sigma
No 2/2011
World insurance in 2010 Premiums back to growth – capital increases
1 Executive summary
3 Global economy: uneven recovery, interest rates remain very low
7 World insurance: recovery on track
13 Industrialised countries: recovery at diverging speeds
19 Emerging markets: China leads growth
27 Methodology and data
29 Statistical appendix
Published by: Swiss Reinsurance Company Ltd Economic Research & Consulting P.O. Box 8022 Zurich Switzerland Telephone +41 43 285 2551 Fax +41 43 282 0075 E-mail: [email protected] New York Office: 55 East 52nd Street 40th Floor New York, NY 10055, US Telephone +1 212 317 5400 Fax +1 212 317 5455 Hong Kong Office: 18 Harbour Road, Wanchai Central Plaza, 61st Floor Hong Kong, SAR Telephone + 852 2582 5703 Fax + 852 2511 6603 Authors: Daniel Staib The editorial deadline for this study was Telephone +41 43 285 8136 30 May 2011. Lucia Bevere sigma is available in English (original language), Telephone +41 43 285 9279 German, French, Spanish, Chinese and Japanese. Editor sigma is available on Swiss Re's website: Brian Rogers +41 43 285 2733 www.swissre.com/sigma Managing editor: The internet version may contain slightly Thomas Hess, updated information. Head of Economic Research & Consulting, Translations: is responsible for the sigma series. CLS Communication Graphic design and production: Swiss Re Logistics / Media Production © 2011 Swiss Reinsurance Company Ltd All rights reserved. The entire content of this sigma edition is subject to copyright with all rights reserved. The information may be used for private or internal purposes, provided that any copyright or other proprietary notices are not removed. Electronic reuse of the data published in sigma is prohibited. Reproduction in whole or in part or use for any public purpose is permitted only with the prior written approval of Swiss Re Economic Research & Consulting and if the source reference “Swiss Re, sigma No 2/2011” is indicated. Courtesy copies are appreciated. Although all the information used in this study was taken from reliable sources, Swiss Reinsurance Company Ltd does not accept any responsibility for the accuracy or com- prehensiveness of the information given. The information provided is for informational purposes only and in no way constitutes Swiss Re's position. In no event shall Swiss Re be liable for any loss or damage arising in connection with the use of this information. Order no: 270_0211_en
Executive summary
Real premium growth 2010 After two years of falling premium volume, the global insurance industry returned to positive growth in 2010. Total premium volume rose by 2.7% in real terms¹ to Life Non-life Total USD 4 339bn, above pre-crisis levels. Capital has been fully restored in the non-life Industrialised sector. While capital continued to recover in life, solvency remained below pre-crisis countries 1.8% 1.0% 1.4% levels. Because interest rates remained at historically low levels, investment returns Emerging markets 13% 8.5% 11% and therefore overall profitability were adversely affected. World 3.2% 2.1% 2.7% In 2010, the global economy continued to recover, which supported demand for insur- ance. GDP growth was particularly strong in developed and emerging Asia. Capital markets continued to stabilise due to the low interest rate environment and rising corporate profits.
Figure 1 25% Real growth rates Real premium growth since 1980 20%
15%
10%
5%
0%
–5%
–10% 2010 1992 1982 1998 1994 1996 1986 1988 1990 1980 1984 2002 2008 2006 2004 2000
Total Non-life Life
Source: Swiss Re Economic Research & Consulting
Life premiums are growing, but profitability Global life insurance premiums increased by 3.2% in 2010. Asian emerging markets is still low. and a number of large continental European markets contributed the most to growth. In the US and the UK, premiums continued to decline, although at a slower pace com- pared to 2009. The capital position of life insurers continued to recover. Improved sales, lower lapses and higher capital gains on financial assets supported operating margins. However, profitability continued to remain low due to low interest rates.
Non-life growth is still weak in the indus- Global non-life insurance premiums rose by 2.1% in 2010. In emerging Asia and trialised countries, but strong in Asia. the newly industrialised countries in the region, the strong economic rebound pushed up non-life premium growth, while soft pricing continued to slow growth in Europe and the US, except in a few countries in selected lines of business. Consequently, under- writing results deteriorated further in 2010, despite average natural catastrophe losses and continuing reserve releases. Overall profitability remained low, as capital gains on invested assets only partially offset low investment yields. Nevertheless, capitali- sation reached record highs.
In 2011, the economic recovery is expected to continue, supporting premium growth in life and non-life insurance in the industrialised countries and emerging markets. Profitability in both sectors will continue to be low, as interest rates are expected to rise slowly. The devastating earthquakes in Japan and New Zealand are likely to result in higher prices in those countries and help to stop the trend of softening rates worldwide.
¹ All premium growth rates provided in this study are in real terms, ie adjusted for inflation, which is measured by local consumer price indices.
Swiss Re, sigma No 2/2011 1 Executive summary
The insurance industry has recovered well Overall, the insurance industry has recovered well from the crisis. Demand for insur- from the crisis, but challenges remain. ance in the emerging markets is expected to continue to grow strongly in the coming years. Ageing societies will provide ample opportunities for life insurers. However, insurers face a number of challenges ahead, such as: The economic recovery could be derailed by an escalation of the European sovereign debt crisis or an oil price shock. Regulatory reform, eg Solvency II, could lead to overly stringent capital requirements, which would undermine profitability, but also affect policyholders. As market risks will also be considered under Solvency II, life insurers and non-life insurers active in long-tail business lines will face higher capital requirements. An escalation of the public debt crisis in the peripheral European countries would lead to a significant write-down of insurers’ assets, as insurers hold sovereign debt and bonds issued by banks, which are also likely to suffer under such a scenario.
This study contains the latest market data available at the time of going to press. For most insurance markets, final 2010 figures were not available. Therefore, this sigma also contains provisional data released by supervisory authorities and insurance associations, or Swiss Re Economic Research & Consulting estimates. Overall this study is based on data for the countries which account for more than 99% of global life and 98% of non-life premiums.
2 Swiss Re, sigma No 2/2011 Global economy: uneven recovery, interest rates remain very low
The economic recovery from the deep recession continues
The economic rebound continued in 2010, The recovery of the world economy that began in mid-2009 continued in 2010, driven by Asia and Latin America. supporting the growth of insurance premiums. World gross domestic product (GDP) grew by 4.0%² in real terms to USD 63tr in 2010. In the US and Western Europe, growth was solid, but varied significantly by country. Due to the severity of the recession, overall growth has been slow, especially in comparison to past recovery phases. The recovery was weak in Central and Eastern Europe, which suffered from a severe recession in 2009, but much stronger in Asia and Latin America.
Figure 2 Real growth rates Real GDP growth by region World
Industrialised countries North America Western Europe Japan and newly industrialised Asian economies Oceania
Emerging markets South and East Asia Latin America and the Caribbean Central and Eastern Europe Africa Middle East and Central Asia –2% 0% 2% 4% 6% 8% 10%
Growth rate 2010 Annual average growth rate 2000–2009
Remarks: Countries' GDP weighted with market exchange rates. Source: Oxford Economics, WIIW, Swiss Re Economic Research & Consulting
Emerging market GDP accounted for 35% The crisis has accelerated the shift of economic power to the emerging and newly of global GDP. industrialised Asian countries, where the economies recovered swiftly and currencies strengthened. The GDP of emerging Asia increased to 18% of global GDP (see Figure 3), while emerging market GDP accounted for 35% of world GDP in 2010 (2000: 21%). During the same period, real GDP per capita in the BRIC (Brazil, Russia, India, China) economies increased sharply, from 30% in Brazil to 150% in China. The demand for insurance is likely to rise as wealth in the emerging markets increases.
² The aggregation of countries is weighted by US dollar GDP (gross domestic product) based on market exchange rates. International statistics using purchasing-power parity show higher world GDP growth rates because of their heavier weighting of fast-growing countries such as China and India.
Swiss Re, sigma No 2/2011 3 Global economy: uneven recovery, interest rates remain very low
Figure 3 100% % of global GDP Contribution to world GDP by main regions 11.6 % 16.6% 16.8% 80% 9.6% 15.1% 17.7% 17.9% 60% 11.0% 12.1% 40% 60.8% 57.3% 20% 53.4%
0% 2000 2008 2010 Non-Asian Emerging Asia Developed Asia North America, Emerging Markets Western Europe and Oceania*
* Excluding Turkey Source: Oxford Economics, WIIW, Swiss Re Economic Research & Consulting
Higher inflation, particularly in the emerging While inflation rose in 2010, except in a few countries, it remained below the levels markets, was mainly driven by rising food observed in 2008, and was mainly driven by rising food and energy prices. Inflation and energy prices. increased more in the emerging markets, as food and energy represent a higher share of consumer expenditure. Because unemployment in the developed countries remained high and capital utilisation in the industry remained relatively low, core inflation in the developed countries was contained. As a result, it was not expected to significantly drive up claims costs for non-life insurers.
Equity markets continue to recover while interest rates slowly rise
The stock market recovery continued Stock markets around the world continued their recovery in 2010. As a result, the capi- in 2010. tal positions and investment returns of insurers improved. Demand for unit-linked life insurance products strengthened. However, volatility remained high due to concerns about the strength of the economic recovery and the sovereign debt of the peripheral European countries.
Figure 4 150 Share index, local currency, 31 December 2009 = 100 Stock market recovery in 2010 interrupted 140 by the looming European sovereign 130 debt and banking crisis in the first half 120 of the year 110 100 90 80 70 60 50 40 Jan 11 Mar 11 Jan 10 Jan 08 Jan 09 May 11 May Sep 10 Sep 08 Sep 09 July 10 July 08 Nov 10 Nov July 09 Nov 08 Nov Mar 10 Mar 08 Nov 09 Nov Mar 09 May 10 May May 08 May May 09 May
US (DJ Industrials) Japan (Nikkei 225) UK (FTSE 100) Germany (Dax 30) France (MSCI France) MSCI Emerging Markets
Source: Datastream
4 Swiss Re, sigma No 2/2011
Interest rates continued to be very low; Interest rates remained at historically low levels in 2010. In fact, at the end of 2010, this undermined profitability, but supported long-term interest rates were between 0.2pp and 0.6pp lower than at the end of the accounting capital position of insurers. the previous year. This has bolstered the accounting capital of insurers by increasing the value of bond portfolios, although the resulting low investment returns have also hurt profitability. While the narrowing of credit spreads in 2010 was interrupted by the euro sovereign debt crisis, default rates on corporate bonds decreased signifi- cantly. This development has improved insurers’ balance sheets and led to reduced write downs on the corporate bond portfolio.
Figure 5 14% Long-term interest rates Long-term government bond yields remained extremely low throughout 12% the year 10%
8%
6%
4%
2%
0% 1991 1997 2010 1992 1993 1999 1995 1998 1994 1996 1990 2007 2001 2002 2003 2009 2008 2005 2006 2004 2000
US Germany France Japan UK
Source: Datastream
High oil prices and the euro area debt crisis pose risks to the economic outlook, low interest rates remain a challenge
Turmoil in the MENA region and the earth- While the world economy is expected to continue to recover, the political turmoil in quake in Japan have increased uncertainty, the Middle East and North Africa (MENA) and the euro area debt crisis have increased but the economic recovery is likely to continue. uncertainty. The main threat to the global economy from the events in the MENA region is rising oil prices. A further price shock could be triggered by a spillover of the turmoil to Saudi Arabia, which accounted for 12% of global oil production in 2009. Though this is unlikely, a disruption of the oil supply from Saudi Arabia would have a much bigger impact on prices than the disruption of the oil supply from Libya, which accounts for 2% of global oil production. In contrast, the triple disaster (earthquake, tsunami and the severe nuclear accident) in Japan is most likely to have only a minor and temporary effect on the global economy, as long as nuclear pollution does not spread to a much larger area. The natural catastrophes in Japan, Australia and New Zealand in early 2011 will affect the underwriting results of domestic and global insurance companies, and could lead to higher prices in those markets. This could in turn stop the trend of softening rates in the global non-life insurance sector.
Swiss Re, sigma No 2/2011 5 Global economy: uneven recovery, interest rates remain very low
An escalation of the euro sovereign debt crisis A slowdown of the economic recovery would undermine growth in insurance demand. would have severe consequences for insurers. If the slowdown is triggered by an escalation of the sovereign debt crises of Greece, Ireland and Portugal, it would have wider consequences for insurers. An uncontrolled default in one of these countries would likely impair European banks, which are large holders of sovereign debt securities. This could reignite a banking crisis similar to that in autumn 2008. Insurers would be affected in several ways. For example, if there are write-downs on corporate bonds issued by banks, insurers would be affected because they hold significant amounts of these securities. Second, insurers would face write- downs on their direct holdings of sovereign debt securities. Third, other risky assets would also lose value as economic growth would falter, further impairing the asset side of insurers’ balance sheets. Finally, another crisis would also have important medium- term consequences: interest rates would likely remain low for a prolonged period of time, depressing insurers’ investment returns and profitability. Governments could levy extraordinary taxes on the financial sector to restore fiscal balance sheets, as Hun- gary did in 2010. Excessive capital requirements would restrict the insurance industry and lead to negative consequences for policyholders and the economy.
Low interest rates will likely hamper While central banks have started to raise interest rates to curb inflationary concerns, profitability for some time. there is no clear trend that long-term yields are rising. As interest rates are expected to rise only gradually, insurance sector profitability will be under pressure for some time. This is because it often takes several years for higher interest rates to impact profitability.
6 Swiss Re, sigma No 2/2011
World insurance: recovery on track
Global insurance premiums return to growth
Total premiums grew 2.7% to Direct premiums written in the global insurance industry rose 2.7% in 2010 to USD 4 339bn in 2010. USD 4 339bn after two years of contracting premium volumes. While premiums in the emerging markets grew strongly (+11%), premium growth was still weak in the industrialised countries (+1.4%).
The insurance sector has successfully The capital base of the industry continued to strengthen in 2010. Demand for insurance emerged from the financial crisis, is expected to rise as the recent natural catastrophes in Japan and Oceania have high- and the growth prospects for both life lighted the importance of non-life insurance in mitigating the financial impact of cata- and non-life are strong. strophic events, which are still underinsured in the emerging market countries. Due to the ageing of the population, the role of life insurance is also likely to increase, especially as governments are under pressure to reduce budget deficits and address the huge liabilities of their old-age provision.
Figure 6 20% Real growth rates Premium growth strengthens in mature and developing markets 15%
10%
5%
0%
–5%
–10% 2010 1992 1982 1998 1994 1996 1986 1988 1990 1980 1984 2002 2008 2006 2004 2000
Total Industrialised countries Emerging markets
Source: Swiss Re Economic Research & Consulting
Overly stringent capital requirements could Excessive regulation of the insurance sector could slow growth. While modern regula- harm the insurance sector, policyholders tory regimes, such as Solvency II, which takes a risk-based and economic view, would and economic growth. support insurance growth, policy makers may be tempted to adopt overly stringent capital requirements and other measures to make the industry 100% crisis-proof. This could affect the profitability of insurance companies, leading to negative conse- quences for policyholders and the economy. While onerous capital requirements may appear to provide additional protection for policyholders, they can create distortions that ultimately harm policyholders. For example, excessive capital charges for asset risk will force life insurers out of higher performing yet more volatile corporate bonds and stocks, reducing returns attributable to policyholders and insurers’ profitability. In addition, excessive capital charges could also be undesirable from a macroeconomic perspective, as less risk capital would be available to finance growth.³
Life insurance: growth in developed markets remains sluggish, while emerging markets resume growth
Premiums Global life premiums rose 3.2% in 2010 In 2010, global life insurance premiums grew by 3.2% to USD 2 520bn. This is after falling 0.8% in 2009. higher than the ten-year average (see Figure 7) and just below the pre-crisis average (2000–2007). Growth in the industrialised countries was in line with the ten-year average. In some continental European countries growth was strong, driven by single- premium products with attractive guarantees. This growth is, however, likely to evaporate once interest rates rise. In the US and the UK, the decline continued in 2010, although at a significantly reduced pace. Among the industrialised Asian economies, Japan stag- nated, while Taiwan, Singapore and Hong Kong experienced double-digit increases.
³ Swiss Re, sigma No 3/2010 Regulatory issues in insurance.
Swiss Re, sigma No 2/2011 7 World insurance: recovery on track
Figure 7 Real growth rates Life insurance: growth resumes, World but below pre-crisis level
Industrialised countries North America Western Europe Continental Europe
Japan and newly industrialised Asian economies Oceania
Emerging markets South and East Asia Latin America and the Caribbean Central and Eastern Europe Africa Middle East and Central Asia –5% 0% 5% 10% 15% 20% Growth rate 2010 Annual average growth rate 2000–2009
Source: Swiss Re Economic Research & Consulting
Growth of life insurance in the emerging markets in 2010 nearly reached the pre- crisis level, although large differences exist among regions and countries. Growth continued to be strong in emerging Asia (+18%). In China, the largest emerging market, premiums expanded by 26%, while elsewhere in the region, premium growth was more moderate. In Latin America, growth was solid and broad based. In Central and Eastern Europe, premium growth rebounded after a sharp decline in 2009, driven in many countries by strong sales of unit-linked savings products.
Figure 8 Life: real premium growth in 2010
No data > –20% –20% – –10% –10% – –5% –5% – 0% 0% – 5% 5% – 10% 10% – 20% > 20%
Source: Swiss Re Economic Research & Consulting
8 Swiss Re, sigma No 2/2011
Life insurer profitability and capital position Life insurers' profitability and risk capital Statutory risk capital improved in 2010 driven by stronger earnings and inflows from continued to recover in 2010. the capital markets. The capital recovery was partially amplified by accounting effects that tend to overestimate the assets (valued at market value) and undervalue the liabili- ties (valued at book value). These unrealised gains on fixed income portfolios, which make up the largest share of life insurers’ assets, will disappear once interest rates rise or bonds mature, partially offsetting the capital recovery.
Figure 9 1400 70% Risk capital and solvency development 1200 60% in life insurance (based on sample of countries: UK, Germany, France, Italy, 1000 50% Netherlands, Switzerland, US, Canada, Japan, Australia, China, India, Brazil, 800 40% Chile, Turkey, Poland) 600 30% 400 20%
200 10%
0 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Risk capital [2010 USD bn, LHS] Solvency ratio [risk capital/premiums, RHS]
Source: Supervisory authorities
The operating margins⁴ of life companies stabilised below pre-crisis levels in 2010. The main drivers of profitability were improved sales, low lapses (except in the UK), higher realised capital gains and the stock market recovery, which contributed to the strong performance of the variable annuity business. On the negative side, low interest rates resulted in low investment yields. Also, the low equity exposure limited the extent to which life insurers were able to benefit from improving stock markets.
Life outlook Life premiums should continue to expand Premium growth in life is expected to continue in 2011. Growth is expected to remain in 2011… strong in the emerging markets and turn positive in the US. In Western Europe, premium growth could slow slightly, as rising interest rates will make life policies with interest rate guarantees less attractive.
