Sigma3 2016 en

No 3/2016
World insurance in 2015:

steady growth amid
regional disparities
01 Executive summary
03 The global economy and

financial markets in 2015
08 Insurance premium growth

steady
16 Global trade and insurance

market growth
22 Advanced market

premiums grow faster

than GDP
28 Emerging markets continue

to gain global share
35 Methodology and data
37 Statistical appendix
Executive summary
The insurance industry faced another
challenging year in 2015, with moderate
economic growth and low interest rates.
The re/insurance industry faced another year of moderate global economic growth
in 2015. Global real gross domestic product (GDP)1 grew by 2.5%. The advanced
economies improved, but there was slowdown in the emerging markets with many
major countries impacted by political instability and low commodity prices. The
investment environment remained challenging globally, with uncertainty around
policy tightening in the US and very low interest rates prevailing in advanced
economies for another year. With the exception of some emerging markets, inflation
was low in most countries, driven by the low commodity prices.
Global life insurance premium growth

remained steady in 2015, but the trend
varied across regions.
Despite the challenging environment, real global direct life and non-life insurance
premiums written grew by 3.8% in 2015, up from 3.5% in the previous year.2
However, in nominal US dollar terms, premiums were down by 4.2% due to widespread currency depreciation against the USD. In real terms, life premium growth
slowed to 4% from a 4.3%-gain in 2014 (2015: USD 2534 billion). In advanced
markets life premiums grew 2.5%, down from 3.8% growth the previous year. North
America returned to positive growth after two years of decline. Life premium growth
was also stronger in advanced Asia, driven by Japan and Korea. In Western Europe,
however, growth slowed significantly. In the emerging markets, overall life premium
growth almost doubled to near 12%, supported by strong sector performance in
emerging Asia. Growth also improved in Latin America but was slower in the Middle
East and Central Asia, and Africa. In Central and Eastern Europe (CEE), premiums
contracted. Last year, life premium growth fell short of the pre-crisis3 average in
advanced markets yet again, but it was slightly higher in the emerging markets.
Figure 1
Global real premium growth rates, 2015
Advanced markets
Emerging markets
World
No data
< 10.0%
10.0%
5.0%
2.5%
0.0%
2.5%
5.0%
> 10.0%
Life
Non-life
Total
2.5%
12%
4.0%
2.6%
7.8%
3.6%
2.5%
9.8%
3.8%
to 5.0%
to 2.5%
to 0.0%
to 2.5%
to 5.0%
to 10.0%
Source: Swiss Re Economic Research&Consulting.
1 The aggregation of the individual economies that make up the global economy is weighted using US
dollar GDP based on market exchange rates. International statistics using purchasing-power parity place
more weight on fast-growing countries like China and India and so show higher world GDP growth rates.
2 Unless otherwise stated, all premium growth rates indicate changes in real terms (ie, adjusted for local
consumer price inflation).
3 Pre-crisis: 20032007; post-crisis: 20092014.
Swiss Re sigma No 3/2016 1
Executive summary
Non-life premium growth improved in

2015, mainly driven by the advanced
markets.
Global non-life premium growth improved to 3.6% in 2015 from 2.4% the previous
year (2015: 2020 billion USD). The advanced markets were the main drivers, with
all regions other than Oceania experiencing higher growth rates. Advanced Asia
(+4.1%) registered the highest growth among the advanced regions, and there was a
considerable gain in North America (+3.2%) also. Growth was moderate in Western
Europe (+1.5%), but that was nevertheless an improvement on previous years of
stagnation. Emerging markets continued their robust premium growth trend (+7.8%),
primarily driven by China. Other markets in emerging Asia were solid also, as were
the Middle East and Central Asia (+9.0%). In CEE, non-life premiums contracted, due
to a sharp fall in Russia.
Profitability was under pressure in both

life and non-life, but both sectors are well
capitalised.
Profitability in life and non-life remained under pressure in 2015. In life, moderate
premium growth in many markets and the prolonged low interest rates dragged on
profits. In non-life, both the underwriting and investment result was weaker than in
2014. The underwriting result was impacted by lower reserve releases and
investment results were hit by low interest rates. However, the insurance industry
overall remains well capitalised.
Life premium growth in the advanced

markets will improve slightly, but non-life
premium growth will moderate.
Life premium growth is expected to accelerate slightly in the advanced economies

in 2016, mainly driven by a modest improvement in Western Europe and a recovery
in Oceania. In the emerging markets, the life sector is forecast to decelerate since
premium growth in China is expected to slow from the high levels of 2015. The out
look for the non-life industry in advanced markets is more muted than for life, given
expectations of a moderate economic recovery and pricing weakness. The outlook
for non-life in the emerging markets is mixed. Premium growth will likely be strong
in emerging Asia, mainly supported by China. In other emerging regions, however,
premium growth is expected to weaken or even contract.
The special chapter of this sigma focuses

on slower trade growth and its
implications for related lines of insurance.
Trade flows have slowed in recent years. Global trade grew about twice as fast as
world GDP between the early 1990s and mid-2000s, but has grown at the same
pace as GDP in more recent years. The slowdown has in part been cyclical due to
sluggish economic growth, and trade should pick up again once economic activity
accelerates. However, the slowdown also reflects deeper, structural factors, such as
a limit in the further dispersion of global supply chains, protectionism and the
transitioning of the Chinese economy from export- and investment-led growth to
domestic services and consumption. The negative impact of the trade slowdown on
global growth reduces sector-wide premium growth generally. A persistent
slowdown in global trade will affect marine and credit insurance growth in particular.
The data in this study are the latest

available at the time of going to press.
This sigma study contains the latest market data available at the time of going to
press. The final figures for 2015 are not available for most insurance markets. As
such, the sigma also contains Swiss Re Economic Research&Consulting estimates
and provisional data released by supervisory authorities and insurance associations.
2 Swiss Re sigma No 3/2016
The global economy and financial markets in 2015

Global economic growth uneven across regions
The global economy grew moderately in
2015.
The global re/insurance industry faced another year of moderate economic growth
in 2015. Global real gross domestic product (GDP) was up 2.5%, above the postcrisis annual average of 2.2%. Growth in advanced markets continued to improve,
to 1.9% from 1.8% in 2014. This was still below the pre-crisis but exceeded the postcrisis average by 1 percentage point (ppt). Emerging markets aggregate growth was
disappointing at 3.5%, less than half the pre-financial crisis average growth levels of
7.4%, and below the post-crisis average of 4.7%.
Growth in the advanced markets

continued to improve slightly
Among the advanced markets, the US economy expanded by 2.4%, while growth
in Canada fell to 1.2% from 2.5% in 2014. Total GDP growth in North America fell
to 2.3%, slightly short of the pre-crisis but 1 ppt more than the post-crisis annual
average growth rate. Japans economy grew slightly after a shallow recession in
2014. In Western Europe, growth improved to 1.8% in 2015 (2014: 1.4%),
supported by low interest rates, low oil prices and a relatively weak euro. The UK
outperformed its continental peers again while within the Euro area, Germany and
Spain grew faster than France and Italy, where structural reforms are still much
needed.
but emerging market growth was

weak, with some countries impacted by
low commodity prices and political
instability.
Aggregate emerging market growth was weak at 3.5%, with some countries
struggling with low commodity prices and political instability. Growth in other
markets, however, most notably China, CEE EU member countries and African
non-commodity exporters, remained solid. Deep recessions in Brazil and Venezuela
dragged on overall performance in Latin America. Brazils economy contracted by
3.8%, suffering from low commodity prices, high inflation and political uncertainty.
In Mexico, industrial activity was low while private consumption remained healthy.
Economic growth in most CEE countries was solid but recession in Russia (GDP fell
3.7%), due to low oil prices and sanctions because of the Ukraine conflict, weighed
on the regions aggregate growth (1.2%).
India overtook China as the worlds

fastest growing large economy.
The emerging Asian economies expanded unevenly last year. Chinas economy
continued its transition from manufacturing to services, and growth slowed to 6.9%,
just below the governments target of 7%. India was the worlds fastest-expanding
large economy (+7.3%) in 2015, with business and consumer sentiment improving
significantly on expectations of a strong push towards economic reform and
liberalization by the Narendra Modi government.
Major economies in Africa developed

unevenly due to political uncertainties
and dependency on commodities.
Major economies in Africa developed unevenly, driven largely by political

developments and lower oil and commodity prices. Growth in South Africa was
sluggish with companies there having to contend with lower commodity prices,
weak domestic demand, electrical outages, worker strikes and rising input costs.
Nigeria and Angola suffered from low oil prices and infrastructure bottlenecks, while
many oil-importing countries grew solidly (eg, Morocco, Kenya and Cte dIvoire). In
the Middle East and Central Asia, Saudi Arabia experienced solid growth, supported
by greater public spending, despite collapsing government revenues from oil.
Growth in Turkey was robust, despite civil disturbance and political turmoil.
Figure 2
Real GDP growth by region in 2015,
and pre- and post-financial crisis average
World
Advanced markets
North America
Western Europe
Advanced Asia
Oceania
Emerging markets
Emerging markets excl. China
Emerging Asia
Emerging Asia excl. China
Latin America and the Caribbean
Central and Eastern Europe
Middle East and Central Asia
Africa
2%
0%
2%
4%
6%
8%
10%
Growth rate 2015

Pre-crisis average growth 20032007
Post-crisis average growth 20092014
Remarks: Countries GDP weighted with market exchange rates.
Source: Oxford Economics, WIIW, Swiss Re Economic Research&Consulting.
Interest rates and headline inflation approach zero

The ECB continued quantitative easing,
but the US Fed raised rates once.
Figure 3
Long-term interest rates, December
2005 to April 2016
Central bank intervention, policy divergence and uncertainty drove the financial
markets in 2015, and interest rates were at record lows. The European Central Bank
(ECB) and the Bank of Japan (BoJ) continued their expansionary and unconventional
monetary policies as the Euro area and Japanese economies remained fragile with
deflation an ongoing risk. In contrast, the US Federal Reserve Board made a small
move towards monetary policy normalisation with an interest rate hike in December.
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Dec 2005
Apr 2006
Aug 2006
Dec 2006
Apr 2007
Aug 2007
Dec 2007
Apr 2008
Aug 2008
Dec 2008
Apr 2009
Aug 2009
Dec 2009
Apr 2010
Aug 2010
Dec 2010
Apr 2011
Aug 2011
Dec 2011
Apr 2012
Aug 2012
Dec 2012
Apr 2013
Aug 2013
Dec 2013
Apr 2014
Aug 2014
Dec 2014
Apr 2015
Aug 2015
Dec 2015
Apr 2016
1.0%
US
Source: Datastream.
Japan
Germany
UK
France
In the emerging markets, policy rates

diverged.
Anticipation of a US interest rate hike kept yields on US and UK 10-year government

bonds about 1.5 ppt above the German and Japanese equivalents (Figure 3). The
US took a first step to monetary policy normalisation in 2015, but interest rates in the
advanced economies remain historically low (see Box: Low interest rates forever?).
Even so, inflation in the US, the Euro area and the UK dropped close to zero last year,
based largely on low commodity prices. In the US, core inflation, which excludes
food and energy, was essentially unchanged at 1.8%. Inflation in Japan fell below
1% after rising to 2.9% in 2014 due to the sales tax increase in April 2014. Crisis-hit
Brazil and Russia increased policy rates in an attempt to counter capital outflows and
inflation. In contrast, China and India both reduced their policy rates.
It was a mixed year for stocks in the

advanced markets.
Stock market performance in advanced markets was mixed. The S&P 500 in the US
was down 0.7%, and the MSCI UK index was down 5.9%. By contrast, the Japanese
Nikkei 225 was up 9.1% and the German DAX 30 by 9.6% (Figure 4). The mixed
performance reflects the diverging paths of monetary policy. After three consecutive
years of ending in positive territory, the worlds major equity markets slowed due to
increased uncertainty, weak profit growth and investor caution.
Figure 4
Stock market performance,
20142016 (December 2014 = 100)
130
120
110
100
90
80
Jan 2014
Feb 2014
Mar 2014
Apr 2014
May 2014
Jun 2014
Jul 2014
Aug 2014
Sep 2014
Oct 2014
Nov 2014
Dec 2014
Jan 2015
Feb 2015
Mar 2015
Apr 2015
May 2015
Jun 2015
Jul 2015
Aug 2015
Sep 2015
Oct 2015
Nov 2015
Dec 2015
Jan 2016
Feb 2016
Mar 2016
Apr 2016
May 2016
70
US (S&P 500): 0.7%

Germany (DAX 30): 9.6%
Japan (Nikkei 225): 9.1%

MSCI Emerging Markets: 17%
MSCI UK: 5.9%
Note: percent values indicate year-on-year change of respective indices in 2015.

Source: Datastream.
Emerging market stock indices fell

substantially.
Stock markets in the emerging markets suffered substantial losses driven by falling
commodity prices, heightened political instability in many regions and uncertainty
around US monetary policy. The MSCI Emerging Markets index fell by 17% in 2015,
but recovered partially in the first quarter of 2016.
Outlook: improving, but interest rates to rise only moderately

There will likely be heightened market
volatility alongside moderate global
growth in the next two years.
The global economy faces four major headwinds that will produce periods of market
volatility alongside moderate growth in 2016 and 2017: the US Federal Reserve
will continue to raise interest rates; China continues to open its capital account;
commodity prices have stabilized at low levels and are unlikely to increase
substantially; and global political developments continue to create uncertainty.
Nevertheless, in advanced markets economic fundamentals remain strong. In the
US, real GDP is expected to continue to grow steadily this year and next, and
employment and income growth are expected to remain strong. The Euro area is
benefiting from a weak euro and low oil prices, and growth is forecast to improve
in each of the next two years. Stable growth is likely in the UK, where consumer
spending and housing construction have sustained momentum in the first half of
2016, in spite of the uncertainty created by the Brexit referendum which has
dampened business investment and hiring.4
Economic growth in the emerging

markets is forecast to pick up, but
challenges remain.
Economic growth in emerging markets is forecast to improve in 2016, reflecting

reduced recessionary pressures in key markets in Latin America and CEE. However,
weak growth in trade is likely to continue and financial volatility, currency depreciation
and capital outflows will remain key challenges for many emerging economies.
Growth in China is expected to slow in 2016, while Brazil and Russia will likely
remain stuck in recession. In Brazil challenges to governability will remain following
the recent impeachment of President Rousseff, given the heavily charged and
polarized political atmosphere. In Russia low oil prices and the continuation of
sanctions are holding back growth. Risk of an emerging market financial crisis
continues, as indicated by wide emerging market bond spreads. However, the threat
of contagion is limited due to stronger financial buffers in individual markets and also
enforcement of precautionary macro-prudential measures.
Monetary policy divergence will

continue, and inflation is expected to
accelerate, particularly in the US.
Global monetary policy divergence will continue in 2016 after the BoJ surprised
markets with negative interest rates in January and the ECB, in March, announced
further extension of its unconventional policy measures. Inflation in the US is forecast
to rise, and the Fed is expected to raise its policy rate two times in 2016. The slow
pace of monetary tightening has increased the risk of inflation. The Bank of England
(BoE) will likely follow suit, with two rate hikes starting in August after the Brexit
referendum. In contrast, the ECB and BoJ are more likely to ease monetary policy
further. In such an environment, yields on the US and UK 10-year government bonds
are likely to rise modestly, to 2.2% and 2.0%, respectively, by end-2016. German and
Japanese 10-year yields will also rise, but by less (to 0.8% and 0%). Their low value
is essentially pulling down US and UK yields. If volatility subsides, equity markets
could improve and credit spreads could narrow further this year.
The global economy will likely muddle

through in 2016, but downside risks
remain.
Many downside risks to the global economy remain. In the US, the risk is inflation
followed by more-rapid-than-expected monetary tightening. In the Euro area, a
Grexit could become a problem again as implementation of reforms is lagging.
However, contagion risk has declined over the last few years and the ECB has
become a credible lender of last resort. Immigration will remain an issue in Europe
and could compromise pro-reform governments and/or delay implementation of
structural reforms. In China economic and financial risks remain high. The country is
pursuing contradictory policies as it attempts to simultaneously liberalise its capital
account, lower interest rates to support growth and maintain a stable exchange rate.
A string of unfavourable events, such as defaults by property developers or local
governments, or a sharp renminbi depreciation and capital outflows, would increase
the likelihood of a hard-landing.
4 The result of the 23 June 2016 vote in the UK on whether to stay in the EU was not known at the time of
going to print.
Interest rates remain very low after the

financial crisis.
Low interest rates forever?

