TABLE OF CONTENTS To the Reader 1 About Axco Insurance Information Services 2 About Swiss Re 2 Chapter 1: World Overview 3 Chapter 2: World Rankings 10 Chapter 3: Country Profiles 14 Appendices 107 International Insurance Organizations 107 I.I.I. Staff 110 To The Reader In response to the globalization of the insurance business and the need for readily available data on world insurance, the Insurance Information Institute produces a Fact Book for international insurance statistics. 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 Insurance Information Services (http://www.axcoinfo.com), a London-based insurance information service, and Swiss Re (http://www.swissre.com), which publishes the international research journal, sigma. The information included, which covers some 90 countries, comes from a variety of other sources as well. We have attempted to standardize the information as much as possible. We hope you find this Fact Book useful. Robert P. Hartwig, Ph.D., CPCU President Insurance Information Institute 110 William Street New York, NY 10038 212 346-5500 http://www.iii.org 2013 International Insurance Fact Book updates at www.iii.org/international/ 1 About Axco Insurance Information Services Axco Insurance Information Services is the leading supplier of global insurance and employee benefits market information. With over 40 years’ experience in researching and delivering insurance industry intelligence, Axco provides business-critical compliance and market data on no-life, life and benefits, personal accident, healthcare and employee benefits markets across the globe. Axco’s unique business model and methods of research have developed an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services. Axco products are delivered to every corner of the globe and Axco is committed to continually improving its technical capabilities, enhancing existing products in both content and design, and developing new and innovative methods of information delivery. From Argentina to Zambia, Axco secures information on a market by market basis to deliver the most accurate, relevant and up-to-date information available to its client base of the world’s foremost insurers, reinsurers, brokers, risk managers, catastrophe modellers and employee benefits specialists. For further information see http://www.axcoinfo.com. About Swiss Re Swiss Re is one of the world's leading reinsurers, operating through more than 70 offices in over 30 countries. The company has been in the reinsurance business since its foundation in Zurich, Switzerland, in 1863. Through its three business groups Property & Casualty, Life & Health and Financial Services, Swiss Re offers a wide variety of products to manage capital and risk. Traditional reinsurance products, including a broad range of property and casualty as well as life and health covers and related services, are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. For further information see http://www.swissre.com. 2013 International Insurance Fact Book updates at www.iii.org/international/ 2 Chapter 1: World Overview World Overview WORLD LIFE AND NONLIFE INSURANCE IN 2011 Outside the United States, the insurance industry is divided into life and nonlife, or general insurance, rather than life/health and property/casualty. World insurance premiums rose by 6 percent from $4.3 trillion in 2010 to $4.6 trillion in 2011, according to Swiss Re’s latest study of world insurance. However, when adjusted for inflation, premiums declined slightly (0.8 percent). Nonlife premiums expanded by 8.2 percent in 2011, or by 1.8 percent when adjusted for inflation, reflecting economic growth in emerging markets and rate increases in some advanced markets. By contrast global life insurance premiums rose by 4.4 percent in 2011, but fell by 2.7 percent when adjusted for inflation. In 2011 life and nonlife insurance premiums (excluding cross-border business) accounted for 6.6 percent of world gross domestic product (GDP). Premiums accounted for 17.0 percent of GDP in Taiwan, the highest share in the Swiss Re study, followed by 13.2 percent in the Netherlands, 12.9 percent in South Africa, 11.8 percent in the United Kingdom and 11.6 percent in South Korea. Premiums represented 8.1 percent of GDP in the United States, the 13th highest share in the study. WORLD LIFE AND NONLIFE INSURANCE PREMIUMS, 2009-2011 (1) (Direct premiums written, U.S. $ millions) Year Life Nonlife (2) Total 2009 $2,367,442 $1,742,193 $4,109,635 2010 2,516,377 1,819,310 4,335,687 2011 2,627,168 1,969,519 4,596,687 (1) Before reinsurance transactions. (2) Includes accident and health insurance. Source: Swiss Re, sigma, No. 3/2012. TOP TEN COUNTRIES BY LIFE AND NONLIFE INSURANCE PREMIUMS, 2011 (1) (Direct premiums written, U.S. $ millions) Total premiums Life Nonlife