... but profitability will remain below Profitability will remain below pre-crisis levels for some time. In the medium to long pre-crisis levels. term, the macro environment will be crucial for life insurance profitability. However, regulatory reforms could adversely impact profitability. With higher charges on risky investments (under Solvency II), life companies will be forced to shift assets into less risky asset classes, such as highly rated government and corporate bonds. Insurers will also be required to set aside more capital for long-term guarantees under the new regulatory environment. This might reduce profitability and partially erode the attrac- tiveness of savings products with fixed guarantees.
⁴ Operating margin is defined as operating profit as a % of premiums written. Operating profit equals operating income minus operating expenses, where operating income is the sum of premiums written, the investment result, other technical income and fees. Operating expenses equal the sum of benefits paid, the increase in technical provisions, allocated surpluses and other technical expenses.
Swiss Re, sigma No 2/2011 9 World insurance: recovery on track
Non-life: global premiums growing, but only slowly in the US and Western Europe
Premiums Non-life premiums increased again in 2010. After declining in 2008 and 2009, global non-life premiums grew by 2.1% to USD 1 819bn in 2010. This is only slightly below the ten-year average, but clearly below the pre-crisis average. Growth was solid in the newly industrialised Asian economies, particularly in Korea (+15%) and Singapore (+8.1%). In contrast, the flat development of premium volume in the US continued to drag on average growth in the industrialised countries. Premiums in Western Europe and Oceania grew, but only slightly. Sluggish premium growth overall in the industrialised countries reflected the ongoing softening of prices in many countries and lines of business.
Figure 10 Real growth rates Non-life insurance premium growth: World recovering, but still below the long-term average in the industrialised countries Industrialised countries North America Western Europe Continental Europe
Japan and newly industrialised Asian economies Oceania
Emerging markets South and East Asia Latin America and the Caribbean Central and Eastern Europe Africa Middle East and Central Asia –4% 0% 4% 8% 12% 16% 20% 24% Growth rate 2010 Annual average growth rate 2000–2009
Source: Swiss Re Economic Research & Consulting
On the back of a very solid economic performance, non-life premiums in emerging Asia sharply increased by 22%, boosted by a 28% premium increase in China. Within emerging Asia, China accounted for 73% of the region’s non-life premiums in 2010. Growth was solid in the Middle East and Central Asia as well as in Latin America. In Central and Eastern Europe, non-life premiums continued to decline overall and in most of the major countries, with the exception of Poland.
Figure 11 Non-life: real premium growth in 2010
No data > –20% –20% – –10% –10% – –5% –5% – 0% 0% – 5% 5% – 10% 10% – 20% > 20%
Source: Swiss Re Economic Research & Consulting
10 Swiss Re, sigma No 2/2011
Catastrophe losses⁵ Insured losses from natural catastrophes Natural catastrophes cost the global insurance industry roughly USD 40bn in 2010, were around the ten-year average. while man-made disasters triggered additional claims of more than USD 3bn. By comparison, overall insured losses totalled USD 27bn in 2009. Despite notably higher- than-average earthquake losses, overall catastrophe claims in 2010 were roughly in line with the ten-year average due to unusually modest US hurricane losses. The 11 March Tohoku Earthquake, which falls into Japan’s 2010 financial year, is expected to be the most costly event for Japan’s insurance industry.
Profitability⁶ Profitability remained low due to softening In 2010, the overall profitability of the non-life industry remained low. The after-tax prices, low interest rates and above-average return on equity was 6% due to soft pricing and low interest rates. losses from natural catastrophes in Australia. Underwriting results deteriorated further in 2010. The average combined ratio of the eight leading markets rose to 103 %, compared to 101% in 2009, but was 95% as recently as 2006. The actual underwriting profitability, however, was likely to be even worse, as 2010 results from the US and large European insurers suggest that the 2010 underwriting results were supported by reserve releases of about four percentage points.
Figure 12 20 Aggregate of US, Canada, France, Germany, Italy, UK, Japan and Australia Underwriting results worsened further estimates / 15 in 2010 forecasts 10
5
0
–5
–10 –15 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Capital gains/losses as a % Current investment income as a % of net premiums earned of net premiums earned Underwriting result as a % After-tax return on equity (%) of net premiums earned
Source: Swiss Re Economic Research & Consulting
Underwriting results fell in the US and Underwriting results fell the most in the US and turned negative in the large European in some European markets, although rates markets due to dismal motor results. Earnings were stable in the European personal lines are beginning to rise in some lines of business. and commercial businesses. In some markets, such as Italy and the UK, rates began to rise in 2010, most notably in the personal motor business. This will positively influence the 2011 performance. In Australia, a series of natural catastrophes (bush fires, floods, storms) led to high insured losses and negative underwriting results.
Investment income as a percentage of net premiums earned fell slightly, as interest rates remained very low. On the positive side, the industry benefited from capital gains on invested assets, in contrast to the two previous years.
⁵ Swiss Re, sigma No 1/2011 Natural catastrophes and man-made disasters in 2010: a year of devastating and costly events. ⁶ The following section describing the performance of non-life insurance is based on the aggregate of eight important markets (US, Canada, UK, Germany France, Italy, Japan and Australia).
Swiss Re, sigma No 2/2011 11 World insurance: recovery on track
Industry capitalisation reaches record high The recovery of capital in the non-life industry By the end of 2010, P&C insurers’ capital and solvency had set a new record. The aver- continued to strengthen … age solvency of the eight leading markets increased from 109% to 118%, exceeding the previous peak of 115% achieved in 2007. This more than compensated for the 20% drop in global capital funds during 2008.
… but challenges remain. However, the P&C industry’s capital base is likely to be reduced by several develop- ments: Rising interest rates will lead to mark-to-market losses on the bond portfolios. Current capital requirements have risen due to market risks not considered before the crisis. Rating agencies are also monitoring the industry more closely. Additionally, the EU Solvency II regulations, which explicitly incorporate capital market risks, are expected to tighten capital requirements for asset and underwriting risks. Reserve adequacy has weakened due to low prices in the recent past. Catastrophe losses have been significantly above average in the first half of 2011.
Figure 13 1200 Aggregate of US, Canada, France, Germany, Italy, UK, Japan and Australia 140% Non-life insurers' solvency recovered estimates / further in 2010 1000 forecasts 120%
800 100%
600 80%
400 60%
200 40%
0 20% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Premiums earned, USD bn Solvency (Capital/Premiums) right-hand scale Shareholders' equity, USD bn
Source: Swiss Re Economic Research & Consulting
Non-life outlook Growth of non-life insurance is likely As the global economic recovery is likely to continue, premium growth in 2011 is to strengthen, but will be restricted expected to remain strong in the emerging markets and improve in the developed by softening prices. markets, although the recovery will be restricted by further rate decreases, particularly in commercial lines of business. In motor, however, increases in rates are likely to drive premium growth. While the costs to insurers of the devastating earthquakes in Japan and New Zealand in the first quarter of 2011 are still unclear, the size of the likely insured loss suggests that rates could rise going forward. Additional factors which could lead to rising prices are: A number of factors could lead Reserving may soon prove to be insufficient, as aggressive reserve releases in past to higher prices. years have thinned reserve adequacy. This could lead to adverse reserve develop- ments in 2012. Rising interest rates will reduce the value of bond portfolios under gap accounting and reduce the capital base significantly. Stricter solvency regulation (Solvency II) and higher capital requirements will be implemented by rating agencies going forward. However, since underwriting results will only improve with a lag if rates rise, combined ratios are expected to continue to deteriorate in 2011.
12 Swiss Re, sigma No 2/2011
Industrialised countries: recovery at diverging speeds
Diverging developments in life, non-life growing but at low levels
Total premiums in the industrialised countries In 2010, total insurance premiums in the industrialised countries increased by 1.4% rose slightly in 2010. to USD 3 689bn. In most of these countries, premiums rose. The expansion was strongest in Japan and the newly industrialised Asian countries, but weaker in the US and some European countries. Industrialised countries accounted for 85% of global insurance premiums in 2010 versus 87% in 2009.
Life insurance Life insurance premium income increased by After falling 1.6% in 2009, life insurance premiums in the industrialised countries recov- 1.8% in 2010 … ered in 2010, rising 1.8% to USD 2 156bn. The expansion was primarily driven by the newly industrialised Asian economies and a number of large continental European markets (eg Germany, Italy and Ireland). However, premiums in the UK, US, Spain and the Netherlands fell in 2010. In half of the industrialised countries, premium growth surpassed economic growth, increasing insurance penetration.
Figure 14 Life and non-life premium growth 40% rising versus GDP growth in the industrialised penetration countries in 2010 30% 20%
10% 0%
–10% falling
Real premium growth 2010 growth Real premium penetration –20% –5%–3% –1% 0% 1% 3% 5% 7% 9% 11% 13% 15% Real GDP growth 2010
Non-life insurance Life insurance GDP Source: Swiss Re Economic Research & Consulting
Non-life insurance … while non-life premiums increased 1%. Non-life premiums in the industrialised countries increased by 1% to USD 1 533bn in 2010 after slightly decreasing in 2009. As in life, strong demand in the newly indus- trialised Asian economies supported growth, while soft pricing continued to drag on growth in the US and many Western European markets. In the majority of markets, pre- mium growth fell short of economic growth, suggesting falling insurance penetration.
Insurance density and penetration Insurance density increased to USD 3 527, An average of USD 3 527 per capita was spent on insurance in the industrialised while insurance penetration remained roughly countries in 2010 (see Figure 15); of this amount, USD 2 069 was spent on life insur- constant at 8.7%. ance while USD 1 458 was spent on non-life insurance. Since economic growth was higher than overall insurance market growth, insurance penetration decreased margin- ally to 8.7%. In fact, insurance penetration in the industrialised countries is now lower than at the turn of the century. The main factors behind this are the ongoing soft pricing conditions in non-life and the declining premium volumes in the UK and the US for the second consecutive year.
Swiss Re, sigma No 2/2011 13 Industrialised countries: recovery at diverging speeds
Figure 15 Insurance density and penetration in the industrialised countries in 2009
Premiums per capita in USD 0 1000 2000 3000 4000 5000 6000 7000 Switzerland Netherlands Luxembourg Denmark United Kingdom Japan Ireland France Finland Sweden Belgium G7 United States Norway Japan and newly industrialised Asian economies Hong Kong Average Canada Australia Taiwan Euroland Germany Singapore Italy EU, 27 countries Austria Liechtenstein South Korea Portugal New Zealand Spain Israel Cyprus Iceland Malta Greece Premiums as a % of GDP Non-life premiums per capita Life premiums per capita Premiums as a % of GDP
Source: Swiss Re Economic Research & Consulting
14 Swiss Re, sigma No 2/2011
North America: US life premiums continue to shrink, non-life flat
Life insurance Life premiums in the US continued to contract, Life premiums in North America declined by 0.6% to USD 558bn in 2010 (2009: –12%). but some products showed improvements. In the US, life premiums fell 0.7% (2009: –13%) due to the still challenging economic environment. New business premiums contracted for the third year in a row, mainly due to the slow recovery of employment and wage growth, although the decline was much less severe than in 2009. Individual life premiums increased modestly as a result of low- er lapses and a rebound in sales of universal life and whole life products, while sales of term products experienced their worst decline on record. Individual annuity premiums declined, as consumers scaled back their purchases of fixed annuities due to unattrac- Annuity sales began to recover in the last tive return guarantees and the prospect of rising interest rates. Annuity sales began quarter of 2010. to recover in the last quarter of 2010, helped by the strong equity market, which has shown renewed interest in variable annuities as a retirement savings vehicle. Group life and annuity premiums increased marginally, reflecting the modest rise in employment and wages. The industry's capital position continued to strengthen in 2010 and capital exceeded its pre-crisis level. L&H profitability improved slightly, driven by stronger In Canada, growth slowed on the back earnings from equity-linked business, but remained below its pre-crisis level. In Canada, of declining sales of fixed annuities. life premium growth slowed to 1.3% in 2010 (2009: +3.5%). Strong gains in sales of individual life insurance were partially offset by a decline in annuity sales as consumers reduced purchases of fixed annuities. Canadian life companies maintained capital levels well above statutory requirements. Profitability continued to rebound in 2010, driven by improved investment results, but remained below historical norms.
US life growth should rebound in 2011, Going forward, US life premiums are expected to rebound in 2011, but growth is pro- but will remain below the long-term average, jected to be below its long-term trend due to the likelihood of a slow and protracted while Canada is expected to resume recovery of employment. In Canada, life premiums are expected to resume trend trend growth. growth in 2011, due to the stronger economy. Profitability will benefit from rising equity markets and interest rates, but will remain pressured by low investment yields. A return to pre-crisis levels of profitability is expected in 2012 at the earliest. The industry's out- look will also be challenged by regulatory and accounting risks and uncertainties related to US government pressures to raise tax revenues, the capital rules that will apply to “systemically important” life insurers, and the convergence of global accounting rules.
Non-life insurance Premiums grew modestly in the US, Premiums written in the non-life sector increased 0.5% to USD 724bn in 2010. Growth but profitability of P&C insurers deteriorated. of 0.2% in the US marked the first increase since 2006, while Canada saw strong pre- mium growth (+4.3%), driven largely by personal lines. Meanwhile, the profitability of In Canada, profitability declined on the back the non-life insurance industry in North America deteriorated in 2010. The combined of low investment results. ratio of US property & casualty insurers, excluding health insurers, rose to 103% in 2010 from 101% in 2009. This was primarily attributable to higher catastrophe losses, sizable underwriting losses in commercial lines, and additional losses from mortgage Premiums in 2010 in North America and financial guaranty insurers. Canadian property & casualty insurers reported a World combined ratio that worsened to 101% in 2010 (2009: 100%). While interest rates USD bn market share remained low in 2010, insurers’ investment portfolios continued to recover much of Life 558 22% the value lost during the financial crisis. US and Canadian P&C insurers' statutory ROEs Non-life 724 40% fell to 6% and 7%, respectively, only slightly lower than in 2009. The normalisation of capital markets supported the industry's capital strength. The US and Canadian statu- Real premium growth tory surplus increased by 9% and 7%, respectively, during the year. 2.5% 2.0% Looking ahead, the recovery in premium growth in 2011 is expected to continue as 1.5% the economic expansion gains momentum. Softening of commercial rates has eased 1.0% slightly and might be halted further by the first quarter 2011 catastrophe losses. However, the industry's growth outlook for 2011 will continue to be mired by competi- 0.5% tive market pricing, low investment yields, and decreasing reserve adequacy levels. 0.0% –0.5%
–1.0% –1.5% Life Non-life
■ Growth rate 2010 ● Annual average growth rate 2000–2009
Swiss Re, sigma No 2/2011 15 Industrialised countries: recovery at diverging speeds
Western Europe: life premiums continued to recover, non-life stagnated
Life insurance Premiums increased 2.8% in Western Europe. In 2010, life insurance premiums in Western Europe grew by 2.8 % (2009: +4.0%) to USD 946bn. While growth in the L&H industry overall has resumed, it varied by In most countries, premiums recovered and country. In countries like Italy, Germany and France, life insurers continued to offer the industry is back on track. relatively attractive interest guarantees in light of the historically low interest rates, thus attracting money from maturing policies as well as from the banking sector. In Denmark, Norway and Belgium, moderate growth resumed in 2010, while in Luxem- bourg, the premium volume increased by more than 22% in real terms, mainly driven However, life premiums fell in the UK, by cross-border business. However, two Western European countries experienced Netherlands and Spain. a further decline, although at a slower rate than in 2009. In the UK, the largest life insur- ance market, premiums fell by 3.3%. The most severe decline was observed in the Netherlands, where premiums fell by 13%, due to continued strong competition from tax privileged bank savings products, which grew strongly for the fourth consecutive year. In Spain, life premium volume fell by roughly 9%, after rising 3.3% in 2009.
The fundamental outlook is positive... The outlook is positive, driven by increased demand for protection, savings and pension products as well as reductions in social security benefits. The environment for life insurers is expected to further improve in Western Europe as interest rates increase and macro- ... but there are some challenges ahead: economic conditions improve. While trend growth should resume, insurers will face ... the euro crisis may negatively impact life certain challenges. First, the euro crisis is still looming. Direct write-downs on peripheral insurers’ balance sheets; European government bonds in the event of a debt restructuring would likely be manage- able for the vast majority of life insurers, but the resulting stress in the banking sector could potentially wreak havoc on life insurers, which are significant holders of bank debt. ... Solvency II will spur insurers to develop new Second, Solvency II, which is economic and risk-based, represents a positive step in products; terms of insurance regulation and may be adopted by other regulatory regimes around the world. However, key parameters have been significantly tightened in the wake of the crisis and have led to high capital requirements for the most important life insurance products. Insurers are currently looking to develop new products that are more compa- ... the EU Gender Directive will have far- tible with Solvency II. Third, the EU Gender Directive prohibits insurers from setting prices reaching consequences, likely to be unfavour- based on gender, despite the fact that research shows that differences exist in terms able for insurance customers. of the insured risks. The likely outcome will be that prices will increase for both men and women; there is an additional risk that this directive will trigger even more regula- tory changes.
Non-life insurance Premiums increased slightly by 0.6%, Non-life premiums in Western Europe increased slightly by 0.6% to USD 587bn while combined ratios worsened to 100.4% in 2010 (2009: +0.4%). Germany (+1.5%), Italy (+0.1%) and the Netherlands (+1.7%) (2009: 98.3%) contributed most to growth, although many countries in the region experienced premium growth. However, premiums fell in the UK (–1.2%) and Spain (–1.5%). In the UK, strong premium growth in the motor business could not offset declining premium Premiums in 2010 in Western Europe income in the commercial lines business, triggered by a further softening of rates and World sluggish foreign risks business. In Spain, premiums declined due to weak economic USD bn market share conditions. Switzerland, Belgium and Denmark also registered marginal declines. Life 946 38% The average combined ratio for direct business increased further to 100.4% in 2010 Non-life 587 32% (2009: 98.3%). While the largest European markets unanimously suffered because of the current dismal performance of the motor business, some markets, like the UK and Real premium growth Italy, witnessed significant rate improvements, which should lead to future improve- 6% ments in under writing results. With investment results remaining relatively low due to the prevailing low interest rate environment, the overall net operating results declined 5% further to 8.5% of net premiums earned. 4% 3% For 2011, premium growth is expected to strengthen. While the economy in Southern 2% Europe and Ireland continues to be weak, the recovery is stronger in the other European 1% countries. Additionally, significant rate increases related to the unprofitable motor 0% insurance business in several countries will also support premium growth, in particular in the largest motor markets such as the UK, Germany, France and Italy. However, –1% overall profitability will remain below average as the commercial lines show no sign Life Life excl. UK Non-life yet of rate increases, and investment incomes are expected to remain comparably low, ■ Growth rate 2010 despite the fact that interest rates are slightly rising. ● Annual average growth rate 2000–2009
16 Swiss Re, sigma No 2/2011
Japan and the newly industrialised Asian economies: record losses from the Tohoku Earthquake
Life insurance In 2010, life premiums dropped in Japan, In 2010, life premium volume in Japan and the newly industrialised Asian economies but increased strongly in the other newly increased by 2.4% to USD 609bn (2009: +1.9%). However, premiums written by industrialised Asian economies. Japan’s life insurers are estimated to have stagnated in 2010 (2009: +2.2%). Modest growth was observed in individual traditional business, while sales of annuities remained depressed. Significant insurance losses⁷ are expected from the 11 March Tohoku Earthquake (and subsequent tsunami), which resulted in the death and dis- appearance of more than 23 000 people⁸. Apart from death benefits, insurers are also liable for substantial claims from medical and accident insurance. The overall impact on Japanese life insurers, though, is expected to remain manageable. Outside of Japan, insurance premium growth in 2010 ranged from 3.8% in South Korea to 16% in Taiwan. In South Korea, sales of new endowment products drove premium growth. Positive economic growth has helped to underpin life insurance demand in most mar- kets, despite ongoing volatility in equity markets. Overall, profitability is expected to remain stable given the persistently low interest rate environment. In Taiwan, despite positive premium growth, the appreciation of the local currency and the sovereign debt problem in Europe contributed to insurers’ relatively disappointing results.