After the financial crisis, major central banks kept policy rates at close to zero for
about seven years to support economic recovery and put upward pressure on prices.
In this context, the consequences of the interest rate hike by the US Fed in December
2015 and the direction of long-term interest rates raise key questions for insurers.
This is because income from financial assets is an important part of earnings,
although not all lines of business are affected to the same degree. Will interest rates
finally rise and go back to pre-crisis levels?
A Geneva Report finds that long-term

government bond yields have fallen for
three decades, but inflation expectations
have remained stable.
During the last three decades, yields for 10-year government bonds have decreased
steadily. However, inflation expectations, calculated by the difference in yields from
inflation-protected and unprotected bonds, remained relatively stable, reflecting the
credibility of central banks inflation targets. A recently published Geneva Report on
the world economy therefore associates the fall in yields during the last two decades
with lower real interest rates, rather than with a decline in inflation expectations.5
Other factors could be at play in the

long-term downtrend in interest rates.
The financial crisis and the subsequent reaction of central banks caused just a small
dip in the long-term down trend of real interest rates. Hence, other drivers need to be
at work. The Geneva report focuses on different explanations:
An ageing population in most parts of the world led to an increase in the
aggregate propensity to save, some of which went into fixed income assets,
lowering real interest rates.
Another contributing factor has been the increase in savings in China. The higher
savings coupled with Chinas increased financial integration, led to large capital
outflows into global financial markets.
A shift in investor preferences away from risky assets towards safe bonds is
another likely driver for lowering real interest rates.
According to the report, interest rates

could eventually rise again.
These factors may persist for some time, and re/insurers need to be prepared to
cope with low interest rates for a while yet. However, the report also mentions that
with time, interest rates could increase as the causes of the downward trend reverse:
First, aggregate savings levels could decrease as the cohort of current savers
continues to move towards retirement;
Second, with the shift in China from investment and exportled growth to a more
consumption-driven economy, the Chinese outflow of capital into global financial
markets may also stabilise; and
Finally, a gradual return of investors into more risky assets could alleviate pressure
on interest rates.
5 Low for Long? Causes and Consequences of Persistently Low Interest Rates, October 2015, International
Center for Monetary and Banking Studies (ICMB) and Centre for Economic Policy Research (CEPR).
Insurance premium growth steady

Global insurance premiums continued to grow in 2015
Global premiums grew by a real 3.8%
in 2015, but declined by 4.2% to
USD 4554 billion in nominal terms.
Figure 5
Global real direct premium growth,
1980 2015
Total direct premiums written grew by 3.8% in real terms in 2015, up from 3.5%
growth in 2014.6 Global premium volumes were USD 4554 billion, which in nominal
terms was 4.2% less than the previous year, due to significant currency depreciation
against the US dollar (USD). The euro lost significant value against the USD (20%),
and UK sterling (GBP) and the Japanese yen (JPY) were also impacted, as were
advanced-market commodity exporters (Australia, Canada). Many emerging market
(Russia, Brazil, South Africa, others) currencies depreciated strongly also.
20%
15%
10%
5%
0%
5%
Total
Non-life
2015
2013
2011
2009
2007
2005
2003
2001
1999
1997
1995
1993
1991
1989
1987
1985
1983
1981
10%
Life
Figure 6
Global real premium growth rates, 2015
No data
< 10.0%
10.0%
5.0%
2.5%
0.0%
2.5%
5.0%
> 10.0%
to 5.0%
to 2.5%
to 0.0%
to 2.5%
to 5.0%
to 10.0%
6 Unless otherwise stated, all premium growth rates indicate changes in real terms (ie, adjusted for local
consumer price inflation).
Life insurance: positive overall growth masks regional disparities

Global life insurance premiums rose by
4.0% in 2015, slightly slower than in the
previous year.
Figure 7
Life premium growth in the advanced
and emerging markets in 2015, and
pre- and post-financial crisis averages
Premium development
Global direct life premiums written totalled USD 2534 billion in 2015, down 4.6%
in nominal terms but up 4.0% in real terms after a 4.3%-real gain in 2014. In the last
two years, global life premium growth has exceeded both the pre- and post-crisis
averages (see Figure 7). However, the overall growth masks considerable variation
across regions and countries. Last year premium growth in the advanced markets
slowed, but accelerated in the emerging markets.
World
Advanced markets
North America
Western Europe
Advanced Asia
Oceania
Emerging markets
Emerging Asia
Africa
10%
5%
0%
5%
10%
15%
20%
Growth rate 2015

Premium growth in the advanced

markets slowed; it accelerated in
the emerging markets.
In the advanced markets, premiums recovered in North America following two years
of contraction. There was also renewed momentum in Japan. In Oceania, however,
markets declined sharply, mainly due to base effects after very solid growth in
Australia in 2014. There was minimal growth in Western Europe, mainly due to a
contraction in Germany. Among the emerging markets, growth was particularly
strong in emerging Asia, supported by solid gains in a number of countries including
China, India, Indonesia and the Philippines. Life premium growth also strengthened
in Latin America and remained on a positive track in Africa, the Middle East and
Central Asia. The improvement in Latin America reflects robust growth in Brazil and
a strong rebound in Chile. By contrast, premiums in CEE were down for a third year
running, mainly because of the two largest markets, Poland and the Czech Republic
(see page 32).
Despite signs of recovery of late, overall

life premium growth has been sluggish
since the financial crisis.
Despite the above-average growth rates in 2014 and 2015, life insurance premiums
have been sluggish since the financial crisis in 2008. On average, advanced-market
premiums have stagnated since then, with very little and even negative life premium
growth in Western Europe and North America. The emerging markets have also
slowed markedly, with premium growth less than half pre-crisis levels.
Figure 8
Life real premium growth, 2015
No data
< 10.0%
10.0%
5.0%
2.5%
0.0%
2.5%
5.0%
> 10.0%
to 5.0%
to 2.5%
to 0.0%
to 2.5%
to 5.0%
to 10.0%
Profitability in the life sector remains

under pressure. However, the industry
is well capitalised.
Life insurers profitability and capital position

Global life industry profitability remained under pressure in 2015, with return on
equity (ROE) at about 12% (see Figure 9). ROE is expected to remain below precrisis levels in the near- and medium term. Ongoing headwinds are the moderate
premium growth in many markets and prolonged low interest rates. In some
countries bond yields are even negative. Insurers from Canada and Western Europe
in particular contributed to the weak year-on-year (yoy) ROE outcome in the fourth
quarter of 2015. Among US insurers, most of the improvement in average ROE was
because of an increase in the net income of one company due to positive forex
developments. From an accounting perspective, the life sector reported stronger
capitalization at the end of 2015 than in 2014, reflecting solid results in China.
However, the improvement was also partly driven by decreasing interest rates,
leading to a higher mark-to-market value of fixed-income and derivative investments.
Figure 9
Return on equity (left panel) and
shareholder equity (right) of large life
insurers and globals with life business
25%
10 US companies
3 Canadian companies
Market cap weighted average
7 European Globals
2 Chinese companies
4Q15
2Q15
4Q14
4Q13
2Q14
4Q12
2Q13
4Q11
2Q12
2Q11
4Q15
2Q15
2Q14
4Q14
4Q13
4Q12
2Q13
4Q11
2Q12
2Q11
4Q10
2Q10
4Q09
2Q09
4Q08
4Q07
2Q08
10%
4Q10
5%
2Q10
0%
4Q09
5%
2Q09
10%
4Q08
15%
4Q07
20%
2Q08
325 (4Q07 = 100)

300
275
250
225
200
175
150
125
100
75
50
6 UK companies
Note: Based on a sample of companies7, missing 1Q/3Q values are interpolated.

Sources: Company reports, Bloomberg, Swiss Re Economic Research&Consulting.
Life premiums will likely grow in the

advanced and emerging markets in 2016
although the overall environment will

remain challenging.
Life insurance industry outlook

Life premiums are expected to grow in both the advanced and emerging markets in
2016. Growth is forecast to accelerate slightly in the advanced but decelerate in the
emerging countries. The small improvement in the advanced markets will come from
an expected recovery in Oceania and modest acceleration in Western Europe. In
North America, growth will remain roughly stable. In the emerging markets, the pace
of growth reflects sustained strong performance in emerging Asia. Premium growth
in China, though slowing, is expected to remain strong in 2016. The fast-growing
sharia compliant/takaful business in Indonesia and Malaysia is expected to further
benefit the life sector. In contrast, growth in Latin America will remain below recent
trend levels due to price competition, demand weakness and heightened financial
and economic volatility. Life premiums will also remain under pressure in most CEE
EU countries, and are expected to decline in Russia due to the ongoing economic
difficulties there. In Africa, life insurance penetration is still very low, so there is
ample potential for growth.
Interest rates and the macroeconomic and financial market environment will continue
to shape the outlook for the primary life insurance industry. Downside risks from
just modest global economic growth, persistently low interest rates, volatility in the
financial markets and regulatory changes remain significant in the short- and
medium-term. With profitability under pressure, life insurers will continue to focus on
improving capital management, lowering expenses and enhancing investment
yields.
7 AFLAC; Allianz; Assurant Inc; Aviva; AXA; China Life; CNP; Generali; Genworth Financial; Great-West
Lifeco; Hartford; Legal&General; Lincoln National; Manulife; MetLife Group; Old Mutual; Ping An;
Prudential (UK); Prudential (US); St. James Place ; StanCorp Financial Group; Standard Life; Storebrand
ASA; Sun Life; Swiss Life; Torchmark; UNUM Group; Zurich.
Non-life: higher premium growth, driven by advanced markets

Global non-life premium growth
improved further in 2015, mainly
driven by advanced markets.
Figure 10
Non-life premiums growth in the
advanced and emerging markets in
2015, pre- and post-financial crisis
averages
Non-life insurance premium development

Global non-life insurance sector improved further in 2015, with premiums up 3.6% in
real terms to USD 2020 billion, higher than the 2.4%-gain registered in 2014 and
also better than pre-crisis average growth (see Figure 10). However, in nominal USD
terms, premiums fell 3.8% due to currency depreciations against the dollar. The
advanced markets were the main drivers, with higher growth registered in all regions
except Oceania (flat at +0.1%). Advanced Asia (+4.1%) registered the highest growth
among the advanced regions and premiums in North America were also solid
(+3.2%). Western Europe premiums showed moderate growth (+1.5%) after several
years of stagnation.
World
Advanced markets
North America
Western Europe
Advanced Asia
Oceania
Emerging markets
Emerging Asia
Africa
6%
3%
0%
3%
6%
9%
12%
15%
Growth rate 2015

Emerging market premiums growth

slowed but remained solid.
In the emerging markets, premium growth slowed to a still-robust 7.8% in 2015 from
8.6% in 2014, but was below the pre-crisis average of 10%. Growth trends among
regions were mixed. China was the main driver, with premiums there increasing by
17%. In the Middle East and Central Asia, growth remained solid at 9%, and likewise
in emerging Asia excluding China at 5.9%. However, in most regions the level of
premium growth was lower than in 2014. Growth was slow in Africa (+1.3%) and
Latin America (+2.3%). This was still higher than in CEE where premiums were down
4.9%, with sharp contractions in Russia and the Ukraine offsetting more positive
results in other countries.
Figure 11
Non-life real premium growth, 2015
No data
< 10.0%
10.0%
5.0%
2.5%
0.0%
2.5%
5.0%
> 10.0%
to 5.0%
to 2.5%
to 0.0%
to 2.5%
to 5.0%
to 10.0%
Losses from disaster events in 2015 were

below the previous 10-year average.
Irrespective, there was still a large

global catastrophe protection gap
of USD 55 billion.
Catastrophe losses8
There were 353 disaster events in 2015, of which a record 198 were natural
catastrophes, the highest number ever recorded in a single year. Total economic
losses caused by all disasters were estimated at USD 92 billion in 2015, down from
USD 113 billion in 2014 and below the inflation-adjusted average of USD 192 billion
for the previous 10 years. Asia was hardest hit with total losses of USD 38 billion. An
earthquake in Nepal was the biggest disaster of the year, with total losses estimated
at USD 6 billion, including damage reported in India, China and Bangladesh. The
biggest insured-loss event of the year was the two explosions at the Port of Tianjin in
China in August, with an estimated property loss of USD 2.5 billion to USD 3.5 billion,
making it also Asias largest man-made insured loss event ever.
Overall, the insurance sector covered USD 28 billion of losses from natural
catastrophes and USD 9 billion from man-made disasters in 2015. However,
there was a large difference of USD 55 billion between total and insured losses,
highlighting the lack of insurance protection globally against catastrophe events.
8 sigma 1/2016 Natural catastrophes and man-made disasters in 2015: Asia suffers substantial losses,
Swiss Re.
Non-life profitability weakened in 2015

due to low investment returns and weaker
underwriting results.
Figure 12
Composition of profits as a % of net
premiums earned and ROE, aggregate
of eight major markets, 19992016
Non-life insurers profitability and capital position

The overall profitability of non-life insurance, measured by ROE, declined from 9.0%
in 2014 to 7.2% in 2015. Underwriting and investment results both declined.
Investment income as a percentage of net premiums earned in eight major markets
fell by 0.7 ppt to 9.2% in 2015 (see Figure 12) due to the low interest rate
environment. Underwriting results were also down as the pace of reserve releases
slowed. Overall, underwriting profitability in the eight markets deteriorated with the
combined ratio moving up to 98.9% in 2015 from 97.6% in 2014. In the US, the
industry combined ratio worsened due to rising claims in motor and general liability
insurance. In the UK and continental Europe, motor underwriting results started to
deteriorate again after some improvements previously. In Japan, overall underwriting
results improved across all lines, but the combined ratio in the compulsory motor line
remained high. Underwriting performance in Australia, however, deteriorated due
largely to poor results in property offsetting improvements in compulsory motor. The
overall negative trend in profitability is expected to continue in 2016.
20%
Aggregate of the US, Canada, the UK, Germany, France, Italy, Japan and Australia
15%
10%
5%
0%
5%
10%
Underwriting result as a % of net premiums earned

