,641 78,309 1.69
Austria 13,456 8,596 22,052 0.48
Bahamas 539 154 693 0.01
Bahrain 515 173 688 0.01
Belarus 706 42 748 0.02
Belgium 16,578 22,430 39,008 0.84
Brazil 39,513 49,417 88,931 1.92
Bulgaria 947 183 1,129 0.02
Canada 73,010 52,334 125,344 2.70
Chile 4,726 6,986 11,712 0.25
Colombia 6,439 3,632 10,070 0.22
Costa Rica 897 139 1,036 0.02
Croatia 1,146 445 1,591 0.03
Cyprus 632 456 1,088 0.02
Czech Republic 4,341 3,657 7,998 0.17
Denmark 11,366 22,981 34,347 0.74
Dominican Republic 619 120 739 0.02
Ecuador 1,377 282 1,659 0.04
Egypt 1,051 800 1,851 0.04
Finland 5,243 22,363 27,606 0.59
France 94,598 160,156 254,754 5.49
Germany 132,813 114,349 247,162 5.33
Greece 3,116 2,143 5,259 0.11
Guatemala 544 135 679 0.01
Hong Kong 4,016 32,059 36,075 0.78
Hungary 1,566 1,938 3,504 0.08
India 13,401 52,174 65,576 1.41
Indonesia 4,254 14,141 18,395 0.40
Iran 8,878 796 9,675 0.21
Ireland 8,851 46,929 55,780 1.20
Israel 6,170 7,329 13,499 0.29
Italy 50,576 117,978 168,554 3.63
Jamaica 437 246 683 0.01
Japan 108,773 422,733 531,506 11.45
Jordan 620 66 686 0.01
Kazakhstan 1,292 372 1,664 0.04
Kenya 1,000 520 1,520 0.03
Kuwait 770 182 952 0.02
Lebanon 1,005 469 1,475 0.03
Liechtenstein 992 2,643 3,635 0.08
Luxembourg 3,822 25,904 29,726 0.64
Malaysia 5,161 9,985 15,146 0.33
Malta 2,107 1,365 3,472 0.07
Mauritius 212 476 688 0.01
Mexico 14,884 12,470 27,354 0.59
Morocco 2,157 1,023 3,180 0.07
Namibia 279 664 944 0.02
Netherlands 75,135 26,005 101,140 2.18
New Zealand 9,219 1,694 10,913 0.24
Nigeria 1,406 457 1,863 0.04
Norway 10,238 13,909 24,147 0.52
Oman 859 88 947 0.02
Pakistan 619 1,048 1,667 0.04
Panama 965 280 1,244 0.03
Peru 1,806 1,548 3,354 0.07
Philippines 1,233 4,060 5,293 0.11
Poland 9,729 8,355 18,084 0.39
Portugal 5,118 14,087 19,205 0.41
PR China 125,844 152,121 277,965 5.99
Qatar 1,407 64 1,471 0.03
Romania 1,935 547 2,482 0.05
Russia 25,755 2,666 28,421 0.61
Saudi Arabia 6,105 256 6,360 0.14
Serbia 601 141 742 0.02
Singapore 2,870 15,092 17,962 0.39
Slovakia 1,398 1,343 2,741 0.06
Slovenia 1,892 801 2,693 0.06
South Africa 9,565 44,556 54,121 1.17
South Korea 54,223 91,204 145,427 3.13
Spain 38,647 33,862 72,510 1.56
Sri Lanka 442 333 775 0.02
Sweden 10,614 30,865 41,478 0.89
Switzerland 28,370 34,227 62,597 1.35
Taiwan 15,964 75,013 90,977 1.96
Thailand 6,663 14,798 21,461 0.46
Trinidad and Tobago 572 349 921 0.02
Tunisia 699 131 830 0.02
Turkey 10,699 1,761 12,460 0.27
Ukraine 3,276 310 3,586 0.08
United Arab Emirates 6,026 1,933 7,959 0.17
United Kingdom 106,750 222,893 329,643 7.10
United States 726,397 532,858 1,259,255 27.13
Uruguay 865 348 1,213 0.03
Venezuela 13,290 444 13,733 0.30
Vietnam 1,131 984 2,115 0.05
Other 10,084 3,069 13,154 0.28
World $2,032,850 $2,608,091 $4,640,941 100.00%

(1) Includes accident and health insurance.

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

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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.