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July 19, 2022 at 11:14 AM
The United States still has the biggest life insurance and annuity market in the world, and, in 2021, it was one of the faster-growing large markets.
The Swiss Re Institute, a research arm of Swiss Re, has posted country-by-country premium data, expressed both in U.S. dollars and in local currencies, in its latest world insurance report.
Researchers at the Zurich-based reinsurer estimate that the world’s life insurance and annuity premium volume increased 9.9%, in terms of U.S. dollars, between 2020 and 2021, to $3 trillion.
That amounted to an average of $382 in premiums for each of the world’s 7.8 billion people.
Customers spent 3% of the world’s $99 trillion in gross domestic product on life and annuity premiums.
(Photo: NASA)
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