Current investment income as a % of net premiums earned
Capital gains/losses as a % of net premiums earned
After-tax return on equity (%)
2016F
2015E
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
15%
E = estimate
F = forecast
The non-life industry is well capitalized.
The non-life sector remains well capitalised with solvency at a record high of 130%
in 2015, up from 124% in 2014. Nevertheless, shareholder equity in the eight
markets declined marginally in USD terms due to negative currency effects as the
USD strengthened. On a local currency basis, shareholder equity increased.
Although capitalisation is expected to remain strong, the support from higher
unrealised gains due to ultra-low interest rates will disappear once rates begin to rise
(in the US and UK mainly).
USD bn
1400
Aggregate of the US, Canada, the UK, Germany, France, Italy, Japan and Australia
140%
Premiums earned
Shareholders' equity
Solvency (equity/premiums RHS)
2016F
2014
2015E
2013
0%
2012
0
2011
20%
2010
200
2009
40%
2008
400
2007
60%
2006
600
2005
80%
2004
800
2003
100%
2001
1000
2002
120%
2000
1200
1999
Figure 13
Non-life insurers solvency, 19992016
E = estimate
F = forecast
Lower premium rates and weak

economic growth will drag on non-life
premium development in advanced
markets.
Non-life insurance industry outlook

Global non-life sector growth is expected to weaken due to moderate economic
activity and soft pricing, mainly in the advanced markets. In North America, premium
growth is expected to slow slightly in 2016 because of price declines in most
commercial lines. In Western Europe, non-life premium growth will remain subdued
due to moderate economic recovery. In advanced Asia, a weakening economic
environment will pose challenges to most of the non-life sector, but some lines are
expected to grow (eg, accident&health, due to increasing awareness and product
re-pricing). The non-life sector in Oceania will likely be affected by pricing pressures
and also regulatory changes (see page 27).
Growth in Emerging Asia will remain

strong, mainly driven by China.
The outlook for emerging markets is mixed. Emerging Asia is forecast to grow
robustly, mainly driven by China because of government support for insurance.
Further backing will come from rate hikes in motor third-party liability (MTPL)
insurance in India and infrastructure investments in other Asian markets. However,
detariffication of motor in China and Malaysia could offset some of the positive
momentum in the region. Non-life premiums in Africa and the Middle East and
Central Asia will continue to grow but at a lower rate than before. In Latin America,
growth is expected to be flat due to contraction in Brazil and Venezuela, and slower
growth in Argentina. In CEE, non-life premiums are expected to decline further due
to contraction in Russia, where the economy remains stuck in recession.
Overall non-life sector profitability will

remain subdued.
Non-life insurers profitability is expected to continue to be under pressure as

investment returns remain depressed and soft market conditions continue.
Global trade and insurance market growth

Introduction
Trade volumes grew about twice as fast
as global output in the two decades prior
to 2007
Trade data of the last 150 years tell a straightforward story: excluding periods of
recession, and during and between World Wars I and II, growth in global trade
volumes mostly exceeded growth in global real GDP.9 The outperformance was most
pronounced from the late 1980s to mid-2000s, with trade volumes growing about
twice as fast as real GDP.10 This was reflected by an increase in exports as a share of
GDP from below 15% to more than 30% during that time (Figure 14).
driven by major geo-political and

economic events.
The gains were based on a series of major geo-political and economic events: the
end of the Cold War and reintegration of the CEE countries into the world economy;
the adoption of an export-led growth model in China and its integration into global
business; the Uruguay Round trade negotiations between 1986 and 1994, leading
to the creation of the World Trade Organisation (WTO) and a reduction in average
tariffs; rapid innovation in information and communications technology; and ongoing
improvements in transport efficiency. Optimisation of production processes with
more outsourcing of specific functions over time led to a rise in global supply chains.
Figure 14
Development of global exports relative
to global GDP
0.40
0.35
0.30
0.25
0.20
0.15
Exports to GDP (real)

Pre-crisis trend (real)
2015
2010
2005
2000
1995
1990
1985
1980
1975
1970
0.10
Exports to GDP (nominal)

Recessions
Grey bars indicate global recessions, equalized with global real GDP growth below 1%; the dashed line
shows the pre-crisis trends according to the average growth rates between 1990 and 2007.
Source: World Bank, Swiss Re Economic Research&Consulting.
However, trade has grown in line with

GDP in more recent years.
There has been a slowdown in global trade in more recent years. This appears more
pronounced in nominal terms than in real terms because:
USD appreciation: national values need to be converted to a common currency,
typically the USD. A stronger USD reduces the value of exports denominated
in other currencies, even if prices in local currency terms and volumes increase.
The same applies to world GDP. However, as the US accounts for a smaller share
of world trade than it does for world GDP, converting local currencies to USD to
aggregate nominal trade and GDP causes the ratio between the two variables to
decline as the USD appreciates.
Falling commodity and manufacturing prices in recent years have led to lower
export prices (see Figure 15). Commodities and manufactured goods account for
a larger share of trade than they do for global output. Decreasing commodity and
manufacturing prices therefore have a larger negative effect on nominal exports
than on nominal GDP, causing the ratio between the two variables to decline.
9 D. Irwin, Long-run trends in world trade and income, World Trade Review, 1(1) 2002, pp. 89100.
10 C. Constantinescu, A. Mattoo and M. Ruta, The Global Trade Slowdown; Cyclical or Structural?,
IMF Working Papers, 15(6), 2015.
Figure 15
Global manufacturing and export price
indices (2005=100)
140
130
120
110
100
90
80
2016
2014
2012
2010
2008
2006
2004
2002
2000
1998
1996
1994
1992
70
Manufacturing price index

Export price index
Source: CPB Netherlands Bureau for Economic Policy Analysis, Swiss Re Economic Research&Consulting.
This raises questions regarding the outlook

of the global trade-to-GDP ratio.
USD aggregation effects overstate the magnitude of the recent slowdown in trade,
but it is also visible in real terms. This raises the question of whether the trade
slowdown is cyclical or reflects a structural change in the world economy. And, if the
latter, how will the decrease in the trade-to-GDP growth ratio impact global
economic growth?
Determinants of the slowdown

During recession, the purchase of traded
goods is often postponed, resulting in
high sensitivity of trade volumes to GDP
moves.
Cyclical factors
Trade volumes normally respond more than proportionally to movements in real GDP.
Irwin11 explains this by citing that demand for investment and durable consumer
goods is cyclical, growing rapidly in times of strong economic performance. As these
goods represent a large share of global trade volumes, recent weakness in global
growth is likely having a negative impact on the trade-to-GDP ratio.
Intra-EU trade matters disproportionally

for global trade, and EU GDP growth has
been weak for the last several years.
The regional composition of world growth is also important. In particular, sluggish

growth in the EU in recent years has had a disproportionally large impact on global
trade volumes: the EU accounts for less than one quarter of global output, but for
more than one third of global trade. The substantial trade flows between EU member
states are included as part of global trade statistics. However, trade within large
countries (eg, the US or China) is not included.
Cyclical factors explain some of the

recent slowdown.
Another cyclical factor in the trade-volume slowdown since 2007 is that economic
growth in many emerging markets has been weak relative to the previous two
decades. Geopolitical tensions, exchange rate fluctuations, and the holding off of
investments because of an uncertain outlook has also contributed to lower flows.
11 Irwin, op. cit.
Figure 16
Global exports in USD trillion
25
20
15
10
5
2014
2012
2010
2008
2006
2004
2002
2000
1998
1996
1994
1992
1990
1988
1986
1984
1982
1980
Services exports
Agriculture
Fuels and mining
Manufactures
Source: WTO, Swiss Re Economic Research&Consulting.
The slowdown in global trade is based

on sluggishness in trade of goods. Trade
in services continues to exceed income
growth.
Structural factors
The recent slowdown in trade relative to GDP growth results from sluggishness in
trade of goods, in particular in manufacturing, fuel and mining products. By contrast
trade in services is still growing at a much higher rate than global GDP. However, as
Figure 16 shows, services still account only for about one fifth of global trade. The
slowdown in global trade, therefore, is about structural changes in the production
and trade of goods rather than services.
The expansion of international supply

chains was an important driver of global
trade in the two decades prior to the
mid-2000s.
The rapid expansion of international production networks/supply chains is an

important factor in explaining the outperformance of trade relative to income growth
in the two decades prior to 2007.12 Trade is measured on a gross value basis. If a
good which consists to a large part of imported intermediate goods is exported, the
imported intermediate goods are recorded again in a countrys exports. In contrast,
GDP only measures the value added in the exporter country. Hence, in the years
before 2007, the rise of global value chains led to a large increase in the trade-toGDP ratio.
Offshoring is a trade-off between

specialisation gains and coordination
costs.
According to theory, the fundamental trade-off in supply chain dispersion is between

specialisation gains and coordination costs.13 The revolution in information and
communication technology radically lowered coordination costs in the 1990s and
early 2000s. However, the recent slowdown in offshore activities indicates that
a further substantial reduction in communication costs might be hard to achieve.
In addition, narrowing wage gaps between countries like China and advanced
economies could lower specialisation gains. Constantinescu et al.14 find evidence
that the slowing pace of international vertical specialization might be another
structural change affecting the trade-to-income relationship. The ECB supports this
finding by presenting evidence from the World Input-Output Database. The share
of foreign value added in gross exports increased until 2008, and has remained
broadly unchanged since 2009. High wages in some emerging markets appear to
be reducing dependence on foreign supply chains as manufacturers shift production
back to their home country.
12 G. Gaulier, G. Santoni, D. Taglioni et al., The power of a few in determining trade acceleration and
slowdowns in B. Hoekman (ed). The Global Trade Slowdown: A New Normal?, VoxEU Book, 2015.
13 R. Baldwin, Global supply chains: Why they emerged, why they matter, and where they are going,
CEPR Discussion Papers, vol 9103, 2012.
14 C. Constantinescu, A. Mattoo and M. Ruta, op. cit.
An important structural factor is Chinas

transition from an export-led to a
consumption driven growth model,
and the declining import content of its
exports.
There is a general consensus that developments in China have contributed to both

the large increase in the trade-to-income ratio in the high-trade growth period prior
to 2007, and also to the ratios decline during the trade slowdown of more recent
years.15 Prior to the mid-2000s, Chinas export-led growth model was a main driver
of global trade volumes. Moreover, Gaulier et al.16 argue that Chinas economic
integration also had a juggernaut effect on trade liberalisation in Southeast Asian
countries ie, a virtuous cycle in which trade liberalisation strengthens the export
sector, which in turn lobbies for further trade liberalisation. With Chinas transition
from an export- and investment-led to a more consumption and service-based
growth model, a large driver of global trade growth has diminished. The rebalanced
Chinese economy with a higher emphasis on growth in the less trade-intensive
service sector and domestic consumption will contribute less to global trade.
Further, Constantinescu et al.17 state that the share of Chinese imports of parts and
components in its total exports has declined from a peak of 55% in the mid-1990s to
around 35% currently. Chinas increasing ability to source from itself has contributed
to the sluggish development of the global trade-to-GDP ratio in recent years.
Figure 17
Average import tariffs for different
regions, in %
16
14
12
10
8
6
4
2
World
North America
Europe
Middle East
2013
2011
2009
2007
2005
2003
2001
1999
1997
1995
1993
1991
Asia
Source: World Bank, Swiss Re Economic Research&Consulting.
Large trade liberalization deals supported

the increase in the trade-to-income ratio
during the 1990s and early 2000s, but
there have been few notable agreements
recently.
The ECB claims that protectionism may be playing a small but non-negligible role
in the most recent trade slowdown.18 However, even a stagnating level of trade
liberalisation would not drive the trade-to-GDP ratio higher. Figure 17 shows the
average import tariffs in percentage points for different regions since the early 1990s.
During this period in which global trade volumes grew twice as fast as output, average
tariffs across the world fell significantly. Average tariffs levelled off at low levels in
the years after the financial crisis, and any further declines may only have a marginal
impact. The stagnation in liberalization initiatives since the mid-2000s may have also
slowed trade growth relative to output.
Future prospects and implications for growth

In coming years, trade will most likely
not increase twice as fast as GDP.
There is no agreement on the relative importance of cyclical versus structural factors

in trade growth, but there is strong evidence that both are at play. Among others,
Boz et al.19 argue that on balance, cyclical forces have been more important. However,
Gaulier et al.20 and others argue that structural changes were responsible for a
significant part of the recent slowdown. Global trade should pick up again once
global economic activity accelerates, but is unlikely to return to double-GDP-growth
15 Ibid.
16 G. Gaulier, G. Santoni, D. Taglioni, op. cit.
17 C. Constantinescu, A. Mattoo and M. Ruta, op. cit.
18 Understanding the weakness in world trade, ECB Economic Bulletin, vol 3, 2015.
19 E. Boz, M. Bussire and C. Marsilli, Recent slowdown in global trade: Cyclical or structural?,
in B. Hoekman (ed.) The Global Trade Slowdown: A New Normal?, VoxEU Book, 2015.
20 G. Gaulier, G. Santoni, D. Taglioni, op. cit.
rates. Changes in underlying factors causing the recent decline of the trade-to-GDP
ratio are likely to persist: Chinas transition to a more consumption and service-driven
growth model will proceed, and gains from further international dispersion of
production networks may have peaked.
TPP and TTIP might be a source for a
renewed boost to the trade-to-GDP ratio.
It is unclear whether protectionism or trade liberalization measures will gain the

upper hand in the years to come. The Trans-Pacific Partnership (TPP) reached
agreement in October 2015, but the accord still needs to be signed and ratified by
participating countries. It should positively affect the trade-to-GDP ratio, although
estimates on the potential impact on trade volumes and economic growth vary
greatly. A proposed Transatlantic Trade and Investment Partnership (TTIP) between
the US and the EU is still being negotiated. When and in what form the agreement
will come into force is uncertain.
Weak global trade growth will likely

dampen global economic growth.
No current academic literature explicitly investigates the impact of the recent global
trade slowdown on global growth. But there is a large body of literature linking
increases in productivity to trade in general, and to various aspects of dispersing the
global value chain in particular.21 This material says a stagnating or decreasing tradeto-GDP ratio may have a negative effect on global growth as trade is a channel for
knowledge transfer and diffusion of technologies, as well as for specialization and
resource allocation according to the theory of comparative advantage.
Implications for insurance

