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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, 2023 (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), (5) $714,859 $2,511,826 $3,226,685 8.0% 44.9%
2 PR China  390,400 333,264 723,664 3.7 10.1
3 United Kingdom (5) 236,941 137,995 374,936 11.3 5.2
4 Japan (5), (6) 277,198 85,521 362,719 0.6 5.0
5 France (5) 170,098 112,702 282,800 9.3 3.9
6 Germany (5) 93,325 152,139 245,464 3.6 3.4
7 South Korea (5),(6) 84,364 101,552 185,916 -3.2 2.6
8 Canada (5), (7) 70,319 100,201 170,520 2.8 2.4
9 Italy (5) 110,549 48,892 159,441 3.2 2.2
10 India (5) (6) 100,185 35,773 135,958 4.8 1.9

(1) Before reinsurance transactions.
(2) Includes accident and health insurance.
(3) Nonlife premiums include private medical insurance.
(4) Nonlife premiums include state funds; life premiums are net premiums and are supplemented by estimated premiums for group pension business.
(5) Estimated or provisional.
(6) Financial year April 1, 2023 – March 31, 2024.
(7) Life premiums are net premiums.

Source: Swiss Re Institute, sigma, No. 3/2024.

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