Percent change Percent of total Rank Country Amount premiums premiums (2) from prior year world premiums 1 United States (3),(4) $537,570 $667,107 $1,204,677 3.7% 26.2% 2 Japan (4),(6) 524,668 130,741 655,408 14.7 14.26 3 United Kingdom (4) 210,067 109,486 319,553 6.4 6.95 4 France (4) 174,753 98,359 273,112 -3.6 5.94 5 Germany (5) 113,869 131,292 245,162 4.3 5.34 6 P.R. China (5) 134,539 87,319 221,858 3.4 4.83 7 Italy 105,089 55,426 160,514 -7.9 3.49 8 South Korea (6) 79,161 51,223 130,383 13.3 2.84 9 Canada (4),(7) 52,167 69,045 121,213 6.6 2.64 10 Netherlands 31,210 79,722 110,931 8.5 2.41 (1) Before reinsurance transactions. (2) Includes accident and health insurance. Does not correspond to grouping of U.S. data shown elsewhere in the book. (3) Life premiums include an estimate of group pension business; nonlife premiums include state funds. 2013 International Insurance Fact Book updates at www.iii.org/international/ 3 (4) Estimated. (5) Provisional. (6) April 1, 2011 to March 31 2012. (7) Life insurance premiums are net premiums Source: Swiss Re, sigma, No. 3/2012. LIFE AND NONLIFE INSURANCE PREMIUMS, 2011 (Direct premiums written, U.S. $ millions) Total premiums Nonlife Life Percent of total Country Amount premiums (1) premiums world premiums Algeria (2) $1,099 $103 $1,201 0.03% Angola (2) 950 50 1,000 0.02 Argentina (3) 10,250 2,596 12,846 0.28 Australia (2), (4) 43,899 45,187 89,086 1.94 Austria (3) 13,300 9,751 23,051 0.50 Bahrain (2) 431 148 579 0.01 Bangladesh (2) 255 789 1,044 0.02 Belgium (2) 15,140 25,947 41,087 0.89 Brazil (3) 37,240 41,046 78,287 1.70 Bulgaria 968 163 1,131 0.02 Canada (2), (5) 69,045 52,167 121,213 2.64 Chile 4,091 5,578 9,669 0.21 Colombia (3) 5,343 2,282 7,624 0.17 Costa Rica (2) 743 72 815 0.02 Croatia (3) 1,256 455 1,711 0.04 Cyprus (2) 624 543 1,167 0.03 Czech Republic (3) 4,694 4,069 8,764 0.19 Denmark (2) 11,208 21,482 32,691 0.71 Dominican Republic (2) 635 105 740 0.02 Ecuador 1,105 231 1,337 0.03 Egypt (6) 973 740 1,714 0.04 Finland (3) 4,997 20,406 25,404 0.55 France (2) 98,359 174,753 273,112 5.94 Germany (3) 131,292 113,869 245,162 5.33 Greece (2) 3,948 2,931 6,879 0.15 Guatemala (2) 447 108 555 0.01 Hong Kong (3) 3,293 24,556 27,850 0.61 Hungary 1,772 2,193 3,964 0.09 India (7) 12,187 60,442 72,628 1.58 Indonesia (2) 4,655 9,437 14,092 0.31 Iran (8) 7,555 713 8,268 0.18 Ireland (2) 9,211 43,038 52,250 1.14 2013 International Insurance Fact Book updates at www.iii.org/international/ 4 Total premiums Nonlife Life Percent of total Country Amount premiums (1) premiums world premiums Israel 5,770 6,682 12,452 0.27 Italy 55,426 105,089 160,514 3.49 Jamaica (2) 450 227 676 0.01 Japan (2), (7) 130,741 524,668 655,408 14.26 Jordan (2) 565 56 622 0.01 Kazakhstan 989 208 1,197 0.03 Kenya (2) 686 350 1,036 0.02 Kuwait (2) 627 185 812 0.02 Lebanon 878 343 1,221 0.03 Liechtenstein 496 4,843 5,339 0.12 Luxembourg (2) 3,134 20,355 23,489 0.51 Macao (3) 152 392 544 0.01 Malaysia (2), (7) 4,965 9,307 14,272 0.31 Malta (2) 1,497 697 2,194 0.05 Mauritius (2) 218 396 614 0.01 Mexico (3) 12,149 10,083 22,231 0.48 Morocco 1,989 871 2,859 0.06 Namibia (2) 303 667 971 0.02 Netherlands (2) 79,722 31,210 110,931 2.41 New Zealand (2), (4) 8,503 1,548 10,051 0.22 Nigeria (2) 1,153 404 1,557 0.03 Norway 9,767 12,871 22,638 0.49 Oman (2) 617 150 766 0.02 Pakistan (2) 636 739 1,376 0.03 Panama 819 234 1,053 0.02 Peru 1,379 1,234 2,613 0.06 Philippines (2) 991 1,890 2,881 0.06 Poland (3) 9,870 9,237 19,107 0.42 Portugal (2) 5,779 10,534 16,313 0.35 PR China (3) 87,319 134,539 221,858 4.83 Qatar (2) 908 54 961 0.02 Romania (3) 2,053 554 2,607 0.06 Russia 42,071 1,185 43,257 0.94 Saudi Arabia (2) 4,682 289 4,971 0.11 Serbia 656 126 781 0.02 Singapore (3) 8,188 11,275 19,463 0.42 Slovakia (2) 1,510 1,359 2,869 0.06 Slovenia (2) 2,066 942 3,008 0.07 2013 International Insurance Fact Book updates at www.iii.org/international/ 5 Total premiums Nonlife Life Percent of total Country Amount premiums (1) premiums world premiums South Africa (3), (5) 10,842 41,534 52,376 1.14 South Korea (2), (7) 51,223 79,161 130,383 2.84 Spain (2) 40,731 39,257 79,987 1.74 Sri Lanka (2) 382 319 701 0.02 Sweden (3) 10,150 31,961 42,111 0.92 Switzerland (3) 28,494 35,083 63,576 1.38 Taiwan 14,283 64,133 78,416 1.71 Thailand (3) 6,028 9,218 15,246 0.33 Trinidad and Tobago (2) 591 247 838 0.02 Tunisia (2) 694 119 812 0.02 Turkey 8,473 1,579 10,051 0.22 Ukraine (2) 2,916 168 3,084 0.07 United Arab Emirates (2), (9) 5,415 1,226 6,641 0.14 United Kingdom (2) 109,486 210,067 319,553 6.95 United States (2), (10) 667,107 537,570 1,204,677 26.21 Uruguay 660 206 867 0.02 Venezuela (2) 10,370 433 10,803 0.24 Vietnam (3) 1,027 818 1,845 0.04 Other 9 959 2 330 12 288 0.27 World $1,969,519 $2,627,168 $4,596,687 100.00% (1) Includes accident and health insurance.