Rates determine marine insurance
premiums in the short run. Trade
activities are the main determinant of
premiums in the long run.
Table 1
Scenarios for the development of marine
premiums over the next 10 years
Premium rates tend to be cyclical, and are the most important determinant of marine
and credit insurance premiums in the short run. However, over the longer term,
premiums are mostly determined by the level of insurance exposure. A persistent
slowdown in global exports would directly lower exposure growth and would
therefore have a negative impact on marine and credit insurance premiums.
Long-run response
of premiums to trade
Cargo 0.89
Hull
0.80
Average real GDP

growth forecast over
the next 10 years
2.8%
Projected average real premium growth if trade:

grows in tandem with
real GDP
grows twice as fast as

real GDP
2.5%
2.2%
5.0%
4.4%
Source: IMF World Economic Outlook, Swiss Re Economic Research&Consulting.
Rising trade activity increases cargo and

hull premiums, but not by as much as the
increase in trade.
A trend towards larger ships has kept

average hull premium below cargo
premium growth rates.
Marine insurance22
Data from the last two decades reveals that an increase of trade activity by 1%
eventually leads to an increase in cargo premiums of slightly below 0.9%, and to
an increase in hull premiums of about 0.8%. Over the last 20 years, this long-run
response of premiums to the value of traded goods has tended to be below 1.0.
The reason might be found by commercial pressures in the shipping industry.
Credit availability and overly optimistic trade growth projections led to substantially
increased orders for new ships from 2004 to 2008. The overhang of shipping
capacity and resulting weak prices in maritime freight markets put pressure on
premium rates. Also, safety may be rising, lowering the risk and the premium rates.
While cargo premiums can be directly linked to the value of traded goods, trade only
indirectly affects hull premiums through the assumption that the global value of ships
is connected to the total value of its cargo. The excess supply of shipping capacity
21 See M. Amiti and J. Konings, Trade Liberalization, Intermediate Inputs, and Productivity: Evidence from
Indonesia, American Economic Review, vol 97, no 5 2007, pp 16111638. Also P. K. Goldberg, A. K.
Khandelwal, N. Pavcnik et al., Imported Intermediate Inputs and Domestic Product Growth: Evidence
from India, Quarterly Journal of Economics, vol 125, no 4 2010, pp 17271767, and G. M. Grossman
and E. Rossi-Hansberg, Trading Tasks: A Simple Theory of Offshoring. American Economic Review, vol
98, no 5 2008, pp 197897.
22 The econometric analyses in this chapter follows the methodology used in sigma 4/2013: Navigating
recent developments in marine and airline insurance, Swiss Re.
led to a decrease in ships market value. This and a trend towards larger ships, carrying
more cargo for less cost, might also explain the lower long-run response of hull
premiums to trade relative to cargo premiums.
Long-run premium growth forecasts are
highly dependent on the future path of
trade-to-GDP ratio.
Higher exports typically lead to an

increase in trade credit insurance
premiums.
Over the next decade, marine and trade

credit insurance premiums are likely to
develop more modestly than previously.
Using an external forecast for global real GDP growth, Table 1 presents two scenarios
for average real growth rates of cargo and hull premiums over the next 10 years:
an upside scenario in which trade is assumed to grow twice as fast as GDP as during
the period between 1990 and 2007; and a downside scenario in which trade is
assumed to grow at the same pace as global GDP. From these scenarios, cargo
premiums are forecast to grow on average by between 2.5% and 5%, and hull
premiums by between 2.2% and 4.4%. While short-run prospects of marine premiums
are mainly driven by the development of premium rates, long run prospects are
highly dependent on the future development of the trade-to-GDP ratio.
Trade credit insurance23
Using historical data from 40 countries, an evaluation was conducted of the effect
of exports on trade credit insurance premiums. The analysis estimates that a 1%
increase in exports is accompanied by a 0.67% increase in trade credit insurance
premiums. Trade credit insurance protects sellers of products and services against
the risk of non-payment by the buyer. Since this also includes domestic buyers,
export data only capture a part of the exposure to non-payment. The rest of the
exposure depends on the development of the economic activity within a country,
which in turn also affects trade. After controlling for these effects (ie, keeping the
level of global economic activity constant), the analysis shows that a 1% increase of
trade results in a just 0.32% increase in trade credit insurance premiums. However,
that is still significant. Moreover, as with the analysis on the impact of trade on
marine lines, the estimates do not account for a possible negative impact of a global
trade slowdown on economic activity.
Conclusion
The long-run prospects of marine and trade credit insurance lines are significantly
affected by the development of the trade-to-GDP ratio. This ratio should pick up in
the coming years as the global economy recovers. However, the recent slowdown in
trade growth also reflects, to a certain extent, permanent structural changes in the
global economy. Most of the mentioned factors are likely to persist, pointing to more
modest development of marine and trade credit insurance premiums than would
have been expected several years ago using only real GDP growth rates.
23 For an economic analysis of the trade credit insurance market, see Trade credit insurance&surety: taking
stock after the financial crisis, October 2014, Swiss Re.
Advanced market premiums grow faster than GDP

Global share of advanced markets declined to 81.3% in 2015
Advanced countries continued to lose
global insurance market share in 2015
due to exchange rate depreciation.
Life insurance premiums grew slightly

faster than the economy,
Total premiums in the advanced markets grew by 2.5% in 2015, little changed from
the previous year. In nominal USD terms, however, premiums declined by 5.7% to
USD 3704 billion due to widespread exchange rate depreciation, particularly in
the euro zone, Australia and Canada. Exchange rate weakness against a resilient
Chinese renminbi also contributed to the decline in the advanced markets share of
global insurance premiums to 81.3% (2014: 82.6%).
Life insurance
Total life premiums in the advanced markets grew by 2.5% in 2015, outpacing GDP
growth slightly and increasing insurance penetration marginally (premiums/GDP).
In 17 of the 28 markets for which data are available (see Figure 18 in which the blue
dots above the line indicate premium growth above GDP growth), life premiums
growth outpaced economic growth.
Figure 18
Life and non-life premium growth versus
GDP growth in the advanced markets, 2015
20%
15%
Real premium growth 2015
Singapore
10%
Finland
5%
Portugal
Hong Kong
Spain
0%
5%
Sweden
Greece
Netherlands
10%
Australia
Luxembourg
15%
Portugal
20%
0.5% 0%
0.5%
1.5%
2.5%
3.5%
4.5%
Real GDP growth 2015

Life insurance
Non-life insurance
GDP growth equal to premium growth
as did non-life premiums.
Non-life insurance
In non-life, total premiums in the advanced markets grew by 2.6% in 2015, also more
than the overall economy. Premium growth was stronger than GDP growth in 16 of
the 28 markets with data.
Per capita spending on insurance in

advanced markets decreased in 2015.
Insurance penetration and density

In 2015, average per capita spending on insurance in advanced markets was
USD 3440, down almost 6% from the previous year due primarily to exchange rate
movements. Per capita spending on life insurance was USD 1954 and in non-life it
was USD 1486. Penetration remained at the same level since it is unaffected by
exchange rate movements.
Figure 19
Insurance density and penetration in
advanced markets, 2015
Premiums in USD
0
1000
2000
3000
4000
5000
6000
7000
8000
Switzerland
Hong Kong
Luxembourg
Finland
Denmark
Netherlands
United Kingdom
United States
Taiwan
Ireland
Singapore
G7
Norway
Japan
Average
Sweden
France
Canada
South Korea
Australia
EU, 15 countries
Belgium
Italy
Germany
Austria
New Zealand
Israel
Portugal
Spain
Iceland
Malta
Cyprus
Greece
0%
5%
10%
15%
20%
Premiums as a % of GDP
Non-life premiums per capita
Life premiums per capita
Total insurance penetration (lower axis)
Advanced market premiums grow faster than GDP
North America: life premiums rebound, non-life growth strengthens

Life premiums in the US rebounded in
2015, driven by stronger group and
individual life sales.
This year, US life insurer profitability

will remain under pressure.
Non-life premiums continued to grow in

the US and Canada in 2015, despite soft
pricing in the US.
North America premiums, 2015
World
market share
24%
41%
USD bn
602
829
Life
Non-life
5% Real premium growth

4%
3%
2%
Life insurance
In the US, life premiums rebounded by 3.9% in 2015 (2014: 2.0%). Individual life
business advanced at a healthy pace, driven by robust increases in universal life and
whole life sales due to attractive product guarantees. After two years of declines,
premiums in the group life and annuity segment surged, supported by stronger
income and employment growth. Low interest rates and returns from alternative
investments led to lower investment yields. In addition, actuarial reviews led to lower
interest rate assumptions and consequent reserve increases. The industrys ROE, at
11%, was unchanged and still short of pre-crisis levels of around 15%. Capital levels
remained solid at most companies. In Canada, macroeconomic headwinds
intensified with premium growth slowing to 2.9% in 2015. Group sales remained
strong, and new individual protection products contributed to growth (eg, universal
life products). Whole life policies also remained attractive, particularly participating
policies. Individual annuities contracted due to adverse financial markets which also
pressured life insurers investment income, dragging ROE to 8.5% (2014: 11.6%).
In the US, growing employment and consumer spending should support demand for
insurance in 2016. With interest rates expected to remain low and financial market
volatility to linger, industry profitability will remain under pressure. Life insurers will
continue to focus on improving capital management, lowering expenses and
enhancing investment yields. In Canada, premium growth should improve alongside
the economy and reach trend growth in 2017. Profitability will remain stable and
capitalization solid. A new capital framework expected in mid-2016 (implementation
in 2018) is not expected to change the assessment of industry capitalization.
Non-life insurance
In the US, non-life premiums grew by 3.1% in 2015, despite a still soft pricing
environment. Growth was strongest in commercial auto and inland marine, followed
by general liability and workers compensation. However, overall premiums in
personal lines grew more strongly than in commercial lines, with pricing down in the
latter. Accident and health (A&H) premiums grew only slowly after a steep drop in
2014 due to a reclassification of a company as a health insurer. Profitability benefited
from reserves releases, though at a slower pace than in the previous year, and from
benign catastrophe losses, but investment income stagnated. Overall sector ROE
declined to 6.9% in 2015. In Canada, non-life premiums grew by 4.2% in 2015, up
from 1.3% growth in 2014, despite economic headwinds. Most major lines
contributed, but liability and property premiums were particularly strong, supported
by select rate increases, as were A&H premiums. Motor premiums grew slower than
the total but faster than in 2014, as reforms in Ontario continued to weigh.
Underwriting profits of Canadian non-life insurers were supported by accelerating
premium growth and lack of any major catastrophe activity. Coupled with a
moderate investment result, industry ROE improved to 11.4% from 10.6% in 2014.
1%
0%
1%
2%
3%
Life
Non-life
Growth rate 2015

Growth of US non-life premiums is expected to slow slightly in 2016 and 2017 in the
face of ongoing pricing pressures. Rates are expected to weaken in most commercial
lines and even become negative for several lines. An improving economy and rising
inflation will likely reduce the effect of reserves releases and possibly turn to reserve
strengthening in 2017. ROE is expected to continue to fall due to softening rates and
the low interest rate environment, and assuming normal catastrophe activity.
Premium growth in Canada is expected to slow in 2016 reflecting the modest
economic backdrop, before slowly picking up in 2017 and beyond. Industry
profitability will likely also ease slightly.
Western Europe: life premiums slow, non-life returns to growth

Life premiums in Western Europe grew
by 1.3% to USD 857 billion in 2015.
The near-term outlook for life insurers is

subdued.
Non-life premium growth in Western

Europe gained pace in 2015.
Western Europe premiums, 2015
World
market share
34%
28%
USD bn
857
559
Life
Non-life

6%
5%
4%
3%
2%
1%
0%
Life
Non-life
Growth rate 2015

Life insurance
In Western Europe, growth in life insurance premiums slowed to 1.3% in 2015 from
5.8% in 2014. This was largely due to contraction in Germany (2.5%), where new
business fell in both regular (3%) and single premiums (8.8%). The UK life market
returned to positive growth (+2.4%), after two years of premium declines. In
particular, sales of investment and savings business is growing again. Premiums in
France grew by 2.9%. In Italy growth flattened after two years of strong growth as
sales of endowments slowed. A sharp decline (18%) in premium income in Portugal
reversed some of the strong growth of the previous two years. The market in Spain
grew by +3.4%, mainly driven by traditional life and death benefit protection
products. Unit-linked business continued to contract. Among the Benelux countries,
the biggest premium decline (11%) was in Luxembourg where a volatile growth
pattern from the past few years continued. The confidence crisis in the Dutch market
because of mis-selling continued for a fourth year running, with premiums down
8.7%. In Belgium, life premiums were down 4.9% in 2015. The Nordic markets
grew by 5.9% (Sweden), 7.6% (Finland), and 2.2% (Denmark). The ROE of a sample
seven European Globals24 decreased to 8.6% from 9.8% in 2014 indicating a lower
profitability. ROE for a sample of 6 UK companies was 20%.25
The short-term outlook for the life industry in Western Europe is bleak, in part due to
the pending UK referendum on EU membership. Given that it is the largest market in
Western Europe, the outcome of the vote could have significant implications for the
UK market itself. More generally, the low interest rate environment will continue to
constrain demand for life insurance as well as sector profitability. On the other hand,
the aging population in Western Europe should generate increased demand for
protection, savings and retirement products in the longer term.
Non-life insurance
Non-life premium growth in Western Europe was a moderate 1.5% in 2015, still well
below the pre-crisis average, but a big improvement on the 0.2% post-crisis average.
Germany, the UK and France recorded premium volume increases of 2.0%, 1.5% and
1.5%, respectively. In Germany, motor and property lines registered solid growth,
while A&H and liability premiums declined in real terms. In the UK, premium growth
was up again on the back of rate improvements. The French market was mainly
driven by household insurance (+3.5%). Motor insurance expanded due to strong
new car registrations but a new consumer protection law (Loi Hamon) which makes
switching insurance policies easier, intensified competition. The Nordic markets
were mixed. Among the southern EU countries, growth was strong again in Spain
and Portugal, but Greece continued to decline (6.0%). In Italy premiums fell 2.7%,
driven by a 6.8% fall in motor liability, reflecting a fall in new car sales.
Available information suggests a 12 ppt weakening of underwriting profitability in
non-life in Western Europe in 2015. The average combined ratio of the four largest
markets (France, Germany, Italy and the UK) was around 99%. Reserve releases
continued, but at a reduced pace. Underwriting results deteriorated for motor
(Germany, Italy) and commercial insurance (France, Germany), and due to floods in
the UK. Non-life premium growth in Western Europe will remain subdued in light of
the moderate economic recovery. Underwriting profitability is expected to
deteriorate as a result of softer rates in commercial lines and motor insurance, while
claims growth will remain moderate. Profitability will remain under pressure due to
still-low investment yields.
24 Allianz, AXA, CNP, Generali, STOREBRAND ASA, Swiss Life and Zurich.
25 Aviva, Legal&General, Old Mutual, Prudential (UK), St. James Place, and Standard Life.
Emerging regions continue to gain market share
Advanced Asia: steady expansion in life and non-life

Life premiums grew by 4.2% in the
advanced Asian markets in 2015.
Life insurance
Life insurance premiums in advanced Asia grew by 4.2% in 2015, after a 3.3%-gain
in the previous year. The improvement was driven by acceleration in Japan, with
premium growth up 2.8% from 1.3% in 2014. This more than compensated for a
slowdown in Singapore to a still solid 9.5%. (2014: 14%) The slowdown was mostly
due to slower sales of single premium linked policies, but the market continued to
benefit from increased transparency and the lower distribution costs resulting from
the Direct Purchase Insurance initiative. Meanwhile, sales remained robust and
stable in Hong Kong, South Korea and Taiwan. In Japan, improved sales of traditional
individual life products helped offset sluggish demand for annuity products. Hong
Kong has continued to benefit from new business sales to visitors from mainland
China, which accounted for 24% of total new premiums from individual life savings
business in 2015. In Taiwan, there was a recovery in individual annuity sales and in
South Korea, robust sales of protection products underpinned overall premium
growth.
Low interest rates have again raised

concerns about negative spreads
Prolonged low interest rates has put pressure on life insurers investment returns and
profitability. To counter low returns at home, Japanese life insurers have increased
holding of foreign securities. At the same time, insurers have sought to lower
operational expenses, particularly in Japan, South Korea and Taiwan where insurers
face deepening negative interest rate spreads (market interest rates are lower than
the guaranteed interest rates of policies).
and also about insurers ability to offer

attractive returns to consumers.
The near-term growth outlook for life insurance in advanced Asia remains uncertain,
as low interest rates continue to threaten insurers ability to offer attractive returns.
This is the case in South Korea and Taiwan, and even more so in Japan where the
central bank has adopted a negative interest rate regime. In Hong Kong, tightening
rules on overseas payments through credit cards, and regulator concerns in
mainland China about currency and claims risks of mainland Chinese purchasing
insurance in Hong Kong, could constrain insurance sales to China visitors.
Non-life premium growth was stable in

