The United States suffered from weaker life insurance premium growth in 2004 than any other major life market in the Western Hemisphere.[@@]
Researchers at Swiss Reinsurance Company, Zurich, have published statistics supporting that conclusion in their annual world insurance market review.
The researchers found that overall world life premium revenue increased 2.3% between 2003 and 2004, to about $1.8 trillion, when expressed in terms of inflation-adjusted U.S. dollars.
But growth in life premium revenue lagged behind growth in world gross domestic product, which increased 4% in “real,” inflation-adjusted terms, to a total of $40 trillion.
The United States, which accounts for 27% of world life premium revenue, was partly to blame for the life industry’s sluggish 2004 performance: U.S. life premium revenue increased only 0.1%, to $495 billion.