Commercial Insurance

World Life And Nonlife Insurance In 2016

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 2016 world insurance study is based on direct premium data from 147 countries, with detailed information on the largest 88 markets. World insurance premiums rose 3.1 percent in 2016, adjusted for inflation, down from 4.3 percent in 2015. Nonlife premiums slowed to 3.7 percent in 2016, adjusted for inflation, from 4.2 percent growth in 2015. Life insurance premiums grew by 2.5 percent after inflation in 2016, slower than the 4.4 percent growth reported for 2015.

 

Top 10 Countries By Life And Nonlife Direct Premiums Written, 2016 (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) $558,847 $793,538 $1,352,385 2.6% 25.58%
2 Japan (4), (5) 354,053 117,243 471,295 5.1 9.96
3 P.R. China (6) 262,616 203,515 466,131 20.6 9.85
4 United Kingdom (7) 199,369 104,839 304,208 -7.5 6.43
5 France (8) 152,817 84,826 237,644 -0.2 5.02
6 Germany (8), (9) 94,661 120,360 215,021 0.2 4.54
7 South Korea (4), (5) 104,169 66,694 170,862 3.6 3.61
8 Italy (4) 122,438 39,945 162,383 -3.2 3.43
9 Canada (8), (10) 49,976 64,547 114,523 0.1 2.42
10 Taiwan 84,493 16,952 101,445 5.7 2.14

(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) Estimated.
(5) April 1, 2016 to March 31, 2017.
(6) Provisional.
(7) Nonlife premiums are estimated.
(8) Life premiums are estimated.
(9) Nonlife premiums are provisional.
(10) Life premiums are net premiums.

Source: Swiss Re, sigma, No. 3/2017.

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