2015, but profitability was weaker.
Advanced Asia premiums, 2015
World
market share
23%
10%
USD bn
579
194
Life
Non-life

4%
3%
2%
1%
0%
1%
Life
Non-life
Growth rate 2015

Non-life insurance
Non-life premium growth in advanced Asia was stronger in 2015 than in 2014
(+4.1% and +3.4%, respectively). In Japan, premiums rose 3.1% (2014: 3.9%) from
strong demand for fire cover ahead of rate hikes and product revisions in October
2015. At the same time, rate increases pushed motor premiums higher while
personal accident business fell. Stronger growth in A&H underpinned a recovery in
Hong Kong, while in Singapore growth derived support from robust expansion in the
health, fire and marine lines. Premium growth in Taiwan was fairly broad-based
across business lines while Koreas non-life sector benefitted from rate hikes in the
motor and health segments. Profitability is estimated to have deteriorated in the
advanced Asian markets. Higher loss ratios were reported in most markets with the
exception of Singapore, but there profitability was undermined by higher expenses
and low investment returns. In Japan, profitability was affected by higher losses from
natural catastrophes in 2015, including the Typhoons Goni and Etau. Combined
insured losses from the two events are estimated at USD 1.5 billion.
Weakening economic growth will remain a key challenge for the non-life sector in
advanced Asia. The boost from motor premium rates will begin to fade in 2016,
while motor vehicles sales likely remain weak. On the other hand, growth is expected
to remain strong in A&H, partly due to increasing awareness and also product repricing, for example in South Korea.
Oceania: contracting life and stable non-life

Life premium growth in Oceania in 2015
was dragged down by poor sales of
investment-linked and disability products
in Australia.
The life sector is expected to resume

moderate premium growth in 2016.
Non-life premiums grew steadily in

personal lines but were sluggish in
commercial lines.
Oceania premiums, 2015
World
market share
1.8%
1.7%
USD bn
45
35
Life
Non-life

2%
0%
2%
4%
6%
8%
10%
Life
Non-life
Growth rate 2015

Life insurance
Total life premiums in Oceania contracted by 7.8% in 2015, after strong growth of
27.5% in 2014. The main drag was Australia, where premium income fell 8.1% due
to volatility in investment-linked products and a poor performance of disability and
income protection products. Underwriting performance improved after major
insurers raised rates on income protection products by a further 510% after an
aggressive repricing in 2014. Australian life insurers net after tax profit rose 10% in
2015 and the industrys capital base remains strong. In New Zealand, life premiums
grew by 1.8% in 2015 (2014: +4.5%). An increase in sales of trauma insurance and
income protection-type products was partly offset by a continued decline in sales of
whole life, endowment and unbundled traditional products.
The life sector in Oceania is expected to return to growth in 2016. In Australia, an
improving economy will likely lend support, but the unemployment rate remains high
and strained household budgets could weigh on insurance demand. Increased rates
for income protection products should support underwriting profits, but worsening
claims and lapse rates remain a concern. Meanwhile, regulations are increasingly
focused on consumer protection, which could impact insurance distribution. In June
2015, the Australian government gave support to the majority of the Financial
System Inquirys recommendations, including restricting upfront insurance
commissions to agents/advisors. The New Zealand government is also reviewing the
Financial Advisers Act and the Financial Service Providers Act, to either ban or cap
commissions for insurance brokers and advisers.
Non-life insurance
Non-life insurance premium growth in Oceania was flat in 2015, after 1.1% growth in
2014. In Australia, premiums grew 0.5% (2014: +1.3%). There was weak growth in
commercial lines overall. In particular, liability lines were sluggish and property
premiums declined. In comparison, major personal lines including property and
motor recorded moderate growth. Overall, gross claims incurred rose in 2015, due
mainly to losses from a number of natural catastrophe events including Cyclone
Marcia, heavy storms in New South Wales and South East Queensland, hailstorms in
Sydney and bushfires in South Australia. Total claims from these events were AUD
2.2 billion (as of 5 November 2015), according to estimates by the Insurance Council
of Australia. The overall loss ratio rose to 69.2% in 2015 from 63.2% in 2014.
Alongside higher losses from natural catastrophes and weaker investment results,
Australias non-life insurers reported a 43% drop in after-tax net profits. Non-life
direct insurers solvency ratio declined slightly in 2015, but was still strong. In New
Zealand, non-life insurance premiums are estimated to have declined by 1.2% (2014:
+0.2%), reflecting a weak economic backdrop. By line of business, property
premiums contracted due to fierce price competition, motor was steady, and liability
lines were mixed. The loss ratio is estimated to have improved, reflecting benign
natural catastrophe losses and lower liabilities claims.
Non-life insurers still face pricing pressures, and premium growth in Oceania is
expected to remain low in 2016. In addition, an expansive range of regulatory
changes present major challenges. For example, the Australian government
established the Northern Australia Insurance Premiums Taskforce to explore options
to reduce home, contents and strata insurance (general insurance for common and/
or shared property) premium rates. In New Zealand, the government has proposed
increasing the limit of building cover by the Earthquake Commission (EQC). As EQC
insures property on a first-loss basis, the rise in insured limits could crowd out private
non-life insurers offering excess covers.
Emerging markets continue to gain global share

Insurance market expansion advances further
Premium growth in the emerging
markets remained strong in 2015.
Life insurance penetration continued to

increase in 2015.
Total insurance premiums written in the emerging markets in 2015 rose by 9.8% to
USD 850 billion, and premium growth continued to outpace GDP growth. The global
share of emerging market premiums grew by 1.2 ppt to 18.7%, helped by exchange
rate weakness in the major advanced economies. Since 2006, insurance sector
growth in the emerging markets has outpaced economic growth by a factor of more
than 1.5. Excluding China, however, this factor was significantly lower as insurance
market growth was only 1.1 times higher than economic growth.
Life insurance
Life premiums in the emerging markets overall grew by 12% in 2015, well above
economic growth of 3.5%. Premium growth was stronger than economic growth in
41 of the 51 markets for which data are available. In Figure 20, the blue dots above
the line represent those markets where premium growth exceeded GDP growth last
year, meaning an increase in insurance penetration.
Figure 20
Life and non-life premium growth versus
GDP growth in emerging markets, 2015
25%
Real premium growth 2015
15%
Brazil
5%
Russia
0%
5%
Venezuela
Ecuador
15%
25%
Ukraine
35%
13%
8%
3%
0%
3%
8%
Real GDP growth 2015

Life insurance
Non-life insurance
GDP growth equal to premium growth
Premium growth in the non-life sector

was slower than in life.
Non-life
Non-life premiums in the emerging markets overall grew by 7.8% in 2015, still solid
despite a weak economic environment. At the country level, insurance penetration
increased in 34 of the 52 markets for which 2015 data are available.
Per capita spending on insurance in the

emerging markets was unchanged in
2015, but penetration increased.
Insurance penetration and density

Average per capita spending on insurance in emerging markets remained little
changed at USD 135 in 2015, of which USD 71 went to life insurance and USD 64
to non-life. The average insurance penetration in emerging markets increased to
2.9% last year from 2.7% in 2014.
Figure 21
Insurance density and penetration in
emerging markets, 2015
Premiums in USD
0
500
1000
1500
2000
2500
0%
3%
6%
9%
12%
15%
Macao
Qatar
United Arab Emirates
Slovenia
Trinidad and Tobago
South Africa
Chile
Czech Republic
Mauritius
Bahrain
Malaysia
Argentina
Slovakia
Namibia
Poland
Uruguay
Panama
Brazil
Thailand
Saudi Arabia
Hungary
Croatia
PR China
Kuwait
Lebanon
Oman
Venezuela
Costa Rica
Mexico
Colombia
Bulgaria
Turkey
Ecuador
Average
Russia
Peru
Romania
Serbia
Jordan
Iran
Morocco
Dominican Republic
Tunisia
Kazakhstan
Indonesia
Philippines
India
Guatemala
Sri Lanka
Kenya
Angola
Vietnam
Algeria
Ukraine
Egypt
Pakistan
Bangladesh
Nigeria
Premiums as a % of GDP
Non-life premiums per capita
Life premiums per capita
Total insurance penetration (lower axis)
Emerging Asia: healthy growth in life and non-life

Life premium growth in emerging Asia
accelerated last year, despite strong
economic headwinds.
Premium growth is likely to remain

double-digit in 2016, but less than in
2015.
Non-life premium growth was strong in

most emerging Asian markets, with the
exception of Malaysia.
Emerging Asia premiums, 2015
Life
Non-life
USD bn
312
212
World
market share
12%
10%

18%
15%
13%
10%
8%
5%
3%
0%
Life
Life, excl Non-life Non-life,

China
excl China
Growth rate 2015

Life insurance
Despite economic headwinds, life premiums in emerging Asia grew faster in 2015
than in 2014, by 16% against 9.1%. The improved performance was in part due to
recovery in India and the Philippines, and sustained strong expansion in Indonesia
and Vietnam. In India, the recovery was underpinned by investment-linked products
which posted strong growth through bancassurance channels. Nevertheless, the
main contributor was China, where premium growth accelerated to 20% in 2015
from 13% a year earlier. This in turn was driven by insurers raising guarantee rates
to compete with wealth-management products offered by banks, after the regulator
removed the interest rate cap on participating policies in October 2015. Overall
sector profitability in emerging Asia remained solid on lower realised losses, but life
insurers continue to face the challenge of low interest rates.
The outlook for the life sector in emerging Asia remains favourable with premiums
forecast to maintain double-digit growth in 2016 and 2017. In Indonesia and
Malaysia, insurers are increasingly focused on the sharia compliant/takaful business,
which has grown more strongly than conventional business in recent years. In China,
the growth of life premiums could slow from last years high level as insurers become
increasingly concerned about guarantees offered for products of longer durations.
Recent interest rate cuts in several countries including China, India, Thailand and
Indonesia will put further pressure on insurers profits.
Non-life insurance
Non-life premiums in emerging Asia grew by 15% in 2015, compared with 14% in
2014. Premium growth remained strong in China (+17%), the second largest non-life
market in the world, driven by motor, guarantee&credit and agricultural insurance
business. In most other emerging Asian markets, in particular India, Indonesia and
Thailand, premium growth improved from a flat performance the previous year.
Growth in India was led by stronger health (including personal accident (PA)) and
MTPL premiums. In Indonesia, a recovery in motor premiums was the main
contributor, while in Thailand health insurance performed well. In Malaysia on the
other hand, non-life premium growth stalled in 2015 after 4.3% growth in 2014,
mainly from slower sales of motor vehicles. Meanwhile, underwriting performance
largely remained satisfactory in emerging Asia in 2015, particularly in China,
Malaysia and the Philippines, given an absence of significant natural catastrophe
losses. The explosion in Tianjin ports in August 2015, while being the largest manmade disasters in Asia with an estimated property loss of USD 2.5 billion to
USD 3.5 billion, had a limited impact on the profitability of Chinas insurers partly due
to reinsurance recoverables.
The region is expected to sustain robust premium growth in 2016 and 2017. China,
for instance, will benefit from the governments objective to raise total insurance
penetration to 5% by 2020 from 3% in 2014. To this end, the government has
initiated policies to encourage the development of property natural catastrophe,
environmental liability and agricultural insurance, among others. Sustained
infrastructure investment in other markets will also support aggregate premium
growth in the region. Nonetheless, ongoing motor de-tariffication in China could
exert downward pressure on premium growth given that motor accounts for about
70% of total non-life premiums. Elsewhere, Malaysia is also preparing to liberalise
motor tariffs in 2016, which could intensify competition and suppress premium
growth. In comparison, premium growth in India will benefit from the hikes in MTPL
rates in April 2016. Overall, non-life profitability in Asia will likely remain depressed
due to the ongoing low interest rate environment and increasing price pressures in
China and Malaysia due to motor de-tariffication.
Latin America: life recovers, softness in non-life market deepens

Life insurance premiums in Latin America
grew by 7.5% in 2015, more than double
the rate in 2014.
Life insurance premium growth is

projected to decelerate in 2016.
Non-life premiums in Latin America and

the Caribbean grew by only 2.3%.
Latin America premiums, 2015

World
market share
2.6%
4.5%
USD bn
66
92
Life
Non-life

8%
7%
6%
Life insurance
Life insurance premiums in Latin America and the Caribbean grew by 7.5% in 2015,
up from 3.1% in 2014 but still below the pre-financial crisis average rate. The
improvement largely reflects robust growth in Brazil and a strong rebound in Chile,
mainly driven by savings products. There was a spike in fund redemptions of the
popular but volatile Brazilian life-savings product (Vida Gerador de Benefcios Livres)
towards the end of 2014, and a recovery over the course of 2015. In Chile, demand
for annuities, the fastest-growing line of business, received a boost from regulatory
changes to the discount rate used for calculating associated required reserves. This
made annuities more attractive than the planned retirement alternatives operated by
pension funds. On the other hand, growth of ordinary life insurance lines in Brazil and
Chile was muted, notably in credit-life. Elsewhere, there was improvement in Mexico
and recoveries in Argentina, Ecuador and Colombia (after adjusting for the base
effect from a large pension policy transfer in 2013).
Life premium growth in the region is projected to decelerate marginally in 2016.
The products that fuelled high growth in 2015 in Brazil and Chile are likely to lose
momentum this year. In particular, annuities growth in Chile is expected to
decelerate in the second half of the year. New mortality tables will extend life
expectancy assessments, resulting in higher prices to make up for smaller annuity
payments. Stronger growth in Argentina and Mexico should offer support, with
macro-economic stabilisation in the former and fiscal incentives for long-term
savings in the latter buoying demand. However, premium growth will remain below
recent trend levels in the short to medium term. Price competition, weaker demand
and labour markets, and heightened financial volatility will affect insuers in the
region.
Non-life insurance
Non-life premiums in Latin America and the Caribbean grew by 2.3% in 2015, down
from 6.9% growth in 2014. Growth patterns varied widely among the major markets,
accelerating in Argentina, Mexico and Peru, but contracting in Venezuela and Brazil.
Chile and Colombia recorded slightly higher growth. In Brazil, non-life premiums
fell by 2.6%, the weakest growth since 1996. The heaviest drag came from motor,
which fell by 5.9% due to a 27%-decline in car sales amidst a slump in consumer
spending. By contrast, record vehicle sales in Mexico fuelled robust motor premium
growth in that market, reflecting stronger economic growth, curbs on used car
imports, a consumer credit boom and a new requirement that all cars in the capital
have third-party liability cover.26 Motor premiums in Argentina also surged in 2015,
largely due to rate increases to keep up with high claims growth. Property was the
main growth driver in Chile, the only market in the region where property premiums
have a larger share than motor. Demand for real estate surged in the final quarter of
2015 as consumers brought forward purchases ahead of tax hikes and curbs on
mortgage lending due to be phased in during 20162017.
Underlying market dynamics suggest that premiums will contract further in Brazil
and Venezuela in 2016, while Argentine premium growth will slow substantially as
the new governments macroeconomic adjustment measures begin in earnest. This
will be partly offset by slower but stable premium growth in Mexico, Colombia, Chile
and Peru. For the region as a whole, non-life premiums are forecast to be flat in 2016
before recovering gradually thereafter. Tighter credit conditions, weaker economic
growth and less supportive economic policies will restrain insurance demand.
5%
4%
3%
2%
1%
0%
Life
Non-life
Growth rate 2015

