Global insurance industry
Tuesday, May 6, 2008 | | |Global insurance premiums grew by 8.0% in 2006 (or 5% in real terms) to reach 3.7 trillion dollars due to improved profitability and a favourable economic environment characterized by economic growth solid, moderate inflation and strong equity markets. Profitability improved in both life and non-life insurance in 2006 compared to the previous year. Life insurance premiums grew by 10.2% in 2006 as demand annuity and pension products rose. Non-life insurance premiums grew by 5.0% due to growth in premium rates. During the last decade, global insurance premiums grew by more than half the annual growth ranged between 2% and 11%.
The advanced economies account the bulk of global insurance. With premium income of $ 1485bn, Europe was the most important region, followed by North America ($ 1258bn) and Asia ($ 801bn). The four countries accounted for almost two-thirds of premiums in 2006. The USA and Japan alone accounted for 43% of world production insurance, much higher than their 7% share of the global population. Emerging markets accounted for more than 85% of the world population but only generated about 10% of premiums. The volume of insurance business UK amounted to $ 418bn in 2006, representing 11.2% of total premiums.
The advanced economies account the bulk of global insurance. With premium income of $ 1485bn, Europe was the most important region, followed by North America ($ 1258bn) and Asia ($ 801bn). The four countries accounted for almost two-thirds of premiums in 2006. The USA and Japan alone accounted for 43% of world production insurance, much higher than their 7% share of the global population. Emerging markets accounted for more than 85% of the world population but only generated about 10% of premiums. The volume of insurance business UK amounted to $ 418bn in 2006, representing 11.2% of total premiums.
The insurance industry is blooming day by day. If we look at the profit that this industry is earning then its sure that it is improving as more and more people are taking interest in having insurance. Thanks for sharing the statistics about this industry.
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