Size Of Market

World Life And Nonlife Insurance Direct Premiums Written, 2021-2023 (1)

(US$ millions)

Year	Life	Nonlife (2)	Total
2021	$2,940,266	$3,824,428	$6,764,694
2022	2,813,032	3,969,203	6,782,235
2023	2,888,998	4,297,176	7,186,174

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

Source: Swiss Re Institute, sigma 3/2024 and database.

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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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