26 Mexican property premiums also increased significantly, although this was primarily due to the renewal
of a multi-year policy with the state oil company Pemex.
Central and Eastern Europe: diverging growth trends

Life premiums declined in CEE, driven by
Poland, but many markets continued to
improve.
The premium decline should halt in 2016

as economic growth continues. However,
savings products remain unattractive due
to low interest rates.
Non-life premiums fell in Russia and

Ukraine in 2015. In almost all other CEE
countries, premiums were up.
Central and Eastern Europe premiums,
2015
World
market share
0.6%
1.9%
USD bn
15
38
Life
Non-life

10%
Life insurance
Life insurance premium growth in CEE declined for a third year running in 2015, by
3.5% after a 2.0% contraction in 2014. The main drag came from the two largest
markets, Poland and Czech Republic. In Poland, premiums fell by 4.9% with the
majority of the decline coming from single premiums savings products due to the
low interest rates and a new tax on interest payments for short-term products to
policyholders. And in the Czech Republic, premiums fell 13% as a removal of tax
deductibility on single premiums made these less attractive. Premiums in Hungary
and Slovakia also declined, but grew strongly in Romania, Bulgaria and Slovenia.
Despite a deep recession with surging inflation, premiums in Russia grew 3.4% in
2015, but this was still much lower than the 19% growth achieved in 2014 and 50%
in 2013, which was mainly driven by credit related products. Premiums continued to
collapse in the Ukraine (32%) as surging inflation and the Russia/Ukraine conflict
continued to affect the economy and insurance markets.
Life insurance premium growth will remain under pressure in most of CEEs EU
member states. Life insurance premiums could stabilise with continued strong
growth. However, savings products will remain unattractive due to still-low interest
rates. The Polish market should benefit from a strengthening economy, falling
unemployment and rising disposable incomes, but the introduction of a new tax on
bank and insurers assets could negatively impact demand and insurer profitability,
depending on whether the cost can be passed on to consumers. In the Czech
Republic and in Hungary, life insurance premium growth will likely remain under
pressure, with low interest rates continuing to discourage savings. However, in
Hungary, the national bank is considering stricter fee limits on unit-linked products
in an attempt to ensure cost transparency for consumers, and this could provide a
boost to life insurance sales. Premiums in Russia are expected to decline in 2016
due to ongoing economic difficulties resulting from low oil prices, sanctions due to
the Ukraine conflict, high inflation and declining real incomes.
Non-life insurance
Non-life premiums in CEE declined by 4.9% in 2015 (2014: 1%), almost exclusively
due to Russia, the regions largest market, where premiums declined by 12% as the
economy contracted. Non-life premiums also declined in the Ukraine (24%), while
almost all other CEE markets grew. Excluding Russia and the Ukraine, CEE non-life
premiums were up 3.4% in 2015. Premiums in Poland, the second largest market in
the region, were up 2.1% (compared to 0.3% growth in 2014) as demand for and
prices of motor insurance picked up, and liability insurance bounced back strongly.
Motor insurance boosted real premium growth in Hungary to 6.7%, as rates in motor
increased. In the Czech Republic, real premiums grew by 4.5%, also supported by
motor cover sales. In Slovakia and Slovenia, non-life premium growth was more
muted at about 1%. Underwriting profitability in the CEE region overall remained
under pressure even though there were no major natural catastrophes.
Economic recovery in CEE (excluding Russia and Ukraine) is expected to continue in
2016, leading to lower unemployment and increased consumption, and in turn
stronger premium growth. Non-life premiums in Russia are expected to decline, with
the economy expected to contract again this year. In the Ukraine, insurance
premiums are expected to decline also with little economic and political
improvement in sight. If the Ukraine conflict were to be resolved and sanctions lifted,
everyone, including non-life insurers, would benefit from the boost to economic
growth. Non-life sector profitability in CEE will remain mixed. Regulatory changes,
such as the insurance tax in Poland, could hurt overall profitability.
8%
6%
4%
2%
0%
2%
4%
6%
Life
Non-life
Growth rate 2015

The Middle East, Central Asia, Turkey: growth improves in life, non-life27
Life premiums growth accelerated to
7.6% in the Middle East, Central Asia and
Turkey in 2015.
The outlook is positive given low

penetration, rising risk awareness and
favourable demographics.
In 2015, non-life premiums expanded by

9.7%, driven by a strong acceleration in
Turkey.
Middle East, Central Asia, and Turkey
premiums, 2015
USD bn
6
43
Life
Non-life
World
market share
0.2%
2.1%

16%
14%
12%
10%
8%
6%
4%
2%
0%
Life
Non-life
Life insurance
Life insurance premium growth in the Middle East, Central Asia and Turkey
accelerated to 7.6% in 2015 from 3.2% in 2014. In Turkey premiums increased by
6.5%. In the UAE, the regions biggest market, premiums grew by an estimated
9.3%, driven by demand from the expatriate population and a growing middle class.
In Saudi Arabia, premiums continued to grow for a second year after five years of
decline, due to a shift in the investment patterns from insurance saving products to
the equity market. Oman registered robust growth in 2015, mostly from group life
business. In Bahrain, premiums declined slightly in 2015 due to Family Takaful
business. In Kazakhstan, life premiums rebounded by 9.9% in 2015, due to a strong
growth in annuities, and despite a slowing of the oil-based economy. Growth was a
solid 12% in Azerbaijan28, slower than in previous years, resisting the decline in the
overall economy. Life insurance penetration rates and premium volumes in the two
Central Asian economies, however, are low.
The outlook for life insurance is solid, but in the short term low oil prices are likely to
weigh on growth. Low penetration rates and increasing awareness coupled with
social factors like a move to smaller families and rapid growth of private sector
employment, will drive demand in the longer term. A high share of young consumers
should boost demand for savings, protection and retirement products. The UAE
insurance authoritys proposal to establish a major nationwide life insurance
company as part of developing the life insurance sector while also enhancing the
performance, growth and competitiveness of national insurers will further boost
sector growth. Increasing acceptance of sharia-compliant products will also lend
support.
Non-life insurance
Non-life insurance premiums in the Middle East, Central Asia and Turkey grew by
9.7% in 2015 (2014: +7.2%). In Turkey, premiums were up 12% after stagnating in
2014, boosted by motor, aviation, credit&surety, liability and agriculture. In Saudi
Arabia, strong non-life premium growth continued at 20% (2014: 18%). Rising rates
in motor supported growth, and likewise in medical insurance. Non-life premium
growth in Iran is estimated to have slowed to 4.1% in 2015, but motor and accident
were growing more strongly. In Kazakhstan, premiums grew by 3.2% after a 9.6%
decline in 2014, driven by double-digit growth in most lines of business, particularly
property and MTPL. In Azerbaijan, premiums continued to decline, down 3%
(2014: 6.5%) as an increase in liability (+17%) and MTPL ( +4%) were more than
offset by contraction in property (8%) and motor own-damage (28%), reflecting
how people are cutting back on voluntary insurance in challenging economic times.
The short-term outlook for the non-life sector is cautiously optimistic. However, in the
environment of low energy prices, public spending and subsidies are being reviewed
for cuts and insurance demand will likely slow in the short-term. Health insurance,
however, is expected to expand robustly as governments enact laws requiring
compulsory health cover for all nationals and expatriates. The first two phases of the
new Health Insurance Law in Dubai have been completed and the third and last
phase is expected to be finalised by June 2016. Competition is likely to remain
intense, applying pressure on rates and reducing profitability of insurers. This may
trigger a pick-up in merger and acquisition activity. The recent incidence of cyber
breaches in the Gulf Cooperation Council region and concerns over potential attacks
have made cyber insurance a hot topic and growth area. Directors&Officers (D&O)
cover is another current theme following a string of high-profile incidents.
Growth rate 2015

27 The figures in this section exclude Israel, which falls under advanced countries.
28 Azerbaijan is not among the largest 88 markets to be shown in the appendix, but data can be found on
www.sigma-explorer.com
Africa: weaker premium growth as key economies struggle

The life sector in Africa slowed in 2015,
as growth cooled in many markets.
Low life insurance penetration and

mobile distribution technology provide
ample opportunity for growth in the
medium to long term.
Non-life premium growth in Africa

slowed on a broad basis in 2015.
Africa premiums, 2015

USD bn
44
20
Life
Non-life
World
market share
1.7%
1.0%

10%
8%
6%
4%
2%
0%
Life
Life, excl
South Africa
Non-life
Growth rate 2015
Life insurance
Life insurance premium growth in Africa slowed to 2.8% in 2015 from 5.1% in 2014.
In South Africa (86% regional market share), growth slowed to an estimated 2.3%
from 4.6% in 2014 due to lower single and recurring premiums as household
incomes were impacted by the weakening economy. In the rest of Africa, growth
was mixed, based on estimates and preliminary data for eight countries. Premiums
in Morocco, the second largest market, continued to grow, up by 11% after an 8.8%increase in 2014. The improvement was driven by individual savings business, while
group business stagnated. Premiums also increased in Egypt (+5.2%), though less so
than in 2014 (+6.9%). Meanwhile Algeria registered strong double-digit growth
(+15%), though this is still a very small market. In Sub-Saharan Africa (SSA), premium
growth was mostly positive. Growth in Kenya cooled to a still solid 8.0%. The severe
economic slowdown in oil-exporting Nigeria led to a contraction in life premiums. In
Zimbabwe29, life premiums are estimated to have expanded by more than 20%
driven by funeral products, while the Namibian market also grew solidly (+5.1%). For
other SSA markets, the latest data available are for 2014 only. The numbers suggest
that premiums grew by a modest 8.2% in SSA (excluding South Africa) in 2014.
In South Africa, the near-term outlook for life industry is challenging given sluggish
economic growth, but that should improve in the medium term as the economy picks
up. South African life insurers are increasing their efforts to market towards the lower
income segment of society, which will support growth and broaden the reach of life
insurance. Premium growth is likely to be slow in the oil-exporting countries in 2016
and 2017, as lower economic growth and weaker currencies reduce disposable
income. However, as life insurance penetration is still very low, there is ample
potential for growth. Leveraging mobile distribution technologies will be key in
selling life insurance to the large share of the population living on low incomes.
Non-life insurance
Non-life premium growth in Africa was subdued at 1.3% in 2015 (2014: 1.2%).
Despite a further weakening economic environment, non-life premium growth in
South Africa increased to 2.5% (2014: 0.3%). Insurers have been able to increase
rates and push past adverse claims experience on to consumers, and underwriting
results have improved. Solvency and Asset Management (SAM), the risk-based
capital regulation in South Africa, has been further delayed to 2017. Elsewhere in
Africa, non-life premium growth mostly slowed. In Morocco, premium growth
weakened as commercial lines slowed, while motor and property benefitted from
rising rates. In Kenya, commercial lines contributed to slower growth of 5.2% (2014:
9.5%), but motor and medical also grew more slowly, while domestic fire improved.
In Egypt, premiums continued to contract (1.8%). Preliminary data for Nigeria
suggest that premium volumes contracted strongly (11%) reflecting the weak
economic environment because of low oil prices and the uncertainty before and
after the presidential election in May 2015.
In South Africa, a very weak economic environment and rising inflation will be key
challenges. Exchange rate depreciation is also driving claims costs (ie, in motor,
where most spare parts are being imported). Slow economic activity in major oilexporting countries is expected to reduce premium growth. However, due to low
penetration levels, there are still growth opportunities such as in agriculture lines,
infrastructure investments and in products tailored to the still-underserved lower
income segment of society. Among oil-importing countries, a solid economic growth
outlook should also support premium growth.

29 Zimbabwe is not among the largest 88 markets to be shown in the appendix, but data can be found on
www.sigma-explorer.com
Methodology and data

This study looks at insurance premium
volumes data from 147 countries.
This sigma study is based on the direct premium volumes of insurance companies,
regardless of whether private or state-owned. Premiums paid to state social insurers
are not included. Life and non-life premium volume in 147 countries is examined.
Detailed information on the largest 88 countries in terms of total insurance premium
volume can be found in the statistical appendix. Where not indicated, figures and
chart information in this report are all sourced from Swiss Re Economic Research&
Consulting.
All quoted growth rates are in real terms
All premium growth rates quoted in the text are in real terms, ie, adjusted for inflation
(measured using local consumer price indices), unless otherwise noted.
Country classifications generally follow

IMF conventions.
The designation of the economies in this sigma as advanced or emerging is

generally in keeping with the conventions of the International Monetary Fund (IMF).
Advanced economies include the US, Canada, Western Europe (excluding Turkey),
Israel, Oceania, Japan and the other advanced Asian economies (Hong Kong,
Singapore, South Korea and Taiwan). All other countries are classified as emerging
and generally correspond to the IMFs emerging and developing economies.30
Data sources.
The insurance data and estimates contained in the study originate primarily from
national supervisory authorities and, in some cases, from insurance associations.
Macroeconomic data was sourced from the International Financial Statistics of the
IMF, Oxford Economics and IHS Global Insights.
Data revisions
Figures for past years are adjusted as new information becomes available, while the
sigma world insurance tables are updated and published31 at the beginning of each
calendar year. Since the publication of last years sigma, global premium volume for
2014 is unchanged for life insurance and has been revised by -1.1% for non-life.
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. 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 is allocated to non-life

business.
Life and non-life business areas in this sigma study are categorised according to
standard EU and OECD conventions: health insurance is allocated to non-life
insurance, even if it is classified differently in individual countries.
Density and penetration do not include

cross-border business.
Only premium income from domestic risks is used to calculate insurance penetration
and density. Cross-border business is not included. This has a significant effect in
Luxembourg, Italy and Ireland.
Growth rates in local currency are

adjusted for inflation.
Unless otherwise stated, premium growth rates indicate changes in real terms.
These real growth rates are calculated using premiums in local currencies and
adjusted for inflation using the consumer price index for each country. The statistical
appendix also provides the nominal change in growth for each country. Regional
aggregated growth rates are calculated using the previous years premium volumes
and converted into US dollars at market exchange rates. The same procedure applies
to the economic aggregates of Table X, where the previous years nominal GDP
figures in US dollars are used as weights.
30 The only exceptions are the Czech Republic, Estonia, Slovenia and Slovakia.
31 The update of the tables can be found on www.swissre.com/sigma.
Methodology and data
Figures are converted into US dollars to

facilitate international comparisons.
Using the average exchange rate for the financial year, premium volumes are
converted into US dollars to facilitate comparisons between markets and regions.32
Where no premium data is available (indicated by na. for the local currency value in
the tables), the premium income in US dollars is estimated assuming a constant ratio
of insurance premiums to GDP. 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 US dollars.
Statistical appendix.
The statistical appendix contains additional calculations and the macroeconomic

data used for currency conversions.
Acknowledgements.
The sigma editorial team would like to thank the supervisory authorities, associations
and companies that helped with data compilation.
32 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.
Statistical appendix
1 Excluding cross-border business
2 Excludes advanced countries in South and East Asia (Hong Kong, Singapore,
South Korea, 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 201531 March 2016
14 Financial year 21 March 201520 March 2016
15 Financial year 1 July 201430 June 2015
16 Financial year 1 July 201430 June 2015.
Australia: until 2012, supervisory data included premiums written by public
insurers. However, this is not available in 2013 thus contributing to the
significant decline in annual comparison.
17 Inflation-adjusted premium growth rates in local currency, see Tables II, IV and VI
18 Including the remaining countries
19 Effective Inflation used for calculating real growth rates are estimated by the
Institute for International Finance. These are twice the official figures.
20 Supervisory authority data for 2013 does no longer report premiums written
by public insurers. Retrospectively starting 2003, public insurer data has been
removed from the sigma data set and the data has been changed to calendar
year data. Prior 2003 financial year is from 1 July30 June, ie 2002 stands
for data from 1 July 200230 June 2003

