Outside of the United States, the insurance industry is divided into life and nonlife, or general insurance, rather than life/health and property/casualty. In total, world insurance premiums rose 3.7 percent in 2014, adjusted for inflation, after stagnating in 2013, according to Swiss Re’s latest study of world insurance.
Nonlife premiums rose 2.9 percent in 2014, adjusted for inflation, following 2.7 percent growth in 2013. Life insurance premiums grew by 4.3 percent after inflation in 2014, after having fallen 1.8 percent in 2013, adjusted for inflation.
The Insurance Information Institute (III) recently released its list of the top 10 countries ranked by life and nonlife direct premiums written in 2014 (in U.S. $ millions). Though the number one ranking may not be a surprise to many, the other insurance powerhouses across the globe have experienced intense growth and, for some, dismal weakening.
To see the full list, read on.
Life premiums: $21.9 million
Nonlife premiums: $74.1 million
Percent of total world premiums: 2.01
Life premiums: $52.1 million
Nonlife premiums: $73.2 million
Percent of total world premiums: 2.62
8. South Korea
Life premiums: $101.6 million
Nonlife premiums: $57.9 million
Percent of total world premiums: 3.34
Life premiums: $145.3 million
Nonlife premiums: $49.4 million
Percent of total world premiums: 4.08