Strong economic growth will continue The outlook for the Japanese life insurance market remains uncertain due to the recent to support insurance demand. recession, although growth prospects should improve in the second half of 2011. Out- side Japan, robust economic growth is driving demand for both traditional and invest- ment-linked insurance products. The earthquake in Japan could also raise insurance awareness and increase demand for protection-type insurance policies throughout the region. Meanwhile, regulatory changes will continue to have an impact on the opera- tions of life insurers. For instance, the Hong Kong regulator has proposed to set up a policyholders’ protection fund to improve consumer confidence about insurance.
Non-life insurance Non-life premiums rose in most markets. Premium volume in the industrialised Asian countries increased by 4.2% to USD 183bn. Major earthquake losses hurt profitability Japan’s non-life insurance premiums are estimated to have increased marginally by in Japan. 0.6% in 2010 (2009: –0.9%), as further declines in property premiums offset gains in the motor and accident lines of business. Insurance losses were modest before the 11 March Tohoku Earthquake. The earthquake is expected to result in significant indus- try losses, though a precise estimate is still not available. While the government will eventually absorb most losses for household earthquake and nuclear insurance, private insurers will face losses, mainly from property and business interruption claims. In other industrialised Asian markets, non-life premiums continued to expand steadily, whereas South Korea registered strong growth of 15% over the year. Increasing demand for Premiums in 2010 for Japan and the long-term products has driven premium growth in Korea, though profitability was hurt newly industrialised Asian economies by the rising motor loss ratio. In other markets, growth in accident and health insurance, World together with a recovery in external trade, has supported the business expansion of USD bn market share non-life insurers. Life 609 24% Non-life 183 10% Looking ahead, reconstruction will add significant momentum to Japan’s economic growth, particularly towards the end of the current fiscal year. Many corporations Real premium growth will also have to review their insurance coverage in view of the latest combination of 6% extreme events. Both factors will underpin firmer non-life insurance demand and prices 5% in the near future. Outside Japan, insurance business will continue to benefit from robust economic growth and low interest rates. A proposal to re-introduce tariffs for 4% nat cat policies in Taiwan could result in faster premium growth, whilst South Korea’s 3% recent implementation of the revised motor pricing scheme should help to rein in claims 2% escalation. Accelerating inflation, however, could threaten insurance profitability in 1% some markets. 0% –1% Life Non-life ⁷ The 2010 financial year ends March 2011. ■ Growth rate 2010 ⁸ National Police Agency of Japan – Emergency Disaster Countermeasures Headquarters ● Annual average growth rate 2000–2009 (as of 16 June 2011)
Swiss Re, sigma No 2/2011 17 Industrialised countries: recovery at diverging speeds
Oceania: improvement in 2010; surging nat cat losses in 2011
Life insurance Growth of life premiums remained steady In 2010, the regional life premiums in Oceania increased by 2.7% to USD 39bn. In due to rising demand for risk products. Australia, solid economic growth, boosted primarily by increased consumer spending, drove premium growth. Life insurance direct premiums rose similiarly by 2.6% (2009: –24%) over the year to USD 38bn. Risk products continued to dominate sales, followed by disability products. Profitability in 2010 improved by 4.1% over the preceding year. In New Zealand, total life insurance premiums are estimated to have increased by 5.1% in 2010 (2009: +5.3%). Faster growth was reported in individual and group risk products, while sales of whole life and endowment policies continued to languish.
The outlook is stable; risk awareness is rising, The recent floods in Queensland and Victoria are expected to have a negative impact but economic growth has been slow. on Australia’s economic outlook, although reconstruction will bolster public and private investment spending. Risk awareness has increased as a result of recent earthquakes in New Zealand and Japan. On balance, the growth of the Australian life insurance market is expected to remain stable in the near future. The Australian market is consoli- dating as evidenced by the USD 13bn takeover of the ANZ business of AXA Asia Pacific Holdings Ltd by Australian wealth manager AMP Group. APRA also recently approved the takeover of Tower Australia Group Ltd by Japan's Dai-ichi Life Insurance Company Ltd.
Non-life insurance 2010 saw further increases in non-life In 2010, non-life premiums in Oceania grew by 2% to USD 42bn. In Australia, insurance premiums in both Australia and New Zealand. premiums are estimated to have increased by 2.3% (2009: +3.9%). Most business lines Underwriting losses are expected in 2011 maintained stable growth over the year. Underwriting results improved in 2010 com- due to floods and earthquakes. pared to 2009, which was hard hit by the Victoria bush fires and other catastrophic events. In New Zealand, the amount of claims incurred in the 12 months ending September 2010 increased significantly by 13.6% to USD 1.5bn. The overall combined ratio of non-life insurers climbed to 100.6% compared to 97.5% for the preceding 12-month period.
The profitability of Australian and New Zealand non-life insurers will be sharply lower due to losses from the floods in Queensland and Victoria as well as the Christchurch earthquakes. Total insurance losses arising from the January 2011 flood events in Aus- tralia were estimated to exceed USD 2.2bn⁹, while losses from the Christchurch earth- quakes could range between USD 6bn and USD 12bn. However, these losses could be mitigated if prices increase. In addition, the non-life market should benefit from higher property values, the federal government stimulus package and reconstruction spend- ing. In recent years, the number of natural catastrophe events – in terms of frequency and severity – has increased in Australia. The effect of these extreme weather events will continue to have a material impact on the overall profitability of the insurance Premiums in 2010 in Oceania industry. Meanwhile, the earthquake has resulted in one New Zealand insurer calling World in liquidators after facing solvency issues. The government has also announced that USD bn market share it is prepared to bail out the country’s largest insurer, AMI Insurance, if the company Life 39 1.6% is unable to meet its obligations arising from the two Christchurch earthquakes. Non-life 42 2.3%
Real premium growth 4% 3% 2% 1% 0% –1% –2% –3% Life Non-life
■ Growth rate 2010 ⁹ The country was also struck by flood events at the end of 2010, whose damage was estimated to be around ● Annual average growth rate 2000–2009 USD 2bn
18 Swiss Re, sigma No 2/2011
Emerging markets: China leads growth
Strong growth resumes in the emerging markets
Premium growth is once again strong In the emerging markets, total insurance premiums grew by 11% in 2010 to USD 650bn, in the emerging markets. signalling a return to the strong growth rates of the past. Emerging markets accounted for 15% of the total global premium volume. In USD terms, growth was almost twice as high as in real terms due to currency appreciation. The strong economic environment clearly supported the development of the insurance segment, but as in the previous years, insurance growth outpaced economic growth (6.7%). Premiums in China, which accounts for a third of the total emerging market premium volume, increased by 26%. Except for Russia, growth was strong in the other BRIC countries – ie Brazil and India. The BRICs are continuing to dominate insurance growth in the emerging markets, accounting for 61% of total emerging market premiums, up from 37% in 2000. Growth was also solid in the rest of emerging Asia, Latin America and the Middle East. However, premiums shrank in Africa and Central and Eastern Europe.
Life insurance Life premiums rose 13% to USD 364bn and Life premium growth in the emerging markets strengthened in 2010, increasing by are nearly back to the ten- year average 13% to USD 364bn (2009: +6.0%). While overall growth was almost back to the growth rate... ten-year average, it was still below pre-crisis growth rates, except for Latin America and the Middle East. The regional average growth rates do not reveal the often large differences in growth rates across countries. In emerging Asia, for example, the boom in China pushed up overall growth in the region, while in Central and Eastern Europe, slow growth in Poland, the largest regional market, dragged down regional growth.
Non-life insurance … while non-life premiums increased by 8.5% Non-life premiums grew by 8.5% to USD 286bn in 2010 (2009: +3.1%). Despite to USD 286bn; growth remained below strong growth in 2010, non-life premiums in the emerging markets were still slightly the ten-year average. below the ten year average. Premiums rose the fastest in China (+28%); however, premium growth was also solid in most of the other major non-life markets. Notable exceptions were Mexico, where a two-year programme by the state-owned oil com- pany is only up for renewal in 2011, and Russia, which posted weak results across all lines. Premiums declined in the Central and Eastern European region due to the fragile economic recovery. However, the decline in premium volume may understate demand for insurance in the region, since business in the EU countries is increasingly being written by carriers outside the various countries under the Freedom to Provide Service (FPS) agreement.
Swiss Re, sigma No 2/2011 19 Emerging markets: China leads growth
Figure 16 100% Life and non-life premium growth versus 80% rising GDP growth in the emerging markets penetration 60%
40% 20%
0% falling penetration
Real premium growth 2010 growth Real premium –20% –4%–2% 0% 2% 4% 6% 8% 10% 12% Real GDP growth 2010
Non-life insurance Life insurance GDP
Source: Swiss Re Economic Research & Consulting
Insurance density and penetration Average premiums were USD 110 per capita, In 2010, an average of USD 110 per capita was spent on insurance in the emerging or 3% of GDP. markets; of this amount, the majority was spent on life insurance (USD 61) versus USD 49 for non-life insurance. Growth of insurance premiums continued to outpace general economic growth; hence, insurance penetration (ie premiums as a % of GDP) continued to increase, rising to 3% in 2010. Due to a phase of solid economic growth in the emerging markets since 2000, insurance penetration has increased by 50%, underlining the growing importance of the insurance sector in the emerging market economies. Even by country, premiums grew faster than GDP in the majority of life and non-life markets (see Figure 16).
20 Swiss Re, sigma No 2/2011
Figure 17 Emerging markets: insurance density and penetration
Premiums per capita in USD 05001 000 1 500 2 000 2 500 Bahamas Slovenia United Arab Emirates South Africa Macao Czech Republic Trinidad and Tobago Qatar Bahrain Chile Slovakia Poland Malaysia Namibia Hungary Croatia Brazil Russia Venezuela Panama Oman Lebanon Argentina Kuwait Uruguay Jamaica Thailand Lithuania Saudi Arabia Mexico PR China Costa Rica Bulgaria Colombia Romania Turkey Average Serbia Jordan El Salvador Ecuador Morocco Peru Tunisia Dominican Republic Iran India Kazakhstan Ukraine Indonesia Sri Lanka Algeria Philippines Kenya Egypt Vietnam Nigeria Pakistan Bangladesh Premiums as a % of GDP Non-life premiums per capita Life premiums per capita Premiums as a % of GDP Source: Swiss Re Economic Research & Consulting
Swiss Re, sigma No 2/2011 21 Emerging markets: China leads growth
South & East Asia: favourable outlook
Life insurance Strong life premium growth has been Life insurance premiums rose strongly by 18% in 2010 to USD 238bn (2009: +12%) observed in most markets in 2010. across South & East Asian markets. Premium growth in China soared by 26% (2009: +13%), reflecting strong demand for both traditional and investment-linked products. However, the introduction of tighter bancassurance regulations slowed sales through bank branches towards the end of the year. In India, premium growth slowed to 4.2% in 2010 (2009: +7.9%). The regulatory landscape has changed with the IRDA announcing a series of actions and new regulations related to unit-linked insurance plans. These measures have put pressure on the underwriting margins of life insurers and slowed the growth of new business. Meanwhile, other Southeast Asian markets reported robust premium expansion between of 7% and 18%, alongside improving consumer sentiments, which have bolstered sales of investment-type products. Profita- bility is likely to remain stable, since interest rates have remained low.
Rising interest rates bode favourably The outlook for 2011 remains positive, but varies across the markets. Stringent regula- for insurers’ investment results in 2011. tion is the key challenge. In China, the implementation of firm regulations on banc- assurance could drag on premium growth; but, rising interest rates bode favourably for insurers’ investment results. Indian insurers are likely to see further improvements in investment yields alongside rising consumer demand. Meanwhile, regulations recently disclosed regarding unit-linked insurance products are expected to prompt insurers to shift from these products to traditional protection and endowment products. Unit-linked products will nevertheless remain a key product of insurers in the longer term considering their wide popularity and increased transparency in India. In other Southeast Asian markets, the positive economic outlook will continue to underpin growth, but regulatory changes mainly in the form of tighter solvency standards and higher consumer protection standards will demand life insurers’ attention.
Non-life insurance The robust economic outlook supports Non-life premiums in emerging Asia rose sharply by 22% in 2010 to USD 98bn insurance growth. (2009: +14%). In China, a full pipeline of infrastructure projets, as well as growth in policy-driven agricultural and liability insurance, have contributed to robust premium growth of 28% (2009: +19%). In India, premiums grew solidly by 9.8% (2009: +5.4%) mainly due to the strong performance of the motor and property businesses as well as mono-line health insurers, which reported very strong growth in their portfolios. Most other Southeast Asian markets also reported solid premium growth over the year. Underwriting losses have led regulators in some markets to review current tariff systems. Profitability is estimated to have improved in the absence of major losses. While China was hit by a strong earthquake in April and endured a wave of floods in the middle of the year, insurance losses were limited due to the still low insurance penetration. Premiums in 2010 in South and East Asia World The industry outlook in most markets is expected to improve further in 2011. A cyclical USD bn market share upswing in China’s motor premiums will underpin further improvement in this line of busi- Life 238 9.5% ness, while the termination of subsidies for small cars and the introduction of vehicle Non-life 98 5.4% registration quotas in Beijing will have a negative impact on motor insurance sales. In India, more foreign insurers are expected to enter the market in collaboration with Real premium growth local partners. Several banks are also planning to enter the non-life sector in order to diversify their portfolios and broaden their product offerings. This will further fragment 20% the market and increase competitive pressure. Meanwhile, the 2011 earthquakes in Japan and New Zealand could prompt corporations to review and improve their insur- 15% ance protection against business interruption. The major challenges are continuous price pressure and rising inflation in some countries. Additionally, regulators are consider- 10% ing raising solvency standards, which could impact the capital adequacy of smaller domestic insurers. 5%
0% Life Non-life
■ Growth rate 2010 ● Annual average growth rate 2000–2009
22 Swiss Re, sigma No 2/2011
Latin America and the Caribbean: stronger growth
Life insurance Growth in life premiums accelerated to 12% Life insurance premiums in Latin America and the Caribbean accelerated by 12% in 2010 due to strong growth in Brazil, Chile to USD 55bn in 2010 (2009: +7.4%). Premium volume in USD terms grew at almost and Argentina. 30% as many currencies in the region appreciated during 2010. Since premium growth in the region far exceeded the global life insurance industry’s overall growth, the region’s share of the world market increased in 2010 (+2.2%) versus +1.8% in 2009. The main contributor to overall life growth was Brazil, where premiums rose 13%. Chile, Argentina and Peru also contributed significantly; premium growth for these three countries combined exceeded 20%. Among the larger life markets in the region, Colombia was the only country where premiums fell (–0.7%); the decline was due to shrinking pension-related lines.
The boom should continue, but rising inflation Going forward, life premium growth is expected to continue to grow at double- is a challenge. digit rates on the back of a buoyant economic environment. In addition, insurers are successfully extending their product offers to individuals in the medium and lower income groups. The higher penetration will, however, increasingly expose life insur- ers to catastrophic events, such as floods or pandemics. One of the key challenges is that rising inflation is likely to undermine demand for savings products.
Non-life insurance The rebounding economy supports In 2010, non-life premiums in the region grew by 5.5% to USD 73bn (2009: +2.9%). non-life growth. The rebounding economy supported premium growth across the region and, as in life, Brazil was the largest contributor to regional non-life premium growth. This was driven by the double-digit growth of motor, the biggest non-life line in Brazil. Extended war- ranty in property and group accident also contributed to the strong expansion in Brazil, while rural and special risk lines underperformed. Argentina was another major contri- butor to regional growth. Chile, Colombia and Peru also exceeded the regional average, but their contribution to regional growth was limited due to the relative size of their insurance markets. In Mexico, non-life premiums decreased by 4.8% due to the absence of premiums from the state-owned oil company in 2010¹⁰. According to the Mexican insurance supervisor, premium volume in 2010 would also have grown if adjusted for the national oil company. The non-life insurance market of Venezuela, which was the third biggest in the region in 2009, fell to fourth place as premiums contracted considerably to USD 7.9bn (2009: USD 12.3bn) due to the devaluation of the local currency.
The massive investments expected in infrastructure and energy are likely to drive growth in the region in the short- and medium term. The increase in sums insured and exposure will, however, be partially compensated by competitive pricing. Insurers could Premiums in 2010 in be tempted to underprice inflation, which would have an impact on the results of long- Latin America and the Caribbean tail business such as liability. In 2011 and 2012, insurers in Brazil and Argentina will World probably also face higher prices and less capacity from reinsurers due to stricter USD bn market share reinsurance regulations. Life 55 2.2% Non-life 73 4%
Real premium growth 12% 10% 8% 6% 4% 2% 0% Life Non-life
■ Growth rate 2010 ¹⁰ The multi-line, multi-year policy of the state-owned oil company Pemex was placed in 2009 and will only be ● Annual average growth rate 2000–2009 renewed in 2011.
Swiss Re, sigma No 2/2011 23 Emerging markets: China leads growth
Central and Eastern Europe: back to growth in life, while non-life continues to contract
Life insurance Premium growth resumed, but was mainly due In 2010, premium growth in the CEE region was once again positive at 5.7% to the performance of the savings business. (2009: –19%), with premiums rising to USD 20bn. Premium volume grew strongest in Russia (+34%), the Czech Republic (+16%) and the Baltic states (+25%), where premiums rebounded after declining by nearly 30% for two years due to the deep economic crisis. In Poland, the largest life market in the region, premiums grew by 1.9%, driven by strong sales of unit-linked products. The strong performance of the Czech Republic (+16%) was due to buoyant sales of single premium products, while the development of regular premium products was flat. A similar trend can be seen in Hungary (+3.4%), where single premium business (unit-linked as well as endow- ment products) compensated for falling premium volumes for all other product types. Premiums continued to decline in Romania, where the economy has yet to recover.