+ provisional
* estimated
** estimated USD value assuming constant insurance penetration
Table I Premium volume by region and organisation in 2015
Premium volume
(in millions of USD)
2015
2014
Total business
America
North America
Latin America and Caribbean
Europe
Western Europe
Asia
Advanced Asian markets
Emerging Asia
Africa
Oceania
World
Advanced markets
Emerging markets
Emerging markets excl China
OECD
G7
Eurozone
EU
EU, 15 countries
NAFTA
ASEAN
Life business
America
North America
Europe
Western Europe
Asia
Emerging Asia
Africa
Oceania
World
Advanced markets
Emerging markets
OECD
G7
Eurozone
EU
EU, 15 countries
NAFTA
ASEAN
Non-life business
America
North America
Europe
Western Europe
Asia
Emerging Asia
Africa
Oceania
World
Advanced markets
Emerging markets
OECD
G7
Eurozone
EU
EU, 15 countries
NAFTA
ASEAN
3
4
5
6
7
8
9
3
4
5
6
7
8
9
3
4
5
6
7
8
9
Change (in %)
inflation-adjusted
2015
2014
Share of world
market (in %)
2015
Premiums1
in % of GDP
2015
Premiums1 per
capita (in USD)
2015
1589385
1431239
158146
1468878
1415185
53693
1350974
773059
524211
53704
64123
80426
4553785
3704063
849723
463222
3602190
2809967
940619
1352516
1314925
1456464
87921
1576073
1397751
178323
1695091
1624812
70279
1313874
799538
462657
51678
70116
99557
4754710
3926402
828308
499869
3837557
2931527
1113861
1559618
1514957
1425266
88354
3.6
3.5
4.6
1.2
1.4
4.5
8.2
4.2
15.2
8.9
2.4
4.5
3.8
2.5
9.8
4.2
2.4
2.7
1.0
1.4
1.4
3.5
8.1
0.7
0.1
5.2
3.4
3.6
1.3
6.1
3.3
11.1
9.3
3.9
15.1
3.5
2.6
7.6
3.3
2.4
1.5
5.7
3.6
3.8
0.1
6.8
34.90
31.43
3.47
32.26
31.08
1.18
29.67
16.98
11.51
1.18
1.41
1.77
100.00
81.34
18.66
10.17
79.10
61.71
20.66
29.70
28.88
31.98
1.93
6.42
7.29
3.09
6.89
7.72
1.92
5.34
11.59
3.33
1.88
2.90
5.58
6.23
8.12
2.92
2.53
7.60
8.05
7.41
7.57
8.01
7.01
3.35
1610.0
4006.9
251.0
1634.4
2580.4
165.6
311.7
3589.8
140.0
152.0
54.7
2065.0
621.2
3439.6
135.0
94.1
2717.7
3637.1
2522.8
2411.9
2951.0
3006.7
128.2
668037
601837
66201
872115
856624
15491
904569
579174
312343
13052
43704
45393
2533818
2089765
444052
233290
1979925
1531861
550609
820286
805672
613299
57172
660808
585980
74828
1002559
982938
19621
886462
597940
275270
13253
47605
58159
2655593
2232193
423399
246450
2130920
1614697
653951
944837
926669
598688
57269
4.2
3.8
7.5
1.2
1.3
3.5
7.8
4.2
15.6
8.0
2.8
7.8
4.0
2.5
11.7
5.9
2.2
2.7
0.8
1.3
1.4
3.8
8.4
0.5
1.0
3.1
5.7
5.8
2.0
5.1
3.3
9.1
10.8
5.1
27.5
4.3
3.8
6.8
2.6
3.5
2.1
9.7
5.9
6.1
0.9
8.7
26.36
23.75
2.61
34.42
33.81
0.61
35.70
22.86
12.33
0.52
1.72
1.79
100.00
82.47
17.53
9.21
78.14
60.46
21.73
32.37
31.80
24.20
2.26
2.70
3.06
1.29
4.16
4.76
0.56
3.59
8.76
1.99
0.46
1.97
3.15
3.47
4.61
1.52
1.27
4.19
4.46
4.25
4.68
5.00
2.95
2.36
676.7
1684.9
105.1
987.2
1592.2
48.0
209.8
2713.3
83.4
36.9
37.3
1165.5
345.7
1953.7
70.6
47.4
1500.0
2014.5
1446.2
1492.1
1844.5
1266.1
90.3
921347
829402
91945
596763
558561
38202
446405
193885
211868
40652
20419
35033
2019967
1614298
405670
229933
1622265
1278105
390009
532230
509253
843165
30749
915266
811771
103495
692533
641874
50658
427411
201598
187388
38426
22511
41398
2099118
1694209
404909
253419
1706637
1316831
459910
614780
588288
826578
31085
3.1
3.2
2.3
1.1
1.5
4.9
9.2
4.1
14.6
9.0
1.3
0.1
3.6
2.6
7.8
2.5
2.6
2.6
1.3
1.5
1.4
3.3
7.6
1.6
0.9
6.9
0.3
0.4
1.0
8.3
3.4
14.2
8.7
1.2
1.1
2.4
1.1
8.6
4.1
1.0
0.8
0.5
0.4
0.4
0.9
3.5
45.61
41.06
4.55
29.54
27.65
1.89
22.10
9.60
10.49
2.01
1.01
1.73
100.00
79.92
20.08
11.38
80.31
63.27
19.31
26.35
25.21
41.74
1.52
3.72
4.22
1.80
2.73
2.96
1.36
1.74
2.83
1.35
1.42
0.92
2.43
2.77
3.51
1.39
1.25
3.40
3.59
3.16
2.89
3.00
4.06
0.99
933.3
2322.0
145.9
647.2
988.3
117.6
102.0
876.5
56.6
115.1
17.4
899.5
275.6
1485.9
64.4
46.7
1217.8
1622.6
1076.6
919.8
1106.5
1740.6
37.9
Table II Total premium volume in local currency in 2015
North America
Europe
Asia
Africa
Country
United States
Canada
Total
Brazil
Mexico
Argentina
Chile
Colombia
Venezuela
Peru
Ecuador
Panama
Uruguay
Trinidad and Tobago
Costa Rica
Dominican Republic
Guatemala
Cayman Islands
Total
10
11
19
United Kingdom
France
Germany
Italy
Netherlands
Spain
Switzerland
Ireland
Sweden
Belgium
Denmark
Finland
Luxembourg
Norway
Austria
Russia
Portugal
Poland
Turkey
Czech Republic
Greece
Liechtenstein
Malta
Hungary
Slovakia
Slovenia
Romania
Ukraine
Croatia
Bulgaria
Cyprus
Serbia
Total
Japan
PR China
South Korea
Taiwan
India
Hong Kong
Singapore
Thailand
Israel
Indonesia
Malaysia
Saudi Arabia
Iran
Philippines
Vietnam
Qatar
Pakistan
Lebanon
Bangladesh
Macao
Kazakhstan
Oman
Kuwait
Sri Lanka
Jordan
Bahrain
Total
South Africa
Morocco
Egypt
Kenya
Nigeria
Algeria
Namibia
Angola
Tunisia
Mauritius
Total
Oceania
Australia
New Zealand
Total
World
World
13
13
13
13
12
14
15
20
16
Currency
USD
CAD
2015
1316271
147020 *
BRL
MXN
ARS
CLP
COP
VEB
PEN
USD
PAB
UYU
TTD
CRC
DOP
GTQ
KYD
230180
400344
179911
7408342
21507230
323535
11744
2232
na.
34478
7325
564060
36481
5966
na.
GBP
EUR
EUR
EUR
EUR
EUR
CHF
EUR
SEK
EUR
DKK
EUR
EUR
NOK
EUR
RUB
EUR
PLN
TRY
CZK
EUR
CHF
EUR
HUF
EUR
EUR
RON
UAH
HRK
BGN
EUR
RSD
209471
207776
192201
148738
72636
55259
58969
49726
282574
29811
204400
24556
24155
160207
17486
1023819
12854
53351
30286
153395
3734
3282
na.
832623
1981
1975
8559
29736
8709
1886
726
81842
JPY
CNY
KRW
TWD
INR
HKD
SGD
THB
ILS
IDR
MYR
AED
SAR
IRR
PHP
VND
QAR
PKR
LBP
BDT
MOP
KZT
OMR
KWD
LKR
JOD
BHD
54014250
2428252
177963400
3062796
4698510
354651
38501
742564
na.
199966900
58425
37066
37090
239915800
252531
65649400
10313
224253
2292486
na.
na.
263308
432
315
na.
552
281
ZAR
MAD
EGP
KES
NGN
DZD
NAD
KZR
TND
MUR
586341
30423
15483
176380
280816
126415
11693
na.
na.
na.
AUD
NZD
*
+
*
*
*
+
+
*
*
*
+
*
+
*
*
*
+
*
*
+
+
+
+
+
+
+
+
+
*
+
*
+
*
*
*
*
*
*
*
*
*
*
*
Premium volume
(in millions of local currency)
2014
2013
1270708
1254776
140350
131829
206663
366307 +
128744
6223280
19036170
142335
10154
2255
1343
30285
6531
622592
33817
5639
596
205013
202862
191962
146526
73231
53769
58845
45757 *
265879
30538
200952
23068
26422
157817
17143
987773
14410 *
54357
25357
157918
3970
3410
2818
815247
2077
1938
8086
26767
8561
1732
722
69405
52394780
2023482
168505800
2903350
4152526
318008
34858
704743
58463
173632400
55778
32751
30482
205399800
214752
55660540
9746
199400
2223484
101994
8747
236411
398
302
na.
526
271
*
*
*
Change (in %)
nominal
2015
2014
3.6
1.3
4.8
6.5
Change (in %)
inflation-adjusted
2015
2014
3.5
0.3
3.6
4.5
3.5
0.1
11.4
9.3
39.7
19.0
13.0
127.3
15.7
1.0
na.
13.8
12.2
9.4
7.9
5.8
na.
15.4
4.9
38.8
7.3
1.1
66.3
12.0
8.2
7.9
22.4
9.5
20.2
8.9
8.1
18.4
2.2
6.4
9.5
15.2
7.6
1.5
11.7
4.9
na.
4.8
6.3
10.3
7.0
3.4
na.
4.6
8.5
0.9
1.0
3.8
1.8
2.6
8.5
4.5
5.2
12.4
3.6
15.0
5.8
4.5
16.5
5.2
208202
192144
187097
127147
74877
54199
58859
38201 *
247995
28517
189100
21955
22478
144246
16599
904864
13225 *
57170
23702
156524
4012
3380
2575
779277
2064
1978
8122
28662
9077
1663
762
64042
2.2
2.4
0.1
1.5
0.8
2.8
0.2
8.7
6.3
2.4
1.7
6.4
8.6
1.5
2.0
3.6
10.8
1.9
19.4
2.9
5.9
3.8
na.
2.1
4.7
2.0
5.9
11.1
1.7
8.9
0.6
17.9
1.5
5.6
2.6
15.2
2.2
0.8
0.0
19.8
7.2
7.1
6.3
5.1
17.5
9.4
3.3
9.2
9.0
4.9
7.0
0.9
1.1
0.9
9.4
4.6
0.7
2.0
0.5
6.6
5.7
4.1
5.3
8.4
2.1
2.4
0.1
1.5
1.4
3.3
1.4
8.7
6.3
2.9
1.3
6.7
8.6
0.6
1.1
10.3
11.2
0.9
10.9
3.2
4.3
2.6
na.
2.2
4.3
2.5
6.5
24.9
2.2
9.0
2.2
16.0
1.2
3.0
5.0
1.7
15.0
3.1
0.6
0.0
19.4
7.4
6.7
5.7
4.0
16.7
7.2
1.6
1.2
9.3
5.1
1.7
0.5
0.2
0.9
8.6
4.8
0.7
2.2
1.5
16.8
5.5
5.6
5.1
6.2
3.4
49930790
1722224
159146500
2708436
3942174
288642
31275
644449
54040
153934500
52047
29207
25240
162055800
215769
47777070
7260 *
176000 *
2134618
93417 *
6824
253073
364
277
na.
491
258
3.1
20.0
5.6
5.5
13.1
11.5
10.5
5.4
na.
15.2
4.7
13.2
21.7
16.8
17.6
17.9
5.8
12.5
3.1
na.
na.
11.4
8.6
4.5
na.
5.1
3.6
4.9
17.5
5.9
7.2
5.3
10.2
11.5
9.4
8.2
12.8
7.2
12.1
20.8
26.7
0.5
16.5
34.2
13.3
4.2
9.2
28.2
6.6
9.3
8.7
na.
7.1
4.8
2.9
18.3
4.8
5.8
7.9
8.2
11.0
6.3
na.
8.3
1.7
8.7
19.1
4.1
16.0
16.9
4.1
9.7
7.1
na.
na.
4.5
8.6
1.2
na.
5.9
1.7
8.2
1.9
15.2
4.7
5.9
1.2
5.5
10.3
7.3
7.7
6.0
4.6
9.6
17.6
9.7
4.5
11.3
29.9
5.7
3.0
2.0
20.9
12.4
8.2
5.6
na.
4.1
2.1
6.1
179102
349053
92767
5799958
18833420
85574
9069
2084
1244
24749
5965
517980
31041
5219
504
*
+
+
*
*
*
*
547794
28422
13760
155758
284203
118895
10772
na.
1540
24816
497681
26734
12233
129190
276529
110751
9176
97606
1398
22057
7.0
7.0
12.5
13.2
1.2
6.3
8.6
na.
na.
na.
10.1
6.3
12.5
20.6
2.8
7.4
17.4
na.
10.2
12.5
2.3
5.3
1.3
6.2
9.4
1.5
4.8
na.
na.
na.
2.4
3.8
5.8
2.2
12.8
4.9
4.3
11.4
na.
5.0
9.0
3.9
93989
13581 *
97468
13627
81202
13379
3.6
0.3
20.0
1.9
5.0
0.7
4.5
17.1
0.9
15.1
3.8
3.5
Table III Total premium volume in USD in 2015
Ranking
North America
Latin America and
Caribbean
Europe
Asia
Africa
Oceania
World
1
9
14
26
29
37
43
44
48
55
65
68
72
75
82
84
85
4
5
6
7
11
15
16
17
20
21
22
24
25
28
30
31
35
36
38
45
47
49
50
53
56
57
59
66
67
74
81
86
2
3
8
10
12
19
23
27
32
33
34
39
40
42
46
52
54
58
62
63
70
71
73
76
78
83
88
18
51
60
61
64
69
77
79
80
87
13
41
Premium volume (in millions of USD)

