The in T E R N at I O N a L INSURANCE
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IFB. FINAL5.29.03 5/29/03 2:41 PM Page i The INT E R N AT I O N A L INSURANCE FACT BO OK 2003 Insurance Information Institute IFB. FINAL5.29.03 5/29/03 2:41 PM Page ii TO THE READER Forty years ago, recognizing the need for accurate, concise and readily available information about the property/casualty insurance business, the Insurance Information Institute began pub- lishing the I.I.I. Fact Book. This book has now become the definitive resource for reporters, researchers and others looking for facts and figures on the industry. We reached another milestone with the creation of the Financial Services Fact Book, which was launched not long after Congress passed the Gramm-Leach-Bliley Financial Services Modernization Act in November 1999. The Act swept away 1930s legislation preventing insurance companies, banks and securities firms from expanding into other financial services businesses. A few years ago, we developed a Web site for international insurance facts in response to the increasing globalization of the insurance business. This year we decided to expand that mate- rial and produce a book, the I.I.I. International Insurance Fact Book, to coincide with the 39th International Insurance Society seminar being held in New York City. We could not have undertaken this project without help from many organizations that collect international insurance data. We are especially grateful for the generous assistance of Axco, a London-based insurance information service, and Swiss Re, which publishes the interna- tional research journal, sigma. The information included in this book, which covers 90 countries, comes from a variety of sources. We have attempted to standardize the information as much as possible, though prac- tices such as address formats vary widely from country to country and from source to source. Although we have tried to provide comparable information for each country, the availability of data varies, so some items are less complete or up-to-date than others. Most important, however, the Web site version of the International Insurance Fact Book, which can be accessed online at www.iii.org or www.internationalinsurance.org, will be updated as new information becomes available. We hope you find this book and the Web site useful. Gordon Stewart, President Insurance Information Institute ©2003 Insurance Information Institute. ISBN 0-932387-49-7 IFB. FINAL5.29.03 5/29/03 2:41 PM Page iii Contents Contents Chapter 1: World Overview ............................................................................1 Chapter 2: World Rankings .....................................................................................7 Chapter 3: Country Profiles ..................................................................................13 Algeria.................................................14 Finland................................................39 Argentina ............................................15 France.................................................40 Australia .............................................16 Germany .............................................41 Austria ................................................17 Greece.................................................42 Bahamas.............................................18 Guatemala ..........................................43 Bahrain...............................................19 Honduras............................................44 Bangladesh .........................................20 Hong Kong .........................................45 Barbados.............................................21 Hungary..............................................46 Belgium ..............................................22 Iceland ................................................47 Bermuda.............................................23 India....................................................48 Brazil ..................................................24 Indonesia ............................................49 Bulgaria ..............................................25 Iran .....................................................50 Canada................................................26 Ireland ................................................51 Chile....................................................27 Israel ...................................................52 China (People’s Republic of) .............28 Italy.....................................................53 Colombia ............................................29 Ivory Coast .........................................54 Costa Rica...........................................30 Jamaica...............................................55 Croatia ................................................31 Japan...................................................56 Cyprus.................................................32 Jordan.................................................57 Czech Republic ..................................33 Kenya..................................................58 Denmark.............................................34 Kuwait ................................................59 Dominican Republic ..........................35 Lebanon..............................................60 Ecuador ..............................................36 Luxembourg .......................................61 Egypt...................................................37 Malaysia..............................................62 El Salvador .........................................38 Malta...................................................63 IFB. FINAL5.29.03 5/29/03 2:41 PM Page iv Mauritius ............................................64 South Africa .......................................84 Mexico ................................................65 South Korea .......................................85 Morocco..............................................66 Spain...................................................86 Netherlands ........................................67 Sri Lanka ............................................87 New Zealand ......................................68 Sweden ...............................................88 Nigeria ................................................69 Switzerland ........................................89 Norway ...............................................70 Taiwan ................................................90 Oman ..................................................71 Thailand..............................................91 Pakistan ..............................................72 Trinidad and Tobago..........................92 Panama...............................................73 Tunisia ................................................93 Peru.....................................................74 Turkey.................................................94 Philippines..........................................75 Ukraine ...............................................95 Poland.................................................76 United Arab Emirates (UAE) ............96 Portugal ..............................................77 United Kingdom.................................97 Romania .............................................78 United States ......................................98 Russia .................................................79 Uruguay ..............................................99 Saudi Arabia.......................................80 Venezuela..........................................100 Singapore ...........................................81 Vietnam ............................................101 Slovakia ..............................................82 Yugoslavia.........................................102 Slovenia ..............................................83 Zimbabwe.........................................103 Chapter 4: Appendices .......................................................................................104 Maps..............................................................................................................................104 Resources......................................................................................................................113 Insurance Information Institute, Affiliated Offices and Representatives...............................................................................................116 Insurance Information Institute Board of Directors ............................Inside back cover IFB. FINAL5.29.03 5/29/03 2:41 PM Page 1 Chapter 1: World Overview WORLD LIFE AND NONLIFE INSURANCE PREMIUMS, 1992-2001 (Direct premiums written, U.S. $ millions) Year Nonlife1 Life Total 1992 $697,503 $768,436 $1,465,939 1993 792,087 1,010,490 1,802,731 1994 846,600 1,121,186 1,967,787 1995 906,781 1,236,627 2,143,408 1996 909,100 1,196,736 2,105,838 1997 896,873 1,231,798 2,128,671 1998 891,352 1,275,053 2,166,405 1999 912,749 1,424,203 2,336,952 2000 926,503 1,518,401 2,444,904 2001 969,074 1,439,177 2,408,252 1Includes accident and health insurance. Source: Swiss Re, sigma, No. 6/2002. POPULATION AND GROSS DOMESTIC PRODUCT BY COUNTRY, 2001 Gross domestic Gross domestic Population product2 Population product2 Country in 20021 (U.S. $ billions) Country in 20021 (U.S. $ billions) Algeria 32,277,942 $177.0 China, PR 1,284,303,705 5,560.0 Argentina 37,812,817 453.0 Colombia 41,008,227 $255.0 Australia 19,546,792 465.9 Costa Rica 3,834,934 31.9 Austria 8,169,929 220.0 Croatia 4,390,751 36.1 Bahamas 300,529 5.0 Cyprus 767,314 9.1 Bahrain