Growth continued, but was below While the life sector continues its recovery, a quick return to pre-crisis growth is pre-crisis levels. unlikely, since the economic situation will improve only gradually given the severe recession in 2009 and the high levels of household debt in many countries. Further- more, recent growth has been driven primarily by pure savings products with short durations, while sales of risk products continued to be sluggish or fell. One of the main challenges going forward will therefore be supporting sales of more risk-based products. In the European Union countries, the introduction of Solvency II is one of the key challenges.
Non-life insurance Non-life premiums continued to contract Non-life insurance premiums fell 2.1% in Central and Eastern Europe to USD 68bn in in 2010. 2010 (2009: –6.9%). The decline was broadly based and Poland was the only major country to report growth (+3.4%). However, these figures are likely to underestimate the demand for insurance in the region’s EU member states. An increasing share of the business sold in these countries is no longer captured in the national statistics, as it is written under the Freedom to Provide Service (FPS) agreement. Still, the weak perform- ance is not surprising, given the sluggish improvement of the general economic situation in most countries, with investment activity and private consumption still mostly weak or declining. This is also reflected in the at growth by line of business. In Russia, the largest non-life insurance market in the region, premiums declined by 1.1% due to weak property, motor own damage and (non-risk bearing) compulsory medical business, while voluntary accident & health expanded at double-digit rates. Growth in Poland was driven mainly by property, while motor own damage continued to decline and motor third party liability grew slightly. Premiums continued to decline in the other major markets in the region, such as Hungary (–6.8%), the Czech Republic (–5.1%) and Romania (–13%). Premiums Premiums in 2010 in in the Baltic States (–5.8%) continued to decline as well, but this can still be considered Central and Eastern Europe an improvement compared to the previous year (–34%). Central and Eastern Europe World experienced a number of severe natural hazard events – eg the heat waves and wildfires USD bn market share in Russia and floods, particularly in Poland, which resulted in large insured losses and Life 20 0.8% drove up loss ratios in property. Non-life 68 3.7% For as long as the general economic environment is not expected to return to its Real premium growth pre-crisis state, it will continue to improve. Domestic demand should become more 10% broadly based with private consumption and investments in the region also expected to grow, supporting growth of related business lines, such as engineering or motor 8% insurance. In some markets, most notably Poland, there are signs of rate improve- 6% ments in motor, but in the other new EU member countries, competition in the seg- 4% ment is likely to remain fierce. While most countries in the region are not exposed to 2% major natural hazards, such as earthquakes and wind storms, the recent flood events 0% have nevertheless raised awareness about natural hazards and how insurance can –2% counter their negative financial consequences. –4% Life Life excl. Russia Non-life
■ Growth rate 2010 ● Annual average growth rate 2000–2009
24 Swiss Re, sigma No 2/2011
The Middle East, Central Asia & Turkey¹¹: recovery in 2010, uncertain outlook amid political uncertainties
Life insurance In 2010, life premiums grew strongly in Turkey The life insurance market in the region continued to witness strong growth with and oil-exporting countries. premiums increasing by 12% to USD 4bn in 2010; the annualised growth for the period 2000–09 was 9.4%. Turkey, which accounted for 36% of the region’s life premiums, registered premium growth of 11%, well above the average annualised growth of 3.6% from 2000 to 2009. In the oil-exporting countries of Saudi Arabia and UAE, the rise in popularity of takaful insurance spurred the growth of life premiums, which grew by 21% and 4.1% respectively in 2010.
Increasing insurance awareness and In the medium and long term, the outlook for life insurance is generally positive in the popularity of Islamic insurance will support region. Life insurance penetration is still very low. Islamic insurance and efforts to growth in life premiums. increase insurance awareness should play an important role in the future. It is expected that pension reforms in the regional markets, the restructuring of existing schemes and the reduced role of governments in pension systems will boost demand for long-term savings products. Changing demographics – driven by the growing numbers of indivi- duals of working age – along with strong economic growth prospects will provide strong support for the life insurance market.
Non-life insurance Non-life premiums recovered strongly The non-life insurance markets in the Middle East, Central Asia and Turkey recovered on the back of improving macroeconomic strongly with premiums growing by 7.3% to USD 27bn in 2010. This was primarily conditions. driven by improving macroeconomic conditions; the aggregate real GDP of the regional markets grew by 4.7% in 2010 versus 3.4% in 2009.
Compulsory insurance lines and infrastructural Turkey, the largest non-life insurance market in the Middle East region, accounted developments drove premium growth for approximately 28% of the total direct premiums in 2010. After registering a decline in the oil-exporting countries. in real premiums of 3.8% and 2.1% in 2008 and 2009 respectively – on the back of weak external demand and competitive pricing – the non-life insurance industry in Turkey rebounded in 2010, registering a growth rate of 3.6%. Non-life premium growth was strong in the oil-exporting countries of Saudi Arabia (+14%), Jordan (+7.7%) and the UAE (+7.2%). The health segment is increasingly gaining significance in the region as the governments introduce laws requiring compulsory health coverage. Strong infrastructural development and expansion in hydrocarbon facilities, particularly in the oil-exporting countries, have helped stimulate demand for commercial insurance lines such as property and engineering. The growth outlook in 2011 will be affected by political uncertainties; long-term growth fun- The political turmoil in the Middle East is creating uncertainty for the economic growth damentals remain intact. outlook of the region in the short term. Sectors such as tourism, manufacturing, Premiums in 2010 in emerging Middle East construction, trade and banking are particularly affected. The negative impact will most countries, Central Asia & Turkey10 likely affect the growth prospects of non-life insurance in the markets of Egypt, Libya, World Syria and Yemen. However, it is unlikely that the situation will severely dent the long- USD bn market share term fundamentals for economic and insurance growth in the region. Premium growth Life 4 0.2% will also be supported by personal lines, such as motor and health, which will become Non-life 27 1.5% compulsory.
Real premium growth 12% 10% 8% 6% 4% 2% 0% Life Non-life
■ Growth rate 2010 ● Annual average growth rate 2000–2009 ¹¹ The figures in this section exclude Israel, which belongs to the group of industrialised countries.
Swiss Re, sigma No 2/2011 25 Emerging markets: China leads growth
Africa: life premiums decline, non-life grows
Life insurance The South African life industry was impacted Life insurance premiums in Africa fell by 2.4% to USD 47bn in 2010, after having by lower sales of annuities. increased by 1.7% in 2009. South Africa is the dominant market, accounting for more than 90% of regional life premium volume. Premium income in South Africa fell by 2.1% in 2010 (2009: +1.7%). Sales of compulsory annuities were adversely affected by lower interest rates, which resulted in lower annuity rates. However, there was solid growth in the large private pensions market and in investment products. Premiums in Egypt, the third largest market, although still relatively small compared to South Africa, shrank by 18%. Recent data is unavailable for the other countries in the region. A number of takaful companies have set up operations in Egypt as well as in other African countries. This is likely to increase the appeal of life insurance to the continent's significant Muslim population.
Life insurance in the region is likely to experience growth in the medium term as the economic recovery gains momentum.
Non-life insurance According to available information, According to the limited information available, non-life premiums in Africa rose 4.1% growth increased in 2010. to USD 19bn (2009: +3.8%). South Africa, which accounted for half of the regional non-life premium volume, grew by 4.2%. Non-life premium income continued to decline in Egypt (–2.6%), but increased in Namibia (+10%). Recent data is not available for other countries in the region.
Due to rising commodity prices, the African economies performed relatively well in the global economic crisis and the expansion should continue. The non-life insurance market should benefit accordingly.
Premiums in 2010 in Africa World USD bn market share Life 47 1.9% Non-life 19 1.1%
Real premium growth 8% 6% 4% 2% 0% –2% –4% Life Non-life
■ Growth rate 2010 ● Annual average growth rate 2000–2009
26 Swiss Re, sigma No 2/2011
Methodology and data
This study is based on the direct premium volume of insurance companies, regardless of whether they are privately or state owned. Premiums paid to state social insurers are not included.
Basis: direct premium income in 147 countries The study examines non-life and life premium volume in 147 countries. The statistical appendix provides detailed information on the largest 88 countries, measured by total insurance premium volume.
Data sources The insurance data (and estimates where data was not yet available) contained in the study originates primarily from national supervisory authorities and, in some cases, from insurance associations. The macroeconomic data was sourced from the Interna- tional Financial Statistics of the International Monetary Fund (IMF), Oxford Economics, the Economist Intelligence Unit (EIU) and the Wiener Institut für internationale Wirt- schaftsvergleiche (WIIW).¹²
Data revisions Figures for previous years are adjusted as new information becomes available. An update of sigma's world insurance tables will be posted online in December 2011 (at www.swissre.com/sigma). Compared to the December 2010 update, world premi- ums for 2009 have been revised by 0.3% or USD 8.1bn in life insurance and by –0.01% or USD –0.2bn in non-life insurance. Compared to the last edition (sigma No 2/2010), the revision was –1.5% for life premiums and 0.4% for non-life premiums.
Definition of premium income This report is based on information concerning the premiums written for direct business by all registered insurers. This means: 1. Direct insurance premiums, including commissions and other charges, are considered prior to cession to a reinsurance company. 2. Domestic insurers – regardless of their ownership – and domestic branches of foreign insurers are regarded as domestically domiciled business units. By contrast, business undertaken by the foreign branches of domestic insurers is not regarded as domestic business. 3. Business that has been written in the domestic market includes premiums for cover of domestic risks as well as those covering foreign risks, as long as they are written by domestic insurers (cross-border business).
Health insurance allocated to non-life business Life and non-life business areas are categorised in this study according to standard EU and OECD conventions. This means that health insurance is counted as part of non-life insurance, even if these lines are classified differently in the individual countries.
Growth rates in local currency are adjusted Unless stated otherwise, all premium growth rates in the text indicate changes in real for inflation. terms. These real growth rates are calculated using premiums in local currencies and adjusted for inflation using the consumer price index for each country. In addition to the real growth rate, the statistical appendix provides the nominal change in growth for each country. Regional aggregated growth rates were calculated using the previous year's premium volumes, which were converted into USD at market exchange rates. The same procedure was used for the economic aggregates of Table X, for which the previous year's nominal GDPs in USD were used as weights.
¹² It should be noted that both the insurance and macroeconomic data listed in this study may deviate from the 2008 and 2009 figures published in earlier World Insurance sigmas. These discrepancies are due to statistical adjustments or the use of better sources.
Swiss Re, sigma No 2/2011 27 Methodology and data
The use of US dollar figures facilitates Using the average exchange rate for the financial year, premium volumes are converted international comparisons. into USD to facilitate comparisons between the different markets and regions.¹³ Where no premium data is available (indicated by “na” for the local currency value), the premi- um income in USD is estimated based on the assumption that the ratio of insurance premiums to GDP remained constant (ie constant insurance penetration). Regional growth rates are calculated using a weighted average of the real growth rates of the individual countries. The weighting is based on the relevant premiums of the previous year, in USD.
The statistical appendix contains additional calculations as well as the macroeconomic data used for currency conversions. Alongside real growth rates, the changes are also shown at current prices (nominal growth rates) in both the local currency and in USD.
Density and penetration do not include Only premium income from domestic risks is used to calculate insurance penetration cross-border business. and density. Cross-border business is not included. This has a significant effect in Lux- embourg, Italy and Ireland.
Acknowledgement The sigma editorial team would like to thank the supervisory authorities, associations and companies that helped with data compilation.
¹³ In Egypt, India, Iran, Japan, South Korea and Malaysia, the financial year is not the same as the calendar year. Precise details about the differences in dates are given in the notes to the statistical appendix.
28 Swiss Re, sigma No 2/2011
Statistical appendix
Premium data on countries and regions is now available electronically at the following prices:
Update 2000–2010 1995–2010 1980–2010 per package
Life insurance CHF 1500 CHF 2100 CHF 3750 CHF 500 USD 1760 USD 2470 USD 4410 USD 590 EUR 1220 EUR 1710 EUR 3050 EUR 410
Non-life insurance CHF 1500 CHF 2100 CHF 3750 CHF 500 USD 1760 USD 2470 USD 4410 USD 590 EUR 1220 EUR 1710 EUR 3050 EUR 410
Total premium volume (non-life and life) CHF 3000 CHF 4200 CHF 7500 CHF 1000 USD 3520 USD 4940 USD 8820 USD 1180 EUR 2440 EUR 3420 EUR 6100 EUR 820
Further information and order forms can be accessed under “Dataselling” at www.swissre.com/sigma/data_selling.html
Insurance figures for the period 2008–2010 are available free of charge on the sigma portal of the Swiss Re website at www.swissre.com/sigma
Swiss Re, sigma No 2/2011 29 Statistical appendix
Legend for Tables I to X
1 Excluding cross-border business 2 Excludes industrialised countries in South and East Asia (Hong Kong, Singapore, South Korea, and Taiwan) 3 Insurance penetration (premiums as a percentage of GDP) and density (premiums per capita) include cross-border business 4 North America, Western Europe (excluding Turkey), Japan, Hong Kong, Singapore, South Korea, Taiwan (counted as an emerging market in earlier editions), Oceania, Israel 5 Latin America, Central and Eastern Europe, South and East Asia, the Middle East (excluding Israel) and Central Asia, Turkey, Africa 6 34 member countries 7 The US, Canada, the UK, Germany, France, Italy, Japan 8 The US, Canada, Mexico 9 Singapore, Malaysia, Thailand, Indonesia, the Philippines, Vietnam. The four remaining member countries – Brunei, Cambodia, Laos and Myanmar – are not included. 10 Life insurance: premiums are supplemented by estimated premiums for group pension business, which has not been included in the statistics for some regions since 2001. Non-life insurance includes state funds. 11 Life insurance: net premiums 12 Non-life insurance: gross premiums, including reinsurance premiums 13 Financial year 1 April 2010 – 31 March 2011 14 Financial year 21 March 2010 – 20 March 2011 15 Financial year 1 July 2009 – 30 June 2010 16 Non-life insurance: financial year 1 July 2009 – 30 June 2010 17 Inflation-adjusted premium growth rates in local currency, see Tables II, IV and VI 18 Including the remaining countries + provisional * estimated ** estimated USD value assuming constant insurance penetration
30 Swiss Re, sigma No 2/2011 Table I: Premium volume by region and organisation in 2010
Premium volume Change (in %) Share of world Premiums1 Premiums1 per (in millions of USD) inflation-adjusted market (in %) in % of GDP capita (in USD) Total business 2010 2009 2010 2009 2010 2010 2010 America 1 409 530 1 357 559 0.7 –5.5 32.49 6.71 1 519.2 North America 1 281 664 1 249 254 0.0 –6.3 29.54 7.90 3 724.4 Latin America and Caribbean 127 867 108 305 8.2 4.6 2.95 2.68 219.1 Europe 1 620 437 1 614 385 1.8 1.8 37.35 7.47 1 850.2 Western Europe 1 532 631 1 529 489 1.9 2.6 35.32 8.44 2 890.3 Central and Eastern Europe 87 806 84 896 –0.4 –10.1 2.02 2.62 272.5 Asia 1 161 118 1 014 419 7.2 4.7 26.76 6.16 281.5 Japan and newly industrialised Asian economies 791 349 721 910 2.8 2.1 18.24 10.64 3 733.3 South and East Asia2 336 448 262 699 18.8 12.3 7.75 3.66 93.9 Middle East and Central Asia 33 321 29 810 10.1 5.0 0.77 1.51 105.0 Africa 66 719 57 453 –1.1 2.3 1.54 3.86 64.7 Oceania 81 160 65 819 2.3 –11.5 1.87 5.82 2 283.1 World3 4 338 964 4 109 635 2.7 –0.3 100.00 6.89 627.3 Industrialised countries4 3 688 758 3 568 693 1.4 –1.0 85.01 8.65 3 526.7 Emerging markets5 650 206 540 943 11.0 4.6 14.99 2.99 110.1
OECD6 3 629 636 3 521 726 1.2 –1.3 83.65 8.14 2 847.8 G77 2 843 371 2 776 919 0.7 –1.4 65.53 8.76 3 775.2 Euroland 1 069 855 1 076 059 3.1 6.8 24.66 8.15 3 005.2 EU, 27 countries 1 482 347 1 484 642 1.9 2.1 34.16 8.43 2 736.3 NAFTA8 1 300 859 1 266 611 0.0 –6.1 29.98 7.54 2 859.7 ASEAN9 57 169 46 658 9.3 4.9 1.32 2.97 103.6 Eastern Europe excl. Russia 45 388 44 437 –0.3 –11.6 1.05 3.01 245.7 SETE 7 6 775 7 303 –6.6 –5.8 0.16 1.99 134.4 Baltic States 1 346 1 407 –0.5 –28.1 0.03 1.69 195.3 Central Europe 35 058 33 521 1.6 –10.4 0.81 3.72 529.9
Life business America 612 349 589 076 0.4 –10.6 24.30 2.92 660.0 North America 557 802 546 829 –0.6 –11.8 22.13 3.44 1 620.9 Latin America and Caribbean 54 547 42 247 12.2 7.4 2.16 1.14 93.5 Europe 965 661 953 418 2.8 3.4 38.32 4.48 1 110.6 Western Europe 946 042 935 364 2.8 4.0 37.54 5.26 1 802.6 Central and Eastern Europe 19 619 18 053 5.7 –19.2 0.78 0.58 60.9 Asia 855 370 752 541 6.3 4.2 33.94 4.55 208.1 Japan and newly industrialised Asian economies 608 808 558 013 2.4 1.9 24.16 8.22 2 885.5 South and East Asia2 238 441 187 267 17.5 11.5 9.46 2.59 66.5 Middle East and Central Asia 8 121 7 261 11.5 5.4 0.32 0.37 25.6 Africa 47 244 40 581 –2.4 1.7 1.87 2.73 45.8 Oceania 39 448 31 827 2.7 –23.7 1.57 2.83 1 109.7 World3 2 520 072 2 367 442 3.2 –0.8 100.00 4.00 364.3 Industrialised countries4 2 156 248 2 075 916 1.8 –1.6 85.56 5.07 2 068.7 Emerging markets5 363 824 291 526 13.1 6.0 14.44 1.67 61.6
OECD6 2 082 426 2 014 516 1.4 –2.0 82.63 4.68 1 639.3 G77 1 641 942 1 598 447 0.8 –2.0 65.15 5.13 2 211.5 Euroland 636 006 630 240 4.7 11.7 25.24 4.76 1 755.6 EU, 27 countries 914 072 905 919 2.8 3.4 36.27 5.27 1 709.1 NAFTA8 566 747 554 518 –0.5 –11.5 22.49 3.29 1 245.9 ASEAN9 35 693 28 688 10.7 3.6 1.42 1.98 69.1 Eastern Europe excl. Russia 18 600 17 298 4.6 –19.1 0.74 1.23 100.7 SETE 7 1 282 1 320 –1.3 –10.6 0.05 0.38 25.4 Baltic States 357 305 21.6 –12.9 0.01 0.45 51.9 Central Europe 16 924 15 661 4.7 –19.5 0.67 1.80 255.8
Non-life business America 797 181 768 482 0.9 –1.2 43.83 3.80 859.2 North America 723 861 702 425 0.5 –1.5 39.80 4.46 2 103.5 Latin America and Caribbean 73 320 66 058 5.5 2.9 4.03 1.53 125.6 Europe 654 775 660 968 0.3 –0.4 36.00 2.99 739.6 Western Europe 586 589 594 125 0.6 0.4 32.25 3.18 1 087.7 Central and Eastern Europe 68 187 66 842 –2.1 –6.9 3.75 2.03 211.6 Asia 305 748 261 878 9.8 6.1 16.81 1.61 73.5 Japan and newly industrialised Asian economies 182 541 163 897 4.2 2.8 10.04 2.42 847.8 South and East Asia2 98 007 75 432 21.9 14.4 5.39 1.07 27.4 Middle East and Central Asia 25 200 22 549 9.9 4.8 1.39 1.14 79.4 Africa 19 475 16 873 4.1 3.8 1.07 1.13 18.9 Oceania 41 713 33 993 2.0 4.0 2.29 2.99 1 173.4 World3 1 818 893 1 742 193 2.1 0.3 100.00 2.89 263.0 Industrialised countries4 1 532 510 1 492 776 1.0 –0.2 84.26 3.57 1 458.0 Emerging markets5 286 383 249 417 8.5 3.1 15.74 1.32 48.5
OECD6 1 547 209 1 507 210 0.9 –0.2 85.06 3.45 1 208.5 G77 1 201 429 1 178 472 0.5 -0.5 66.05 3.63 1 563.7 Euroland 433 850 445 819 0.9 0.6 23.85 3.39 1 249.6 EU, 27 countries 568 275 578 723 0.5 0.2 31.24 3.17 1 027.2 NAFTA8 734 112 712 093 0.4 –1.4 40.36 4.26 1 613.8 ASEAN9 21 476 17 970 7.0 7.2 1.18 0.99 34.5 Eastern Europe excl. Russia 26 788 27 139 –3.6 –5.9 1.47 1.77 145.0 SETE 7 5 493 5 983 –7.9 –4.7 0.30 1.61 109.0 Baltic States 988 1 103 –6.6 –31.4 0.05 1.24 143.4 Central Europe 18 134 17 860 –1.1 –0.2 1.00 1.93 274.1
Swiss Re, sigma No 2/2011 31 Table II: Total premium volume in local currency in 2010
Premium volume Change (in %) Change (in %) (in millions of local currency) nominal inflation-adjusted Country Currency 2010 2009 2008 2010 2009 2010 2009 North America United States10 USD 1 166 142 + 1 149 758 1 239 747 1.4 –7.3 –0.2 –7.0 Canada11 CAD 118 999 * 113 578 111 359 4.8 2.0 2.9 1.7 Total 0.0 –6.3 Latin America Brazil BRL 112 812 * 97 367 86 939 15.9 12.0 10.3 6.8 and Caribbean Mexico MXN 242 558 + 234 549 206 704 3.4 13.5 –0.7 7.8 Argentina ARS 39 399 + 29 676 26 668 32.8 11.3 20.2 4.7 Chile CLP 4 228 292 3 457 953 3 638 056 22.3 –5.0 18.7 –9.4 Venezuela VEB 34 860 * 27 550 22 334 26.5 23.4 –1.3 –2.9 Colombia COP 12 261 648 + 11 436 693 10 470 809 7.2 9.2 4.8 4.8 Peru PEN 6 552 5 190 4 331 26.2 19.8 24.4 16.4 Ecuador USD 1 108 943 884 17.5 6.6 13.5 1.4 Panama PAB 919 847 774 8.5 9.5 4.8 6.9 Trinidad and Tobago TTD na. na. 5 156 + na. na. na. na. Uruguay UYU na. 12 693 10 727 + na. 18.3 na. 10.5 Bahamas BSD na. na. na. na. na. na. na. Dominican Republic DOP na. 23 194 22 010 na. 5.4 na. 3.9 Costa Rica CRC na. 339 680 336 029 * na. 1.1 na. –6.3 Jamaica JMD na. 43 617 + 41 612 na. 4.8 na. –4.3 El Salvador SVC na. 540 + 439 na. 23.0 na. 21.7
Total 8.2 4.6 Europe United Kingdom GBP 200 530 * 199 450 213 529 0.5 –6.6 –2.7 –8.6 France EUR 211 235 * 203 824 187 375 3.6 8.8 2.1 8.7 Germany EUR 180 867 * 172 177 163 801 5.0 5.1 3.9 4.8 Italy EUR 131 491 * 121 529 95 655 8.2 27.0 6.6 26.1 Netherlands EUR 73 199 * 74 200 77 861 –1.3 –4.7 –2.6 –5.8 Spain EUR 57 380 * 59 255 59 410 –3.2 –0.3 –4.9 0.0 Switzerland CHF 54 339 + 53 694 53 135 1.2 1.1 0.5 1.5 Ireland EUR 36 127 * 34 736 35 320 4.0 –1.7 5.7 0.1 Russia RUB 1 041 094 977 526 951 974 6.5 2.7 –0.6 –8.2 Belgium EUR 31 000 * 29 100 30 686 6.5 –5.2 4.2 –5.1 Sweden SEK 275 167 253 160 243 297 8.7 4.1 7.3 4.4 Luxembourg EUR 24 899 + 19 993 13 118 24.5 52.4 21.1 52.4 Denmark DKK 165 624 + 160 994 165 219 2.9 –2.6 0.6 –3.8 Finland EUR 16 913 * 16 413 16 008 3.1 2.5 1.8 2.5 Austria EUR 16 767 * 16 421 16 215 2.1 1.3 0.3 0.8 Portugal EUR 16 426 * 13 891 * 15 437 * 18.3 –10.0 16.6 –9.3 Norway NOK 119 628 113 359 115 451 5.5 –1.8 3.1 –3.9 Poland PLN 53 593 + 50 834 58 792 5.4 –13.5 2.7 –16.9 Turkey TRY 13 816 12 145 11 523 13.8 5.4 4.8 –0.8 Liechtenstein CHF 9 373 + 8 933 5 889 4.9 51.7 4.2 52.4 Czech Republic CZK 151 135 + 144 134 139 471 4.9 3.3 3.6 2.7 Greece EUR na. 4 704 4 751 * na. –1.0 na. –2.1 Hungary HUF 831 454 + 807 236 863 719 3.0 –6.5 –1.6 –10.1 Slovenia EUR 2 093 + 2 073 2 019 1.0 2.7 –1.1 1.8 Romania RON 8 364 + 8 870 8 936 –5.7 –0.7 –11.1 –6.0 Slovakia EUR 1 967 + 2 005 2 101 –1.9 –4.6 –2.6 –5.4 Ukraine UAH 19 545 * 20 442 24 009 –4.4 –14.9 –12.6 –26.5 Croatia HRK 9 246 9 411 9 686 –1.8 –2.8 –2.8 –5.1 Malta EUR na. 1 040 864 na. 20.4 na. 18.2 Bulgaria BGN na. * 1 662 1 811 na. –8.2 na. –10.4 Cyprus EUR 815 * 778 742 4.8 4.8 2.2 4.6 Serbia RSD 56 521 53 535 52 187 5.6 2.6 –1.1 –5.5 Lithuania LTL 1 552 + 1 314 1 876 18.1 –29.9 16.7 –32.8
Total 1.8 1.8 Asia Japan13 JPY 48 376 460 + 48 484 704 48 542 064 –0.2 –0.1 0.1 1.5 PR China CNY 1 452 797 + 1 113 730 978 396 30.4 13.8 26.2 14.6 South Korea13 KRW 132 780 312 + 119 113 680 110 047 904 11.5 8.2 7.8 5.6 India13 INR 3 579 969 * 3 046 764 2 553 558 17.5 19.3 4.9 7.6 Taiwan TWD 2 418 655 2 108 418 2 026 584 14.7 4.0 13.6 5.0 Hong Kong HKD 199 862 + 179 035 183 249 11.6 –2.3 9.0 –2.8 Singapore SGD 23 640 + 21 020 22 211 12.5 –5.4 9.4 –5.9 Thailand THB 431 041 + 368 574 329 675 16.9 11.8 13.2 12.8 Malaysia13 MYR 37 322 * 34 203 31 038 9.1 10.2 7.0 10.2 Israel ILS na. 39 607 37 436 na. 5.8 na. 2.4 Indonesia IDR 96 868 928 * 86 243 632 73 762 488 12.3 16.9 6.8 11.6 United Arab Emirates12 AED 21 575 20 039 18 274 7.7 9.7 6.7 8.0 Iran14 IRR na. 46 459 700 40 560 988 na. 14.5 na. 1.7 Saudi Arabia SAR 17 558 * 14 610 10 919 20.2 33.8 14.1 27.4 Philippines PHP 96 296 * 86 226 86 208 11.7 0.0 7.6 –3.1 Vietnam VND 30 843 700 + 25 493 240 21 186 870 21.0 20.3 11.1 12.4 Pakistan PKR 96 300 * 85 531 76 544 12.6 11.7 –1.1 –1.7 Lebanon LBP na. 1 435 743 1 327 667 na. 8.1 na. 6.9 Bangladesh BDT na. na. 51 549 na. na. na. na. Kazakhstan KZT 139 964 113 290 133 488 23.5 –15.1 15.4 –20.9 Qatar QAR na. 2 814 3 080 na. –8.7 na. –4.0 Oman OMR na. 238 + 208 na. 14.2 na. 9.9 Kuwait KWD na. 170 180 na. –6.0 na. –9.6 Sri Lanka LKR na. na. na. na. na. na. na. Bahrain BHD na. 201 187 na. 7.5 na. 4.5 Jordan JOD 410 * 365 333 12.2 9.6 6.8 10.4 Macao MOP na. na. 3 405 na. na. na. na.
Total 7.2 4.7 Africa South Africa11 ZAR 389 885 * 377 660 345 920 3.2 9.2 –1.0 1.9 Morocco MAD na. 20 808 19 747 na. 5.4 na. 4.3 Egypt15 EGP 8 738 8 630 7 683 1.2 12.3 –9.4 –3.4 Nigeria NGN na. na. na. na. na. na. na. Algeria DZD na. 77 339 67 884 na. 13.9 na. 7.7 Kenya KES na. 64 472 55 202 na. 16.8 na. 6.9 Namibia NAD 6 491 6 186 5 447 4.9 13.6 0.2 4.4 Tunisia TND na. 1 023 + 962 na. 6.3 na. 2.4
Total –1.1 2.3 Oceania Australia16 AUD 79 074 75 057 84 869 5.4 –11.6 2.4 –13.1 New Zealand16 NZD 11 554 + 11 150 10 443 3.6 6.8 1.3 4.6
Total 2.3 –11.5 World 2.7 –0.3
32 Swiss Re, sigma No 2/2011 Table III: Total premium volume in USD in 2010
Premium volume Change (in %) 2010 Share of world (in millions of USD) nominal inflation- market Ranking Country 2010 2009 (in USD) adjusted17 2010 (in %) North America 1United States10 1 166 142 + 1 149 758 1.42 –0.22 26.88 8Canada11 115 521 * 99 496 16.11 2.94 2.66 Total 1 281 664 1 249 254 2.59 0.03 29.54 Latin America 15 Brazil 64 093 * 48 742 31.49 10.31 1.48 and Caribbean 29 Mexico 19 196 + 17 357 10.60 –0.71 0.44 36 Argentina 10 112 + 7 999 26.42 20.19 0.23 40 Chile 8 287 6 179 34.11 18.67 0.19 41 Venezuela 8 179 * 12 832 –36.26 –1.28 0.19 43 Colombia 6 458 + 5 278 22.36 4.85 0.15 54 Peru 2 320 1 724 34.59 24.37 0.05 64 Ecuador 1 108 943 17.51 13.48 0.03 70 Panama 919 847 8.46 4.80 0.02 73 Trinidad and Tobago 833 ** 706 ** 17.93 na. 0.02 76 Uruguay 733 ** 562 30.39 na. 0.02 77 Bahamas 730 ** 722 ** 1.09 na. 0.02 80 Dominican Republic 710 ** 644 10.27 na. 0.02 81 Costa Rica 709 ** 593 19.62 na. 0.02 86 Jamaica 566 ** 496 + 14.04 na. 0.01 87 El Salvador 552 ** 540 + 2.14 na. 0.01 Other countries 2 363 2 141 0.05 Total 127 867 108 305 18.06 8.19 2.95 Europe 3 United Kingdom 310 022 * 312 165 –0.69 –2.66 7.15 4 France 280 082 * 284 044 –1.39 2.07 6.46 5 Germany 239 817 * 239 941 –0.05 3.86 5.53 7 Italy 174 347 * 169 360 2.94 6.56 4.02 10 Netherlands 97 057 * 103 403 –6.14 –2.59 2.24 13 Spain 76 082 * 82 576 –7.86 –4.88 1.75 17 Switzerland 52 118 + 49 419 5.46 0.51 1.20 18 Ireland 47 901 * 48 407 –1.04 5.67 1.10 19 Russia 41 644 39 576 5.22 –0.56 0.96 20 Belgium 41 104 * 40 553 1.36 4.25 0.95 21 Sweden 38 21833 05315.63 7.33 0.88 22 Luxembourg 33 011 + 27 886 18.38 21.15 0.76 23 Denmark 29 449 + 30 031 –1.94 0.57 0.68 25 Finland 22 426 * 22 872 –1.95 1.81 0.52 26 Austria 22 232 * 22 884 –2.85 0.28 0.51 27 Portugal 21 780 * 19 358 * 12.51 16.63 0.50 28 Norway 19 780 18 025 9.74 3.06 0.46 30 Poland 17 763 + 16 286 9.07 2.65 0.41 37 Turkey 9 220 7 853 17.42 4.78 0.21 38 Liechtenstein 8 990 + 8 222 9.35 4.21 0.21 42 Czech Republic 7 914 + 7 561 4.66 3.61 0.18 44 Greece 6 088 ** 6 556 ** –7.13 na. 0.14 48 Hungary 3 999 + 3 989 0.23 –1.62 0.09 49 Slovenia 2 775 + 2 891 –4.01 –1.09 0.06 50 Romania 2 632 + 2 909 –9.51 –11.12 0.06 51 Slovakia 2 608 + 2 794 –6.65 –2.57 0.06 53 Ukraine 2 463 * 2 624 –6.13 –12.60 0.06 56 Croatia 1 682 1 781 –5.55 –2.83 0.04 59 Malta 1 465 ** 1 450 1.04 na. 0.03 62 Bulgaria 1 150 * 1 182 –2.69 na. 0.03 65 Cyprus 1 081 * 1 084 –0.27 2.20 0.02 78 Serbia 727 792 –8.18 –1.14 0.02 84 Lithuania 595 + 529 12.53 16.67 0.01 Other countries 2 215 2 331 0.05 Total 1 620 437 1 614 385 0.37 1.81 37.35 Asia 2 Japan13 557 439 + 522 155 6.76 0.09 12.85 6 PR China 214 626 + 163 047 31.63 26.24 4.95 9South Korea13 114 422 + 98 425 16.25 7.85 2.64 11 India13 78 373 * 64 266 21.95 4.91 1.81 12 Taiwan 76 425 63 782 19.82 13.62 1.76 24 Hong Kong 25 725 + 23 096 11.38 9.02 0.59 31 Singapore 17 338 + 14 451 19.97 9.38 0.40 32 Thailand 13 598 + 10 742 26.59 13.24 0.31 33 Malaysia13 11 779 * 9 889 19.10 6.97 0.27 34 Israel 11 175 ** 10 072 10.95 na. 0.26 35 Indonesia 10 662 * 8 271 28.91 6.84 0.25 45 United Arab Emirates12 5 875 ** 5 456 7.67 6.71 0.14 46 Iran14 5 087 ** 4 710 8.00 na. 0.12 47 Saudi Arabia 4 682 * 3 896 20.18 14.13 0.11 55 Philippines 2 134 * 1 810 17.94 7.59 0.05 57 Vietnam 1 657 + 1 494 10.93 11.14 0.04 63 Pakistan 1 130 * 1 047 7.99 –1.13 0.03 66 Lebanon 1 074 ** 952 12.81 na. 0.02 67 Bangladesh 957 ** 841 ** 13.76 na. 0.02 68 Kazakhstan 950 768 23.66 15.35 0.02 69 Qatar 933 ** 773 ** 20.72 na. 0.02 75 Oman 758 ** 619 + 22.49 na. 0.02 79 Kuwait 719 ** 589 21.92 na. 0.02 82 Sri Lanka 699 ** 609 ** 14.80 na. 0.02 83 Bahrain 606 ** 533 13.69 na. 0.01 85 Jordan 577 * 514 12.15 6.79 0.01 88 Macao 514 ** 416 ** 23.45 na. 0.01 Other countries 1 204 1 193 0.03 Total 1 161 118 1 014 419 14.46 7.16 26.76 Africa 16 South Africa11 53 297 * 44 835 18.87 –0.99 1.23 52 Morocco 2 592 ** 2 583 0.35 na. 0.06 58 Egypt15 1 585 ** 1 565 1.30 –9.41 0.04 60 Nigeria 1 196 ** 982 ** 21.79 na. 0.03 61 Algeria 1 162 ** 1 065 9.14 na. 0.03 71 Kenya 889 ** 833 6.70 na. 0.02 72 Namibia 887 730 21.53 0.21 0.02 74 Tunisia 776 ** 757 + 2.42 na. 0.02 Other countries 4 335 4 103 0.10 Total 66 719 57 453 16.13 –1.11 1.54 Oceania 14 Australia16 72 572 58 624 23.79 2.44 1.67 39 New Zealand16 8 336 + 6 968 19.64 1.29 0.19 Other countries 252 227 0.01 Total 81 160 65 819 23.31 2.32 1.87 World 4 338 964 4 109 635 5.58 2.73 100.00
Swiss Re, sigma No 2/2011 33 Table IV: Life insurance premium volume in local currency in 2010
Premium volume Change (in %) Change (in %) (in millions of local currency) nominal inflation-adjusted Country Currency 2010 2009 2008 2010 2009 2010 2009 North America United States10 USD 506 228 + 501 675 578 508 0.9 –13.3 –0.7 –13.0 Canada11 CAD 53 127 * 51 545 49 646 3.1 3.8 1.3 3.5 Total –0.6 –11.8 Latin America Brazil BRL 58 518 49 465 41 225 18.3 20.0 12.6 14.4 and Caribbean Mexico MXN 113 033 + 103 896 92 702 8.8 12.1 4.5 6.4 Chile CLP 2 558 734 2 051 997 2 175 082 24.7 –5.7 21.0 –10.1 Argentina ARS 7 584 + 5 289 6 250 43.4 –15.4 29.8 –20.4 Colombia COP 3 674 255 + 3 617 176 3 598 083 1.6 0.5 –0.7 –3.5 Peru PEN 3 159 2 054 1 832 53.8 12.1 51.5 8.9 Venezuela VEF 1 396 * 1 103 799 26.5 38.2 –1.3 8.7 Jamaica JMD na. 19 390 + 18 740 na. 3.5 na. –5.6 Trinidad and Tobago TTD na. na. 1 521 + na. na. na. na. Panama PAB 233 239 222 –2.7 7.7 –6.0 5.2 Bahamas BSD na. na. na. na. na. na. na. El Salvador USD na. 184 + 145 na. 27.0 na. 25.7 Ecuador USD 181 157 141 15.6 11.4 11.6 6.0 Uruguay UYU na. 2 719 2 191 + na. 24.1 na. 15.9 Dominican Republic DOP na. 3 560 3 585 na. –0.7 na. –2.1 Costa Rica CRC na. 31 207 28 255 * na. 10.4 na. 2.4
Total 12.2 7.4 Europe United Kingdom GBP 138 312 * 138 468 154 421 –0.1 –10.3 –3.3 –12.2 France EUR 145 127 * 139 265 124 344 4.2 12.0 2.6 11.9 Italy EUR 92 058 * 82 730 56 176 11.3 47.3 9.6 46.2 Germany EUR 86 632 + 80 366 75 269 7.8 6.8 6.6 6.4 Ireland EUR 29 636 * 28 230 28 500 5.0 –0.9 6.7 0.8 Spain EUR 26 151 * 28 119 27 296 –7.0 3.0 –8.6 3.3 Luxembourg EUR 22 561 + 17 905 10 814 26.0 65.6 22.6 65.6 Sweden SEK 211 761 193 360 170 412 9.5 13.5 8.1 13.8 Switzerland CHF 30 036 29 488 29 384 1.9 0.4 1.2 0.8 Belgium EUR 20 650 * 18 905 19 802 9.2 –4.5 6.9 –4.5 Netherlands EUR 18 932 * 21 514 26 388 –12.0 –18.5 –13.1 –19.4 Denmark DKK 106 893 103 278 108 412 3.5 –4.7 1.2 –6.0 Finland EUR 13 445 * 13 068 12 738 2.9 2.6 1.6 2.6 Portugal EUR 12 217 * 10 023 * 11 070 * 21.9 –9.5 20.2 –8.7 Norway NOK 67 352 62 789 66 012 7.3 –4.9 4.8 –6.9 Austria EUR 7 557 * 7 416 7 362 1.9 0.7 0.1 0.2 Poland PLN 27 083 + 25 875 34 859 4.7 –25.8 1.9 –28.6 Liechtenstein CHF 8 859 + 8 450 5 563 4.8 51.9 4.1 52.6 Czech Republic CZK 70 541 + 60 230 56 900 17.1 5.9 15.7 5.2 Greece EUR na. 2 447 2 476 na. –1.2 na. –2.4 Hungary HUF 444 435 + 410 603 459 020 8.2 –10.5 3.4 –14.0 Turkey TRY 2 149 1 776 1 553 21.0 14.4 11.4 7.6 Slovakia EUR 940 + 935 991 0.5 –5.6 –0.2 –6.4 Russia RUB 22 534 15 713 19 319 43.4 –18.7 33.9 –27.2 Slovenia EUR 656 + 630 643 4.1 –2.0 2.0 –2.8 Romania RON 1 636 + 1 598 1 839 2.4 –13.1 –3.5 –17.7 Cyprus EUR 376 * 353 341 6.4 3.5 3.8 3.3 Malta EUR na. 324 215 na. 50.9 na. 48.2 Croatia HRK 2 458 2 489 2 546 –1.2 –2.2 –2.3 –4.5 Lithuania LTL 540 + 406 471 32.9 –13.7 31.3 –17.2 Bulgaria BGN na. * 200 247 na. –19.3 na. –21.2 Serbia RSD 8 646 7 314 5 922 18.2 23.5 10.7 13.7 Ukraine UAH 810 * 827 1 096 –2.0 –24.5 –10.5 –34.8
Total 2.8 3.4 Asia Japan13 JPY 38 267 120 + 38 398 848 38 193 572 –0.3 0.5 0.0 2.2 PR China CNY 967 951 + 745 744 665 812 29.8 12.0 25.6 12.8 South Korea13 KRW 82 543 424 76 956 792 73 561 360 7.3 4.6 3.8 2.1 India13 INR 3 097 489 * 2 654 504 2 217 913 16.7 19.7 4.2 7.9 Taiwan TWD 2 022 912 1 730 110 1 663 409 16.9 4.0 15.8 4.9 Hong Kong HKD 175 772 + 156 081 161 946 12.6 –3.6 10.0 –4.1 Singapore SGD 13 884 + 12 238 14 319 13.4 –14.5 10.3 –15.0 Thailand THB 263 509 + 219 817 187 142 19.9 17.5 16.1 18.5 Malaysia13 MYR 25 064 * 22 683 20 142 10.5 12.6 8.3 12.6 Indonesia IDR 65 427 408 * 57 291 952 47 194 600 14.2 21.4 8.6 15.8 Israel ILS na. 19 785 18 802 na. 5.2 na. 1.8 Philippines PHP 60 652 * 53 344 54 711 13.7 –2.5 9.5 –5.6 United Arab Emirates12 AED 3 436 3 273 2 660 5.0 23.0 4.1 21.2 Vietnam VND 13 791 863 + 11 849 280 10 307 620 16.4 15.0 6.9 7.4 Bangladesh BDT na. na. 38 966 na. na. na. na. Pakistan PKR 49 989 * 41 943 34 862 19.2 20.3 4.7 5.9 Macao MOP na. na. 2 548 na. na. na. na. Iran14 IRR na. 3 206 209 2 115 700 na. 51.5 na. 34.5 Saudi Arabia SAR 1 276 * 1 003 594 27.3 68.9 20.9 60.8 Sri Lanka LKR na. na. na. na. na. na. na. Lebanon LBP na. 350 343 437 784 na. –20.0 na. –20.9 Bahrain BHD na. 57 52 na. 11.1 na. 8.1 Kuwait KWD na. * 35 35 na. 1.2 na. –2.6 Oman OMR na. 40 + 41 na. –1.8 na. –5.5 Kazakhstan KZT 18 646 9 331 5 783 99.8 61.4 86.6 50.4 Jordan JOD 36 * 35 36 3.1 –2.8 –1.8 –2.1 Qatar QAR na. na. na. na. na. na. na.
Total 6.3 4.2 Africa South Africa11 ZAR 315 919 * 309 560 284 120 2.1 9.0 –2.1 1.7 Morocco MAD na. 6 643 6 558 na. 1.3 na. 0.3 Egypt15 EG P 3 568 3 880 3 514 –8.0 10.4 –17.7 –5.0 Namibia NAD 4 462 4 430 4 024 0.7 10.1 –3.8 1.2 Kenya KES na. 21 363 18 307 na. 16.7 na. 6.8 Nigeria NGN na. na. na. na. na. na. na. Tunisia TND na. 135 + 110 na. 22.4 na. 17.9 Algeria DZD na. 5 789 5 394 na. 7.3 na. 1.5
Total –2.4 1.7 Oceania Australia16 AUD 41 453 39 292 51 078 5.5 –23.1 2.6 –24.4 New Zealand16 NZD 1 855 + 1 725 1 605 7.5 7.5 5.1 5.3
Total 2.7 –23.7 World 3.2 –0.8
34 Swiss Re, sigma No 2/2011 Table V: Life premium volume in USD in 2010
Premium volume Change (in %) 2010 Share of total Share of world (in millions of USD) nominal inflation- business market Ranking Country 2010 2009 (in USD) adjusted 17 2010 (in %) 2010 (in %) North America 1United States10 506 228 + 501 675 0.9 –0.7 43.4 20.09 11 Canada11 51 574 * 45 154 14.2 1.3 44.6 2.05 Total 557 802 546 829 2.0 –0.6 43.5 22.13 Latin America 16 Brazil 33 246 24 762 34.3 12.6 51.9 1.32 and Caribbean 30 Mexico 8 945 + 7 688 16.3 4.5 46.6 0.35 36 Chile 5 015 3 667 36.8 21.0 60.5 0.20 40 Argentina 1 947 + 1 426 36.5 29.8 19.3 0.08 41 Colombia 1 935 + 1 669 15.9 –0.7 30.0 0.08 46 Peru 1 118 682 64.0 51.5 48.2 0.04 63 Venezuela 328 * 514 –36.3 –1.3 4.0 0.01 67 Jamaica 252 ** 221 + 14.0 na. 44.5 0.01 68 Trinidad and Tobago 246 ** 208 ** 17.9 na. 29.5 0.01 69 Panama 233 239 –2.7 –6.0 25.3 0.01 71 Bahamas 188 ** 186 ** 1.1 na. 25.8 0.01 72 El Salvador 188 ** 184 + 2.1 na. 34.1 0.01 74 Ecuador 181 157 15.6 11.6 16.4 0.01 76 Uruguay 157 ** 120 30.4 na. 21.4 0.01 82 Dominican Republic 109 ** 99 10.3 na. 15.4 0.00 86 Costa Rica 65 ** 54 19.6 na. 9.2 0.00 Other countries 394 369 16.7 0.02 Total 54 547 42 247 29.1 12.2 42.7 2.16 Europe 3 United Kingdom 213 831 * 216 719 –1.3 –3.3 69.0 8.49 4 France 192 428 * 194 077 –0.8 2.6 68.7 7.64 6 Italy 122 063 * 115 290 5.9 9.6 70.0 4.84 7 Germany 114 868 + 111 996 2.6 6.6 47.9 4.56 13 Ireland 39 296 * 39 341 –0.1 6.7 82.0 1.56 15 Spain 34 674 * 39 186 –11.5 –8.6 45.6 1.38 17 Luxembourg 29 911 + 24 974 19.8 22.6 90.6 1.19 18 Sweden 29 411 25 246 16.5 8.1 77.0 1.17 19 Switzerland 28 809 27 140 6.1 1.2 55.3 1.14 20 Belgium 27 380 * 26 345 3.9 6.9 66.6 1.09 21 Netherlands 25 102 * 29 981 –16.3 –13.1 25.9 1.00 23 Denmark 19 006 19 265 –1.3 1.2 64.5 0.75 24 Finland 17 826 * 18 212 –2.1 1.6 79.5 0.71 25 Portugal 16 199 * 13 968 * 16.0 20.2 74.4 0.64 26 Norway 11 137 9 984 11.5 4.8 56.3 0.44 28 Austria 10 020 * 10 335 –3.0 0.1 45.1 0.40 29 Poland 8 977 + 8 290 8.3 1.9 50.5 0.36 31 Liechtenstein 8 497 + 7 777 9.3 4.1 94.5 0.34 37 Czech Republic 3 694 + 3 160 16.9 15.7 46.7 0.15 38 Greece 3 166 ** 3 409 ** –7.1 na. 52.0 0.13 39 Hungary 2 137 + 2 029 5.3 3.4 53.5 0.08 42 Turkey 1 434 1 148 24.9 11.4 15.6 0.06 45 Slovakia 1 247 + 1 304 –4.4 –0.2 47.8 0.05 48 Russia 901 636 41.7 33.9 2.2 0.04 49 Slovenia 870 + 879 –1.1 2.0 31.3 0.03 56 Romania 515 + 524 –1.7 –3.5 19.6 0.02 57 Cyprus 499 * 492 1.3 3.8 46.1 0.02 58 Malta 456 ** 452 1.0 na. 31.2 0.02 59 Croatia 447 471 –5.1 –2.3 26.6 0.02 70 Lithuania 207 + 164 26.6 31.3 34.8 0.01 78 Bulgaria 138 * 142 –2.7 na. 12.0 0.01 81 Serbia 111 108 2.8 10.7 15.3 0.00 84 Ukraine 102 * 106 –3.8 –10.5 4.1 0.00 Other countries 301 268 13.6 0.01 Total 965 661 953 418 1.3 2.8 59.6 38.32 Asia 2 Japan13 440 950 + 413 536 6.6 0.0 79.1 17.50 5 PR China 142 999 + 109 175 31.0 25.6 66.6 5.67 8South Korea13 71 131 63 591 11.9 3.8 62.2 2.82 9India13 67 810 * 55 992 21.1 4.2 86.5 2.69 10 Taiwan 63 920 52 338 22.1 15.8 83.6 2.54 22 Hong Kong 22 624 + 20 135 12.4 10.0 87.9 0.90 27 Singapore 10 183 + 8 414 21.0 10.3 58.7 0.40 32 Thailand 8 313 + 6 407 29.8 16.1 61.1 0.33 33 Malaysia13 7 910 * 6 559 20.6 8.3 67.2 0.31 34 Indonesia 7 202 * 5 495 31.1 8.6 67.5 0.29 35 Israel 5 582 ** 5 031 10.9 na. 50.0 0.22 43 Philippines 1 344 * 1 120 20.1 9.5 63.0 0.05 47 United Arab Emirates12 936 ** 891 5.0 4.1 15.9 0.04 51 Vietnam 741 + 694 6.7 6.9 44.7 0.03 52 Bangladesh 723 ** 636 ** 13.8 na. 75.6 0.03 55 Pakistan 587 * 513 14.3 4.7 51.9 0.02 60 Macao 384 ** 311 ** 23.5 na. 74.8 0.02 61 Iran14 351 ** 325 8.0 na. 6.9 0.01 62 Saudi Arabia 340 * 267 27.3 20.9 7.3 0.01 65 Sri Lanka 279 ** 243 ** 14.8 na. 40.0 0.01 66 Lebanon 262 ** 232 12.8 na. 24.4 0.01 75 Bahrain 173 ** 152 13.7 na. 28.6 0.01 77 Kuwait 149 * 122 21.9 na. 20.8 0.01 79 Oman 129 ** 105 + 22.5 na. 17.0 0.01 80 Kazakhstan 127 63 100.0 86.6 13.3 0.0 87 Jordan 51 * 49 3.1 –1.8 8.8 0.00 88 Qatar na. ** na. ** na. na. 0 na. Other countries 169 144 14.1 0.01 Total 855 370 752 541 13.7 6.3 73.7 33.94 Africa 12 South Africa11 43 186 * 36 750 17.5 –2.1 81.0 1.71 50 Morocco 827 ** 825 0.3 na. 31.9 0.03 53 Egypt15 647 ** 704 –8.0 –17.7 40.8 0.03 54 Namibia 610 523 16.7 –3.8 68.7 0.02 64 Kenya 295 ** 276 6.7 na. 33.1 0.01 73 Nigeria 188 ** 154 ** 21.8 na. 15.7 0.01 83 Tunisia 102 ** 100 + 2.4 na. 13.2 0.00 85 Algeria 87 ** 80 9.1 na. 7.5 0.00 Other countries 1 302 1 169 30.0 0.05 Total 47 244 40 581 16.4 –2.4 70.8 1.87 Oceania 15 Australia16 38 045 30 689 24.0 2.6 52.4 1.51 44 New Zealand16 1 339 + 1 078 24.1 5.1 16.1 0.05 Other countries 65 59 25.6 0.00 Total 39 448 31 827 23.9 2.7 48.6 1.57 World 2 520 072 2 367 442 6.4 3.2 58.1 100.00
Swiss Re, sigma No 2/2011 35 Table VI: Non–life insurance premium volume in local currency in 2010
Premium volume Change (in %) Change (in %) (in millions of local currency) nominal inflation-adjusted Country Currency 2010 2009 2008 2010 2009 2010 2009 North America United States10 USD 659 915 + 648 083 661 240 1.8 –2.0 0.2 –1.7 Canada11 CAD 65 872 + 62 033 61 713 6.2 0.5 4.3 0.2 Total 0.5 –1.5 Latin America Brazil BRL 54 294 * 47 901 45 714 13.3 4.8 7.9 –0.1 and Caribbean Mexico MXN 129 525 + 130 653 114 001 –0.9 14.6 –4.8 8.8 Argentina ARS 31 815 + 24 387 20 418 30.5 19.4 18.1 12.4 Venezuela VEF 33 464 * 26 447 21 535 26.5 22.8 –1.3 –3.4 Colombia COP 8 587 393 + 7 819 518 6 872 726 9.8 13.8 7.4 9.2 Chile CLP 1 669 558 1 405 956 1 462 974 18.7 –3.9 15.2 –8.4 Peru PEN 3 393 3 137 2 499 8. 2 25.5 6.6 21.9 Ecuador USD 926 786 743 17.9 5.7 13.9 0.6 Panama PAB 686 608 552 12.9 10.2 9.1 7.6 Costa Rica CRC na. 308 473 307 774 * na. 0.2 na. –7.1 Dominican Republic DOP na. 19 633 18 425 na. 6.6 na. 5.0 Trinidad and Tobago TTD na. na. 3 635 + na. na. na. na. Uruguay UYU na. 9 975 8 537 + na. 16.8 na. 9.1 Bahamas BSD na. na. na. na. na. na. na. El Salvador USD na. 356 + 294 na. 21.1 na. 19.8 Jamaica JMD na. 24 227 22 872 na. 5.9 na. –3.3
Total 5.5 2.9 Europe Germany EUR 94 235 * 91 811 88 533 2.6 3.7 1.5 3.4 United Kingdom GBP 62 219 * 60 983 59 108 2.0 3.2 –1.2 1.0 France EUR 66 108 + 64 559 63 031 2.4 2.4 0.9 2.3 Netherlands EUR 54 267 * 52 686 51 473 3.0 2.4 1.7 1.2 Italy EUR 39 432 * 38 800 39 479 1.6 –1.7 0.1 –2.5 Spain EUR 31 229 * 31 136 32 114 0.3 –3.0 –1.5 –2.8 Rus sia R U B 1 018 560 961 812 932 655 5.9 3.1 –1.1 –7.8 Switzerland CHF 24 303 + 24 206 23 750 0.4 1.9 –0.3 2.4 Belgium EUR 10 350 * 10 195 10 884 1.5 –6.3 –0.7 –6.3 Austria EUR 9 210 * 9 005 8 853 2.3 1.7 0.4 1.2 Denmark DKK 58 731 + 57 716 56 807 1.8 1.6 –0.5 0.3 Sweden SEK 63 406 59 800 72 885 6.0 –18.0 4.7 –17.7 Poland PLN 26 509 + 24 960 23 933 6.2 4.3 3.4 0.3 Norway NOK 52 275 50 570 49 438 3.4 2.3 1.0 0.1 Ireland EUR 6 491 * 6 506 6 820 –0.2 –4.6 1.4 –3.0 Turkey TRY 11 667 10 369 9 970 12.5 4.0 3.6 –2.1 Portugal EUR 4 209 + 3 868 * 4 367 * 8.8 –11.4 7.3 –10.7 Finland EUR 3 469 * 3 344 3 270 3.7 2.3 2.5 2.3 Czech Republic CZK 80 594 + 83 904 82 571 –3.9 1.6 –5.1 1.0 Luxembourg EUR 2 338 + 2 088 2 304 12.0 –9.4 8.9 –9.4 Greece EUR na. 2 258 2 275 * na. –0.7 na. –1.9 Ukraine UAH 18 734 * 19 615 22 913 –4.5 –14.4 –12.7 –26.1 Romania RON 6 728 + 7 272 7 097 –7.5 2.5 –12.8 –3.0 Slovenia EUR 1 437 + 1 443 1 376 –0.4 4.8 –2.4 3.9 Hungary HUF 387 019 + 396 632 404 699 –2.4 –2.0 –6.8 –5.8 Slovakia EUR 1 026 + 1 069 1 110 –4.0 –3.7 –4.7 –4.5 Croatia HRK 6 788 6 923 7 140 –1.9 –3.0 –3.0 –5.3 Bulgaria BGN na. * 1 463 1 563 na. –6.4 na. –8.7 Malta EUR na. 716 650 na. 10.3 na. 8.3 Serbia RSD 47 875 46 221 46 265 3.6 –0.1 –3.0 –8.0 Cyprus EUR 439 * 424 401 3.5 5.9 0.9 5.7 Liechtenstein CHF 514 + 483 327 6.4 47.9 5.7 48.6 Lithuania LTL 1 012 908 1 405 11.5 –35.4 10.1 –38.0
Total 0.3 –0.4 Asia Japan13 JPY 10 109 341 + 10 085 857 10 348 494 0.2 –2.5 0.6 –0.9 PR China CNY 484 846 + 367 986 312 584 31.8 17.7 27.5 18.5 South Korea13 KRW 50 236 888 + 42 156 888 36 486 540 19.2 15.5 15.3 12.8 Taiwan TWD 395 743 378 308 363 175 4.6 4.2 3.6 5.1 India13 INR 482 480 * 392 260 335 645 23.0 16.9 9.8 5.4 Singapore SGD 9 756 + 8 781 7 892 11.1 11.3 8.1 10.6 Israel ILS na. 19 821 18 635 na. 6.4 na. 2.9 Thailand THB 167 533 + 148 757 142 533 12.6 4.4 9.1 5.3 United Arab Emirates12 AED 18 139 16 766 15 614 8.2 7.4 7.2 5.7 Iran14 IRR na. 43 253 492 38 445 288 na. 12.5 na. –0.2 Saudi Arabia SAR 16 282 * 13 607 10 325 19.7 31.8 13.6 25.4 Malaysia13 MYR 12 257 * 11 520 10 896 6.4 5.7 4.3 5.7 Indonesia IDR 31 441 524 * 28 951 680 26 567 890 8.6 9.0 3.3 4.0 Hong Kong HKD 24 090 + 22 954 21 303 4.9 7.8 2.5 7.2 Qatar QAR na. 2 814 * 3 080 na. –8.7 na. –4.0 Vietnam VND 17 051 836 + 13 643 960 10 879 250 25.0 25.4 14.8 17.1 Kazakhstan KZT 121 318 103 958 127 705 16.7 –18.6 9.0 –24.1 Lebanon LBP na. 1 085 400 889 884 na. 22.0 na. 20.5 Philippines PHP 35 645 * 32 883 31 496 8.4 4.4 4.4 1.1 Oman OMR na. 197 + 167 na. 18.1 na. 13.6 Kuwait KWD na. 134 146 na. –7.7 na. –11.2 Pakistan PKR 46 311 * 43 588 41 682 6.2 4.6 –6.7 –8.0 Jordan JOD 374 * 330 297 13.1 11.1 7.7 11.9 Bahrain BHD na. 143 135 na. 6.1 na. 3.2 Sri Lanka LKR na. na. na. na. na. na. na. Bangladesh BDT na. na. 12 583 na. na. na. na. Macao MOP na. na. 858 na. na. na. na.
Total 9.8 6.1 Africa South Africa11 ZAR 73 966 68 100 61 800 8.6 10.2 4.2 2.9 Morocco MAD na. 14 165 13 190 na. 7.4 na. 6.3 Algeria DZD na. 71 550 62 490 na. 14.5 na. 8.3 Nigeria NGN na. na. na. na. na. na. na. Egypt15 EGP 5 170 4 750 4 170 8.8 13.9 –2.6 –2.0 Tunisia TND na. 888 852 na. 4.2 na. 0.4 Kenya KES na. 43 108 36 896 na. 16.8 na. 7.0 Namibia NAD 2 029 1 756 1 423 15.5 23.4 10.3 13.4
Total 4.1 3.8 Oceania Australia16 AUD 37 621 35 765 33 791 5.2 5.8 2.3 3.9 New Zealand16 NZD 9 699 9 425 8 838 2.9 6.6 0.6 4.4
Total 2.0 4.0 World 2.1 0.3
36 Swiss Re, sigma No 2/2011 Table VII: Non–life premium volume in USD in 2010
Premium volume Change (in %) 2010 Share of Share of (in millions of USD) nominal inflation- total business world market Ranking Country 2010 2009 (in USD) adjusted 17 2010 (in %) 2010 (in %) North America 1United States10 659 915 + 648 083 1.8 0.2 56.6 36.28 8Canada11 63 947 + 54 342 17.7 4.3 55.4 3.52 Total 723 861 702 425 3.1 0.5 56.5 39.80 Latin America 14 Brazil 30 847 * 23 980 28.6 7.9 48.1 1.70 and Caribbean 21 Mexico 10 250 + 9 668 6.0 –4.8 53.4 0.56 27 Argentina 8 165 + 6 573 24.2 18.1 80.7 0.45 28 Venezuela 7 851 * 12 318 –36.3 –1.3 96.0 0.43 38 Colombia 4 523 + 3 609 25.3 7.4 70.0 0.25 43 Chile 3 272 2 512 30.2 15.2 39.5 0.18 54 Peru 1 201 1 042 15.3 6.6 51.8 0.07 61 Ecuador 926 786 17.9 13.9 83.6 0.05 66 Panama 686 608 12.9 9.1 74.7 0.04 68 Costa Rica 644 ** 538 19.6 na. 90.8 0.04 71 Dominican Republic 601 ** 545 10.3 na. 84.6 0.03 73 Trinidad and Tobago 587 ** 498 ** 17.9 na. 70.5 0.03 75 Uruguay 576 ** 442 30.4 na. 78.6 0.03 78 Bahamas 542 ** 536 ** 1.1 na. 74.2 0.03 84 El Salvador 364 ** 356 + 2.1 na. 65.9 0.02 85 Jamaica 314 ** 276 14.0 na. 55.5 0.02 Other countries 1 970 1 772 83.3 0.11 Total 73 320 66 058 11.0 5.5 57.3 4.03 Europe 2 Germany 124 949 * 127 945 –2.3 1.5 52.1 6.87 4 United Kingdom 96 191 * 95 446 0.8 –1.2 31.0 5.29 5 France 87 654 + 89 967 –2.6 0.9 31.3 4.82 6 Netherlands 71 954 * 73 422 –2.0 1.7 74.1 3.96 9 Italy 52 285 * 54 070 –3.3 0.1 30.0 2.87 11 Spain 41 408 * 43 390 –4.6 –1.5 54.4 2.28 12 Russia 40 742 38 940 4.6 –1.1 97.8 2.24 15 Switzerland 23 310 + 22 278 4.6 –0.3 44.7 1.28 16 Belgium 13 723 * 14 208 –3.4 –0.7 33.4 0.75 18 Austria 12 212 * 12 549 –2.7 0.4 54.9 0.67 20 Denmark 10 443 + 10 766 –3.0 –0.5 35.5 0.57 23 Sweden 8 806 7 808 12.8 4.7 23.0 0.48 24 Poland 8 786 + 7 996 9.9 3.4 49.5 0.48 25 Norway 8 644 8 041 7.5 1.0 43.7 0.48 26 Ireland 8 606 * 9 066 –5.1 1.4 18.0 0.47 29 Turkey 7 786 6 704 16.1 3.6 84.4 0.43 33 Portugal 5 580 + 5 390 * 3.5 7.3 25.6 0.31 37 Finland 4 599 * 4 660 –1.3 2.5 20.5 0.25 40 Czech Republic 4 220 + 4 401 –4.1 –5.1 53.3 0.23 45 Luxembourg 3 100 + 2 912 6.4 8.9 9.4 0.17 46 Greece 2 922 ** 3 146 ** –7.1 na. 48.0 0.16 47 Ukraine 2 361 * 2 518 –6.2 –12.7 95.9 0.13 48 Romania 2 117 + 2 385 –11.2 –12.8 80.4 0.12 49 Slovenia 1 906 + 2 012 –5.3 –2.4 68.7 0.10 50 Hungary 1 861 + 1 960 –5.1 –6.8 46.5 0.10 52 Slovakia 1 361 + 1 490 –8.7 –4.7 52.2 0.07 53 Croatia 1 235 1 310 –5.7 –3.0 73.4 0.07 56 Bulgaria 1 012 * 1 040 –2.7 na. 88.0 0.06 57 Malta 1 009 ** 998 1.0 na. 68.8 0.06 70 Serbia 616 684 –9.9 –3.0 84.7 0.03 74 Cyprus 582 * 591 –1.6 0.9 53.9 0.03 80 Liechtenstein 493 + 445 10.9 5.7 5.5 0.03 83 Lithuania 388 366 6.2 10.1 65.2 0.02 Other countries 1 914 2 063 86.4 0.11 Total 654 775 660 968 –0.9 0.3 40.4 36.00 Asia 3 Japan13 116 489 + 108 619 7.2 0.6 20.9 6.40 7 PR China 71 628 + 53 872 33.0 27.5 33.4 3.94 10 South Korea13 43 291 + 34 835 24.3 15.3 37.8 2.38 17 Taiwan 12 505 11 444 9.3 3.6 16.4 0.69 19 India13 10 562 * 8 274 27.7 9.8 13.5 0.58 30 Singapore 7 155 + 6 037 18.5 8.1 41.3 0.39 32 Israel 5 593 ** 5 041 10.9 na. 50.0 0.31 34 Thailand 5 285 + 4 336 21.9 9.1 38.9 0.29 35 United Arab Emirates12 4 939 ** 4 565 8.2 7.2 84.1 0.27 36 Iran14 4 736 ** 4 385 8.0 na. 93.1 0.26 39 Saudi Arabia 4 342 * 3 629 19.7 13.6 92.7 0.24 41 Malaysia13 3 868 * 3 331 16.1 4.3 32.8 0.21 42 Indonesia 3 461 * 2 777 24.6 3.3 32.5 0.19 44 Hong Kong 3 101 + 2 961 4.7 2.5 12.1 0.17 60 Qatar 933 ** 773 * 20.7 na. 100.0 0.05 62 Vietnam 916 + 800 14.6 14.8 55.3 0.05 63 Kazakhstan 823 705 16.8 9.0 86.7 0.05 64 Lebanon 812 ** 720 12.8 na. 75.6 0.04 65 Philippines 790 * 690 14.5 4.4 37.0 0.04 69 Oman 629 ** 514 + 22.5 na. 83.0 0.03 76 Kuwait 569 ** 467 21.9 na. 79.2 0.03 77 Pakistan 544 * 533 1.9 –6.7 48.1 0.03 79 Jordan 526 * 465 13.1 7.7 91.2 0.03 81 Bahrain 433 ** 381 13.7 na. 71.4 0.02 82 Sri Lanka 420 ** 365 ** 14.8 na. 60.0 0.02 87 Bangladesh 234 ** 205 ** 13.8 na. 24.4 0.01 88 Macao 129 ** 105 ** 23.5 na. 25.2 0.01 Other countries 1 035 1 049 85.9 0.06 Total 305 748 261 878 16.8 9.8 26.3 16.81 Africa 22 South Africa11 10 111 8 085 25.1 4.2 19.0 0.56 51 Morocco 1 764 ** 1 758 0.3 na. 68.1 0.10 55 Algeria 1 075 ** 985 9.1 na. 92.5 0.06 58 Nigeria 1 008 ** 828 ** 21.8 na. 84.3 0.06 59 Egypt15 938 ** 861 8.9 –2.6 59.2 0.05 67 Tunisia 673 ** 657 2.4 na. 86.8 0.04 72 Kenya 595 ** 557 6.7 na. 66.9 0.03 86 Namibia 277 207 33.8 10.3 31.3 0.02 Other countries 3 033 2 934 70.0 0.17 Total 19 475 16 873 15.4 4.1 29.2 1.07 Oceania 13 Australia16 34 528 27 935 23.6 2.3 47.6 1.90 31 New Zealand16 6 998 5 890 18.8 0.6 83.9 0.38 Other countries 187 168 74.4 0.01 Total 41 713 33 993 22.7 2.0 51.4 2.29 World 1 818 893 1 742 193 4.4 2.1 41.9 100.00
Swiss Re, sigma No 2/2011 37 Table VIII: Insurance density: premiums1 per capita in USD in 2010
Ranking Country Total business Life business Non-life business North America 12 United States10 3 758.9 + 1 631.8 + 2 127.2 + 15 Canada11 3 408.7 * 1 521.8 * 1 886.9 + Total 3 724.4 1 620.9 2 103.5 Latin America 24 Bahamas 2 110.1 ** 544.6 ** 1 565.5 ** and Caribbean 36 Trinidad and Tobago 619.7 ** 182.9 ** 436.9 ** 40 Chile 483.1 292.3 190.7 47 Brazil 327.6 * 169.9 157.7 * 49 Venezuela 281.6 * 11.3 * 270.3 * 50 Panama 261.9 66.3 195.7 53 Argentina 248.4 + 47.8 + 200.6 + 55 Uruguay 217.5 ** 46.6 ** 170.9 ** 56 Jamaica 207.3 ** 92.2 ** 115.1 ** 60 Mexico 173.3 + 80.8 + 92.5 + 62 Costa Rica 152.8 ** 14.0 ** 138.7 ** 64 Colombia 139.5 + 41.8 + 97.7 + 69 El Salvador 89.1 ** 30.4 ** 58.7 ** 70 Ecuador 80.4 13.2 67.2 72 Peru 78.6 37.9 40.7 74 Dominican Republic 69.4 ** 10.7 ** 58.8 ** Total 219.1 93.5 125.6 Europe 1 Switzerland 6 633.7 + 3 666.8 2 966.9 + 2 Netherlands 5 845.3 * 1 511.8 * 4 333.5 * 3 Luxembourg1 5 653.2 + 3 698.3 + 1 954.9 + 4 Denmark 5 084.2 + 3 429.2 1 655.1 + 5 United Kingdom1 4 496.6 * 3 436.3 * 1 060.2 * 7Ireland1 4 296.6 * 3 213.7 * 1 082.9 * 8France1 4 186.6 * 2 937.5 * 1 249.0 + 9 Finland 4 181.5 * 3 323.9 * 857.6 * 10 Sweden 4 081.7 3 141.2 940.5 11 Belgium1 3 782.6 * 2 625.7 * 1 156.9 * 13 Norway1 3 736.0 2 281.1 1 454.9 18 Germany1 2 903.8 * 1 402.2 + 1 501.6 * 20 Italy1 2 766.1 * 1 978.7 * 787.3 * 21 Austria 2 651.2 * 1 194.9 * 1 456.3 * 22 Liechtenstein 2 380.3 + 2 357.3 + 23.0 + 25 Portugal 2 035.4 * 1 516.2 * 519.2 + 27 Spain 1 650.2 * 752.1 * 898.1 * 29 Slovenia 1 352.7 + 423.8 + 928.9 + 30 Cyprus 1 330.5 * 613.8 * 716.7 * 33 Malta 971.0 ** 646.0 ** 325.1 ** 35 Czech Republic 752.7 + 351.3 + 401.4 + 38 Greece 537.9 ** 279.8 ** 258.2 ** 41 Slovakia 480.5 + 229.7 + 250.8 + 42 Poland 465.5 + 235.2 + 230.3 + 45 Hungary 399.7 + 213.6 + 186.0 + 46 Croatia 379.2 100.8 278.4 48 Russia 296.8 6.4 290.4 58 Lithuania 179.6 + 62.4 + 117.1 63 Bulgaria 152.5 * 18.3 * 134.2 * 65 Romania 122.8 + 24.0 + 98.8 + 66 Turkey 121.6 18.9 102.7 67 Serbia 99.6 15.2 84.4 78 Ukraine 54.2 * 2.2 * 52.0 * Total 1 850.2 1 110.6 739.6 Asia 6 Japan13 4 390.2 + 3 472.8 + 917.4 + 14 Hong Kong 3 635.5 + 3 197.3 + 438.2 + 17 Taiwan 3 296.2 2 756.8 539.3 19 Singapore1 2 823.4 + 2 101.4 + 722.1 + 23 South Korea13 2 339.4 + 1 454.3 885.1 + 28 Israel 1 534.0 ** 766.3 ** 767.7 ** 31 United Arab Emirates12 1 248.1 ** 198.8 ** 1 049.3 ** 34 Macao 937.5 ** 701.4 ** 236.1 ** 37 Qatar 618.8 ** 0.0 ** 618.8 ** 39 Bahrain 527.0 ** 150.6 ** 376.4 ** 43 Malaysia13 421.1 * 282.8 * 138.3 * 51 Oman 260.8 ** 44.3 ** 216.5 ** 52 Lebanon 252.5 ** 61.6 ** 190.9 ** 54 Kuwait 235.5 ** 48.9 * 186.6 ** 57 Thailand 199.4 + 121.9 + 77.5 + 59 Saudi Arabia 178.4 * 13.0 * 165.4 * 61 PR China 158.4 + 105.5 + 52.9 + 68 Jordan 89.1 * 7.8 * 81.3 * 75 Iran14 67.8 ** 4.7 ** 63.1 ** 76 India13 64.4 * 55.7 * 8.7 * 77 Kazakhstan 60.3 8.0 52.3 79 Indonesia 45.8 * 30.9 * 14.9 * 80 Sri Lanka 34.2 ** 13.7 ** 20.6 ** 82 Philippines 22.8 * 14.3 * 8.4 * 85 Vietnam 18.6 + 8.3 + 10.3 + 87 Pakistan 6.1 * 3.2 * 2.9 * 88 Bangladesh 5.8 ** 4.4 ** 1.4 ** Total 281.5 208.1 73.5 Africa 32 South Africa11 1 054.7 * 854.6 * 200.1 44 Namibia 401.1 275.7 125.4 71 Morocco 80.0 ** 25.6 ** 54.5 ** 73 Tunisia 74.8 ** 9.9 ** 64.9 ** 81 Algeria 32.8 ** 2.5 ** 30.3 ** 83 Kenya 21.8 ** 7.2 ** 14.6 ** 84 Egypt15 18.8 ** 7.7 ** 11.1 ** 86 Nigeria 7.6 ** 1.2 ** 6.4 ** Total 64.7 45.8 18.9 Oceania 16 Australia 3 369.2 1 766.3 1 603.0 26 New Zealand 1 937.3 + 311.1 + 1 626.3 Total 2 283.1 1 109.7 1 173.4 World3 627.3 364.3 263.0
38 Swiss Re, sigma No 2/2011 Table IX: Insurance penetration: permiums1 as % of GDP in 2010
Ranking Country Total business Life business Non-life business North America 18 United States10 8.0 + 3.5 + 4.5 + 19 Canada11 7.3 * 3.3 * 4.1 + Total 7.9 3.4 4.5 Latin America 10 Bahamas 9.9 ** 2.5 ** 7.3 ** and Caribbean 36 Jamaica 4.0 ** 1.8 ** 2.2 ** 38 Chile 4.0 2.4 1.6 41 Venezuela 3.5 * 0.1 * 3.3 * 42 Panama 3.4 0.9 2.5 43 Trinidad and Tobago 3.4 ** 1.0 ** 2.4 ** 44 Brazil 3.1 * 1.6 1.5 * 50 Argentina 2.8 + 0.5 + 2.2 + 53 El Salvador 2.6 ** 0.9 ** 1.7 ** 56 Colombia 2.3 + 0.7 + 1.6 + 59 Costa Rica 2.0 ** 0.2 ** 1.8 ** 62 Ecuador 1.9 0.3 1.6 64 Mexico 1.9 + 0.9 + 1.0 + 66 Uruguay 1.7 ** 0.4 ** 1.4 ** 71 Peru 1.6 0.7 0.8 75 Dominican Republic 1.4 ** 0.2 ** 1.2 ** Total 2.7 1.1 1.5 Europe 3 United Kingdom1 12.4 * 9.5 * 2.9 * 4 Netherlands 12.4 * 3.2 * 9.2 * 7France1 10.5 * 7.4 * 3.1 + 9 Switzerland 9.9 + 5.5 4.4 + 11 Portugal 9.5 * 7.0 * 2.4 + 12 Finland 9.4 * 7.5 * 1.9 * 13 Ireland1 9.2 * 6.9 * 2.3 * 14 Denmark 9.1 + 6.1 3.0 + 15 Belgium1 8.8 * 6.1 * 2.7 * 16 Sweden 8.4 6.5 1.9 17 Italy1 8.1 * 5.8 * 2.3 * 21 Germany1 7.2 * 3.5 + 3.7 * 24 Austria 5.9 * 2.7 * 3.2 * 25 Slovenia 5.9 + 1.8 + 4.1 + 27 Spain 5.4 * 2.5 * 2.9 * 28 Luxembourg1 5.4 + 3.5 + 1.9 + 31 Malta 4.9 ** 3.3 ** 1.6 ** 33 Cyprus 4.7 * 2.2 * 2.5 * 34 Norway1 4.5 2.7 1.7 37 Czech Republic 4.0 + 1.9 + 2.1 + 40 Poland 3.7 + 1.9 + 1.8 + 45 Hungary 3.0 + 1.6 + 1.4 + 46 Slovakia 3.0 + 1.4 + 1.5 + 49 Croatia 2.8 0.7 2.0 54 Bulgaria 2.5 * 0.3 * 2.2 * 55 Russia 2.3 0.0 2.3 60 Greece 2.0 ** 1.0 ** 1.0 ** 63 Ukraine 1.9 * 0.1 * 1.8 * 65 Serbia 1.8 0.3 1.5 68 Romania 1.7 + 0.3 + 1.4 + 69 Liechtenstein 1.7 + 1.7 + 0.0 + 70 Lithuania 1.7 + 0.6 + 1.1 77 Turkey 1.3 0.2 1.1 Total 7.5 4.5 3.0 Asia 1 Taiwan 18.4 15.4 3.0 5 Hong Kong 11.4 + 10.1 + 1.4 + 6South Korea13 11.2 + 7.0 4.2 + 8 Japan13 10.1 + 8.0 + 2.1 + 22 Singapore1 6.1 + 4.6 + 1.6 + 29 Israel 5.2 ** 2.6 ** 2.6 ** 30 India13 5.1 * 4.4 * 0.7 * 32 Malaysia13 4.8 * 3.2 * 1.6 * 35 Thailand 4.3 + 2.6 + 1.7 + 39 PR China 3.8 + 2.5 + 1.3 + 51 Bahrain 2.8 ** 0.8 ** 2.0 ** 52 Lebanon 2.8 ** 0.7 ** 2.1 ** 57 Jordan 2.1 * 0.2 * 1.9 * 58 United Arab Emirates12 2.1 ** 0.3 ** 1.8 ** 61 Macao 2.0 ** 1.5 ** 0.5 ** 72 Indonesia 1.5 * 1.0 * 0.5 * 73 Sri Lanka 1.4 ** 0.6 ** 0.9 ** 74 Vietnam 1.4 + 0.6 + 0.8 + 76 Oman 1.3 ** 0.2 ** 1.1 ** 78 Iran14 1.2 ** 0.1 ** 1.1 ** 79 Philippines 1.1 * 0.7 * 0.4 * 80 Saudi Arabia 1.1 * 0.1 * 1.0 * 81 Bangladesh 0.9 ** 0.7 ** 0.2 ** 82 Qatar 0.8 ** 0.0 ** 0.8 ** 85 Kazakhstan 0.7 0.1 0.6 86 Pakistan 0.7 * 0.3 * 0.3 * 87 Kuwait 0.5 ** 0.1 * 0.4 ** Total 6.2 4.5 1.6 Africa 2South Africa11 14.8 * 12.0 * 2.8 20 Namibia 7.3 5.0 2.3 47 Kenya 2.8 ** 0.9 ** 1.9 ** 48 Morocco 2.8 ** 0.9 ** 1.9 ** 67 Tunisia 1.7 ** 0.2 ** 1.5 ** 83 Algeria 0.8 ** 0.1 ** 0.7 ** 84 Egypt15 0.7 ** 0.3 ** 0.4 ** 88 Nigeria 0.5 ** 0.1 ** 0.4 ** Total 3.9 2.7 1.1 Oceania 23 New Zealand 6.0 + 1.0 + 5.0 26 Australia 5.9 3.1 2.8 Total 5.8 2.8 3.0 World3 6.9 4.0 2.9
Swiss Re, sigma No 2/2011 39 Table X: Macroeconomic indicators in 2010
Gross domestic product Exchange rate Population Real change local currency per USD Ranking (millions) USDbn (in %) Inflation rate (in %) Change by GDP Country 2010 2010 2010 2009 2010 2009 2010 2009 (in %) North America 1 United States 310.2 14 641 2.8 –2.6 1.6 –0.3 1.00 1.00 0.00 10 Canada 33.9 1 574 3.1 –2.5 1.8 0.3 1.03 1.14 –9.76 Total 344.1 16 215 2.9 –2.6 Latin America 7 Brazil 195.6 2 088 7.6 –0.6 5.0 4.9 1.76 2.00 –11.89 and Caribbean 14 Mexico 110.8 1 035 5.5 –6.1 4.2 5.3 12.64 13.51 –6.49 28 Argentina 40.7 364 9.0 0.9 10.5 6.3 3.90 3.71 5.02 33 Colombia 46.3 282 4.0 0.8 2.3 4.2 1 898.57 2 166.79 –12.38 38 Venezuela 29.0 235 –2.0 –3.1 28.2 27.1 4.26 2.15 98.52 45 Chile 17.2 207 5.2 –1.4 3.0 4.9 510.23 559.61 –8.82 51 Peru 29.5 149 8.8 0.9 1.5 2.9 2.82 3.01 –6.21 63 Ecuador 13.8 59 2.9 0.4 3.5 5.2 1.00 1.00 0.00 66 Dominican Republic 10.2 51 5.8 3.5 6.3 1.4 36.78 36.03 2.08 71 Uruguay 3.4 42 8.3 2.9 6.7 7.1 20.00 22.57 –11.38 75 Costa Rica 4.6 35 4.2 –1.3 5.7 7.8 525.83 573.29 –8.28 78 Panama 3.5 27 5.5 3.2 3.5 2.4 1.00 1.00 0.00 80 Trinidad and Tobago 1.3 25 1.0 –3.2 10.0 7.0 6.36 6.32 0.63 83 El Salvador 6.2 22 1.0 –3.5 1.2 1.1 1.00 1.00 0.00 84 Jamaica 2.7 14 –0.1 –3.1 12.6 9.6 86.73 87.89 –1.32 87 Bahamas 0.3 7 0.5 –4.3 1.7 2.1 1.00 1.00 0.00 Total18 583.7 4 779 5.6 –2.0 Europe 4 Germany 81.8 3 306 3.4 –4.7 1.1 0.3 0.75 0.72 5.10 5 France 64.9 2 580 1.5 –2.5 1.5 0.1 0.75 0.72 5.10 6 United Kingdom 62.2 2 251 1.3 –4.9 3.3 2.2 0.65 0.64 1.24 8 Italy 60.4 2 052 1.1 –5.0 1.5 0.8 0.75 0.72 5.10 9 Russia 140.3 1 803 4.0 –7.8 7.1 11.8 25.00 24.70 1.21 12 Spain 46.1 1 409 –0.1 –3.7 1.8 –0.3 0.75 0.72 5.10 16 Netherlands 16.6 784 1.8 –3.9 1.3 1.2 0.75 0.72 5.10 17 Turkey 75.8 729 8.3 –4.7 8.6 6.3 1.50 1.55 –3.12 19 Switzerland 7.9 524 2.6 –1.9 0.7 –0.5 1.04 1.09 –4.04 20 Poland 38.2 476 3.8 1.7 2.7 4.0 3.02 3.12 –3.34 21 Belgium 10.9 466 2.0 –2.6 2.2 –0.1 0.75 0.72 5.10 22 Sweden 9.4 456 5.3 –5.2 1.3 –0.3 7.20 7.66 –6.00 26 Norway 4.9 409 0.4 –1.2 2.4 2.2 6.05 6.29 –3.83 27 Austria 8.4 376 1.9 –3.9 1.8 0.5 0.75 0.72 5.10 31 Denmark 5.5 311 2.1 –5.2 2.3 1.3 5.62 5.36 4.91 32 Greece 11.3 304 –4.5 –2.0 4.7 1.2 0.75 0.72 5.10 37 Finland 5.4 239 3.1 –8.3 1.2 0.0 0.75 0.72 5.10 39 Portugal 10.6 229 1.4 –2.5 1.4 –0.8 0.75 0.72 5.10 44 Ireland 4.5 208 –0.8 –7.6 –1.6 –1.7 0.75 0.72 5.10 46 Czech Republic 10.5 197 2.3 –4.2 1.2 0.6 19.10 19.06 0.18 49 Romania 21.4 155 –1.2 –7.1 6.1 5.6 3.18 3.05 4.22 53 Hungary 10.0 134 1.2 –6.7 4.7 4.0 207.94 202.34 2.77 56 Ukraine 45.4 132 4.2 –14.8 9.4 15.9 7.94 7.79 1.85 61 Slovakia 5.4 88 4.0 –4.8 0.7 0.9 0.75 0.72 5.10 62 Croatia 4.4 60 –1.5 –5.8 1.1 2.4 5.50 5.29 4.02 65 Luxembourg 0.5 54 3.3 –3.7 2.8 0.0 0.75 0.72 5.20 68 Slovenia 2.1 47 1.2 –8.1 2.1 0.9 0.75 0.72 5.20 69 Bulgaria 7.5 45 0.3 –4.9 3.0 2.5 1.48 1.41 5.01 72 Serbia 7.3 40 1.5 –3.1 6.8 8.6 77.73 67.60 14.99 74 Lithuania 3.3 36 1.3 –14.7 1.2 4.2 2.61 2.48 4.92 81 Cyprus 0.8 23 0.9 –1.7 2.6 0.2 0.75 0.72 5.10 86 Malta 0.4 8 3.5 –1.9 2.0 1.8 0.75 0.72 5.10 88 Liechtenstein 0.0 5 2.3 –6.1 0.7 –0.5 1.04 1.09 –4.04 Total18 811.0 20 094 2.1 –4.4 Asia 2 PR China 1 355.2 5 648 10.4 9.0 3.3 –0.7 6.77 6.83 –0.90 3 Japan 127.0 5 519 4.0 –2.6 –0.3 –1.6 86.78 92.86 –6.54 11 India 1 216.5 1 526 8.4 7.4 12.0 10.9 45.68 47.41 –3.65 15 South Korea 48.9 1 022 6.1 0.1 3.4 2.5 1 160.44 1 210.19 –4.11 18 Indonesia 232.8 707 6.1 4.6 5.1 4.8 9 085.01 10 426.74 –12.87 23 Saudi Arabia 26.2 435 3.8 0.2 5.3 5.1 3.75 3.75 0.00 24 Iran 75.1 425 2.6 0.9 11.5 12.7 10 308.20 9 864.30 4.50 25 Taiwan 23.2 415 10.0 –1.9 1.0 –0.9 31.65 33.06 –4.26 30 Thailand 68.2 319 7.9 –2.3 3.3 –0.8 31.70 34.31 –7.61 34 United Arab Emirates 4.7 280 2.4 –1.3 0.9 1.6 3.67 3.67 0.00 36 Malaysia 28.0 246 7.3 –1.7 2.0 0.0 3.17 3.46 –8.38 40 Hong Kong 7.1 225 6.8 –2.7 2.4 0.5 7.77 7.75 0.22 41 Singapore 4.8 223 14.6 –0.7 2.8 0.6 1.36 1.45 –6.26 43 Israel 7.3 217 4.7 0.3 2.7 3.3 3.74 3.93 –4.92 47 Philippines 93.8 189 7.3 1.0 3.8 3.2 45.11 47.64 –5.31 48 Pakistan 184.8 172 4.1 1.2 13.9 13.6 85.19 81.71 4.26 54 Kuwait 3.1 133 3.1 –2.4 4.0 4.0 0.29 0.29 –0.41 55 Kazakhstan 15.8 133 7.0 1.2 7.1 7.3 147.35 147.50 –0.10 57 Qatar 1.5 119 16.8 8.6 –2.4 –4.9 3.64 3.64 0.00 58 Vietnam 89.0 117 6.8 5.3 8.9 7.1 18 613.00 17 065.10 9.07 59 Bangladesh 164.4 101 6.1 5.7 8.1 5.4 69.65 69.04 0.88 64 Oman 2.9 57 6.0 1.1 3.2 3.9 0.38 0.38 0.00 67 Sri Lanka 20.4 48 7.0 3.5 5.5 3.5 113.07 114.94 –1.63 73 Lebanon 4.3 39 7.4 9.0 4.0 1.2 1 507.50 1 507.50 0.00 77 Jordan 6.5 27 3.1 2.3 5.0 –0.7 0.71 0.71 0.00 79 Macao 0.5 26 20.3 1.3 2.8 1.2 8.00 7.98 0.22 82 Bahrain 1.2 22 4.4 3.1 2.0 2.8 0.38 0.38 0.00 Total18 4 111.3 18 805 7.0 2.6 Africa 29 South Africa 50.5 360 2.8 –1.7 4.3 7.1 7.32 8.42 –13.15 35 Nigeria 158.3 249 7.9 7.0 13.7 11.5 150.00 148.90 0.74 42 Egypt 84.5 219 5.1 4.7 11.8 16.2 5.51 5.51 –0.05 50 Algeria 35.4 153 3.3 2.4 3.9 5.7 74.36 72.65 2.36 60 Morocco 32.4 92 3.2 4.9 0.9 1.0 8.40 8.06 4.28 70 Tunisia 10.4 45 4.0 3.0 4.4 3.8 1.43 1.35 6.01 76 Kenya 40.9 31 5.1 2.6 4.0 9.2 79.24 77.35 2.44 85 Mauritius 2.2 12 3.8 –0.8 4.7 8.8 7.32 8.47 –13.67 Total18 1 031.3 1 728 4.8 2.7 Oceania 13 Australia 21.5 1 235 2.7 1.3 2.8 1.8 1.09 1.28 –14.90 52 New Zealand 4.3 140 1.8 0.1 2.3 2.1 1.39 1.60 –13.38 Total18 35.5 1 393 2.7 1.2 World 6 917.0 63 014 4.0 –1.7
40 Swiss Re, sigma No 2/2011
Recent sigma publications
2011 No 1 Natural catastrophes and man-made disasters in 2010: a year of devastating and costly events No 2 World insurance in 2010: Premiums back to growth – capital increases
2010 No 1 Natural catastrophes and man-made disasters in 2009: catastrophes claim fewer victims, insured losses fall No 2 World insurance in 2009: premiums dipped, but industry capital improved No 3 Regulatory issues in insurance No 4 The impact of inflation on insurers No 5 Insurance investment in a challenging global environment No 6 Microinsurance – risk protection for 4 billion people
2009 No 1 Scenario analysis in insurance No 2 Natural catastrophes and man-made disasters in 2008: North America and Asia suffer heavy losses No 3 World insurance in 2008: life premiums fall in the industrialised countries – strong growth in the emerging economies No 4 The role of indices in transferring insurance risks to the capital markets No 5 Commercial liability: a challenge for businesses and their insurers
2008 No 1 Natural catastrophes and man-made disasters in 2007: high losses in Europe No 2 Non-life claims reserving: improving on a strategic challenge No 3 World insurance in 2007: emerging markets leading the way No 4 Innovative ways of financing retirement No 5 Insurance in the emerging markets: overview and prospects for Islamic insurance
2007 No 1 Insurance in emerging markets: sound development; greenfield for agricultural insurance No 2 Natural catastrophes and man-made disasters in 2006: low insured losses No 3 Annuities: a private solution to longevity risk No 4 World insurance in 2006: premiums came back to “life” No 5 Bancassurance: emerging trends, opportunities and challenges No 6 To your health: diagnosing the state of healthcare and the global private medical insurance industry
2006 No 1 Getting together: globals take the lead in life insurance M & A No 2 Natural catastrophes and man-made disasters 2005: high earthquake casualties, new dimension in windstorm losses No 3 Measuring underwriting profitability of the non-life insurance industry No 4 Solvency II: an integrated risk approach for European insurers No 5 World insurance in 2005: moderate premium growth, attractive profitability No 6 Credit and surety: solidifying commitments No 7 Securitization – new opportunities for insurers and investors
2005 No 1 Natural catastrophes and man-made disasters in 2004: more than 300 000 fatalities, record insured losses No 2 World insurance 2004: growing premiums and stronger balance sheets No 3 Insurersʼ cost of capital and economic value creation: principles and practical implications No 4 Innovating to insure the uninsurable No 5 Insurance in emerging markets: focus on liability developments Swiss Reinsurance Company Ltd Economic Research & Consulting Mythenquai 50/60 P.O. Box 8022 Zurich Switzerland
Telephone +41 43 285 2551 Fax +41 43 282 0075 [email protected]