2015
2014
Country
United States
Canada
Total
Brazil
Mexico
Argentina
Chile
Colombia
Venezuela
Peru
Ecuador
Panama
Uruguay
Trinidad and Tobago
Costa Rica
Dominican Republic
Guatemala
Cayman Islands
Other countries
Total
United Kingdom
France
Germany
Italy
Netherlands
Spain
Switzerland
Ireland
Sweden
Belgium
Denmark
Finland
Luxembourg
Norway
Austria
Russia
Portugal
Poland
Turkey
Czech Republic
Greece
Liechtenstein
Malta
Hungary
Slovakia
Slovenia
Romania
Ukraine
Croatia
Bulgaria
Cyprus
Serbia
Other countries
Total
Japan
PR China
South Korea
Taiwan
India
Hong Kong
Singapore
Thailand
Israel
Indonesia
Malaysia
Saudi Arabia
Iran
Philippines
Vietnam
Qatar
Pakistan
Lebanon
Bangladesh
Macao
Kazakhstan
Oman
Kuwait
Sri Lanka
Jordan
Bahrain
Other countries
Total
South Africa
Morocco
Egypt
Kenya
Nigeria
Algeria
Namibia
Angola
Tunisia
Mauritius
Other countries
Total
Australia
New Zealand
Other countries
Total
World
10
11
19
13
13
13
13
12
14
15
20
16
1316271
114968
1431239
69091
25225
19410
11326
7844
7500
3616
2232
1400
1265
1146
1056
800
775
757
4701
158146
320176
230545
213263
165037
80595
61315
61289
55175
33502
33078
30383
27246
26801
19864
19402
16801
14263
14144
11140
6236
4143
3411
3325
2981
2198
2192
2137
1339
1270
1069
806
753
3001
1468878
449707
386500
153620
95979
71776
45748
28004
21682
15295
14930
14351
10093
9891
7877
5550
2997
2833
2182
1521
1473
1237
1188
1124
1048
892
778
746
1955
1350974
45958
3122
2108
1797
1420
1262
917
853
823
749
5114
64123
70587
9399
441
80426
4553785
**
*
*
+
*
**
*
**
*
**
**
*
+
+
*
*
*
+
*
+
*
*
*
+
*
*
+
+
+
**
+
+
+
+
+
+
*
+
*
+
*
**
**
**
*
*
*
**
**
*
*
*
**
**
*
*
**
*
*
*
+
+
*
*
*
*
**
**
**
1270708
127042
1397751
87811
27516
15845
10911
9510
9319
3577
2255
1343
1303
1019
1157
776
729
716
4537
178323
337799
269607
255121
194735
97325
71459
64315
60811
38760
40585
35772
30658
35115
25060
22783
25738
19151
17236
11595
7608
5276
3727
3745
3505
2761
2574
2414
2252
1489
1175
959
785
3196
1695091
476515
328439
158881
95622
67906
41010
27511
21698
16340
14653
16635
8918
8129
7753
4837
2627
2677
1972
1475
1314
1095
1319
1035
1060
862
740
720
2131
1313874
50502
3381
1974
1772
1792
1476
995
1055
907
822
5441
70116
87822
11304
430
99557
4754710
Change (in %) 2015

nominal (in USD) inflation-adjusted17
**
**
**
**
**
**
**
**
*
*
*
**
+
**
**
**
3.6
9.5
2.4
21.3
8.3
22.5
3.8
17.5
19.5
1.1
1.0
4.3
2.9
12.5
8.7
3.0
6.3
5.8
3.5
3.6
3.5
2.2
6.4
9.5
15.2
7.6
1.5
11.7
4.9
na.
4.8
6.3
10.3
7.0
3.4
na.
11.3
5.2
14.5
16.4
15.3
17.2
14.2
4.7
9.3
13.6
18.5
15.1
11.1
23.7
20.7
14.8
34.7
25.5
17.9
3.9
18.0
21.5
8.5
11.2
15.0
20.4
14.9
11.5
40.5
14.7
9.0
16.0
4.1
4.6
2.1
2.4
0.1
1.5
1.4
3.3
1.4
8.7
6.3
2.9
1.3
6.7
8.6
0.6
1.1
10.3
11.2
0.9
10.9
3.2
4.3
2.6
na.
2.2
4.3
2.5
6.5
24.9
2.2
9.0
2.2
16.0
13.3
5.6
17.7
3.3
0.4
5.7
11.6
1.8
0.1
6.4
1.9
13.7
13.2
21.7
1.6
14.7
14.1
5.8
10.6
3.1
12.1
13.0
10.0
8.6
1.2
3.5
5.1
3.6
1.2
2.9
18.3
4.8
5.8
7.9
8.2
11.0
6.3
na.
8.3
1.7
8.7
19.1
4.1
16.0
16.9
4.1
9.7
7.1
na.
na.
4.5
8.6
1.2
na.
5.9
1.7
2.8
9.0
7.7
6.8
1.4
20.8
14.5
7.8
19.2
9.3
8.8
8.2
2.3
5.3
1.3
6.2
9.4
1.5
4.8
na.
na.
na.
8.5
19.6
16.9
2.4
5.0
0.7
19.2
4.2
4.5
3.8
Share of world
market 2015 (in %)
28.90
2.52
31.43
1.52
0.55
0.43
0.25
0.17
0.16
0.08
0.05
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.10
3.47
7.03
5.06
4.68
3.62
1.77
1.35
1.35
1.21
0.74
0.73
0.67
0.60
0.59
0.44
0.43
0.37
0.31
0.31
0.24
0.14
0.09
0.07
0.07
0.07
0.05
0.05
0.05
0.03
0.03
0.02
0.02
0.02
0.07
32.26
9.88
8.49
3.37
2.11
1.58
1.00
0.61
0.48
0.34
0.33
0.32
0.22
0.22
0.17
0.12
0.07
0.06
0.05
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.04
29.67
1.01
0.07
0.05
0.04
0.03
0.03
0.02
0.02
0.02
0.02
0.11
1.41
1.55
0.21
0.01
1.77
100.00
Table IV Life insurance premium volume in local currency in 2015
North America
Latin America and

Caribbean
Europe
Asia
Africa
Country
United States
Canada
Total
Brazil
Mexico
Chile
Argentina
Colombia
Peru
Uruguay
Trinidad and Tobago
Ecuador
Panama
Guatemala
Costa Rica
Venezuela
Dominican Republic
Cayman Islands
Total
10
11
19
United Kingdom
France
Italy
Germany
Ireland
Switzerland
Spain
Sweden
Luxembourg
Finland
Denmark
Netherlands
Belgium
Norway
Portugal
Austria
Poland
Czech Republic
Liechtenstein
Russia
Greece
Hungary
Turkey
Malta
Slovakia
Slovenia
Romania
Croatia
Cyprus
Bulgaria
Serbia
Ukraine
Total
Japan
PR China
South Korea
Taiwan
India
Hong Kong
Singapore
Thailand
Indonesia
Malaysia
Israel
Philippines
Vietnam
Pakistan
Bangladesh
Macao
Iran
Lebanon
Sri Lanka
Saudi Arabia
Kazakhstan
Kuwait
Bahrain
Oman
Jordan
Qatar
Total
South Africa
Morocco
Egypt
Kenya
Nigeria
Algeria
Namibia
Angola
Tunisia
Mauritius
Total
Oceania
Australia
New Zealand
Total
World
World
13
13
13
13
12
14
15
20
16
Currency
USD
CAD
2015
552506 +
63084 *
BRL
MXN
CLP
ARS
COP
PEN
UYU
TTD
USD
PAB
GTQ
CRC
VEF
DOP
KYD
123619
181918
4543239
32694
6357441
5618
11672
2331
355
na.
1176
72182
5119
4169
na.
GBP
EUR
EUR
EUR
EUR
CHF
EUR
SEK
EUR
EUR
DKK
EUR
EUR
NOK
EUR
EUR
PLN
CZK
CHF
RUB
EUR
HUF
TRY
EUR
EUR
EUR
RON
HRK
EUR
BGN
RSD
UAH
140328
135315
112518
87173
42733
32633
25567
204631
20974
20037
133791
16028
15549
93638
8633
6768
22093
62416
2275
129715
1711
447507
3700
na.
883
566
1708
2919
302
331
17982
2187
JPY
CNY
KRW
TWD
INR
HKD
SGD
THB
IDR
MYR
ILS
PHP
AED
VND
PKR
BDT
MOP
IRR
LBP
LKR
SAR
KZT
KWD
BHD
OMR
JOD
QAR
41295720
1324152
113781800
2540987
3709990
319813
22352
500682
147511000
39037
na.
182488
8945
34675820
149152
na.
na.
25123270
686127
na.
961
55040
52
57
45
61
262
ZAR
MAD
EGP
KES
NGN
DZD
NAD
KZR
TND
MUR
478763
10561
7257
65132
8091
na.
88226
na.
10034
na.
AUD
NZD
*
*
*
+
*
*
+
*
+
*
*
*
*
*
*
+
+
+
+
+
+
+
+
+
*
+
*
+
*
*
*
*
*
*
*
*
*
*
*
*
+
+
*
*
Premium volume
2014
2013
531090
533181
60640
54590
106306
169178 +
3651067
24358
5727219
4929
8937
2072
325
312
1187
76621
2279
3792
24
136906
131472
109323
89205
39097 *
32640
24839
193298
23508
18664
130275
17460
16265
92050
10505 *
6754
23451
71182
2350
108531
1781
454151
3228
1131
986
535
1561
2638
299
289
14896
2160
40085200
1090169
107296500
2403400
3281012
285804
20521
470060
126622000
36931
30959
153611
7863
28353090
131000
74950
6657
21508860
642531
na.
904
46984
50
57
36
53
248
*
*
94955
159058
3461492
17758
6787770
4184
7100
2662
358
280
1057
69625
1568
3503
24
Change (in %)
nominal
2015
2014
4.0
0.4
4.0
11.1
Change (in %)
inflation-adjusted
2015
2014
3.9
2.0
2.9
9.0
3.8
1.0
16.3
7.5
24.4
34.2
11.0
14.0
30.6
12.5
9.2
na.
1.0
5.8
124.6
9.9
na.
12.0
6.4
5.5
37.2
15.6
17.8
25.9
22.2
9.2
11.4
12.3
10.0
45.4
8.2
0.7
6.7
4.7
20.5
5.2
5.7
10.1
20.3
6.6
4.9
na.
3.2
6.7
2.7
9.0
na.
7.5
5.3
2.3
2.0
0.2
18.0
14.1
15.6
26.3
12.4
8.5
8.6
5.3
10.4
5.1
0.9
3.1
140018
121388
88902
86341
31740 *
32665
25505
178884
19628
17806
126289
18272
16274
81492
9321 *
6499
26412
71577
2450
84890
1605
433656
3350
1044
1006
553
1570
2538
331
268
13062
2477
2.5
2.9
2.9
2.3
9.3
0.0
2.9
5.9
10.8
7.4
2.7
8.2
4.4
1.7
17.8
0.2
5.8
12.3
3.2
19.5
3.9
1.5
14.6
na.
10.5
5.7
9.4
10.6
1.0
14.7
20.7
1.2
2.2
8.3
23.0
3.3
23.2
0.1
2.6
8.1
19.8
4.8
3.2
4.4
0.1
13.0
12.7
3.9
11.2
0.6
4.1
27.8
11.0
4.7
3.6
8.4
1.9
3.2
0.6
3.9
9.8
7.9
14.0
12.8
2.4
2.9
2.9
2.5
9.3
1.1
3.4
5.9
10.8
7.6
2.2
8.7
4.9
0.4
18.2
0.7
4.9
12.6
2.1
3.4
2.2
1.4
6.5
na.
10.2
6.3
10.1
11.2
2.6
14.8
18.8
31.6
1.2
3.6
7.8
22.7
2.4
22.8
0.1
2.5
8.3
18.9
3.7
2.6
5.4
0.4
10.7
13.0
2.3
11.4
0.9
4.1
18.6
12.5
4.9
11.5
7.5
1.8
3.4
1.6
4.1
9.6
9.4
11.7
22.3
5.7
38425940
942514
99794180
2233166
3142832
257717
17813
416058
109832700
34407
27648
162208
6734
23256200
112000 *
69497 *
4964
14781780
616096
na.
845
56576
49
63
34
47
230 *
3.0
21.5
6.0
5.7
13.1
11.9
8.9
6.5
16.5
5.7
na.
18.8
13.8
22.3
13.9
na.
na.
16.8
6.8
na.
6.3
17.1
4.5
1.0
22.7
14.1
5.8
4.3
15.7
7.5
7.6
4.4
10.9
15.2
13.0
15.3
7.3
12.0
5.3
16.8
21.9
17.0
7.8
34.1
45.5
4.3
na.
7.1
17.0
1.5
9.4
8.0
11.9
7.8
2.8
19.7
5.2
6.0
7.8
8.6
9.5
7.5
9.5
2.7
na.
17.1
9.3
21.2
11.0
na.
na.
4.1
10.9
na.
4.0
9.9
1.2
0.8
22.7
15.1
4.1
7.8
1.3
13.4
6.3
6.4
2.1
6.2
14.0
10.9
8.4
4.8
11.4
9.1
14.1
16.4
9.1
0.8
26.5
25.9
3.1
na.
4.3
22.1
1.4
11.7
6.9
8.8
4.4
5.1
*
+
447442
9399
6213
56581
7433
16307
85656
270
8362
na.
403310
8599
5280
44424
6388
15027
80520
221
7471
1632
7.0
12.4
16.8
15.1
8.9
na.
3.0
na.
20.0
na.
10.9
9.3
17.7
27.4
16.4
8.5
6.4
22.1
11.9
na.
2.3
10.5
5.2
8.0
5.1
na.
5.5
na.
14.6
na.
2.8
4.6
8.8
6.9
19.2
10.5
5.1
1.6
16.3
8.7
na.
5.1
58139
2310 *
62327
2259
47360
2142
6.7
2.2
31.6
5.4
8.1
1.8
7.8
28.4
4.5
27.5
4.0
4.3
Table V Life premium volume in USD in 2015
North America
Latin America and
Caribbean
Europe
Asia
Africa
Oceania
World
Ranking
1
11
16
28
34
37
41
44
63
67
68
70
76
79
80
84
87
3
5
6
8
12
17
18
19
20
21
22
23
24
27
31
33
35
38
40
42
43
45
49
50
54
59
64
65
69
73
75
83
2
4
7
9
10
14
25
26
29
30
32
36
39
47
48
52
55
56
61
66
71
72
74
77
81
85
86
15
51
53
57
58
60
62
78
82
88
13
46
Country
United States
Canada
Total
Brazil
Mexico
Chile
Argentina
Colombia
Peru
Uruguay
Trinidad and Tobago
Ecuador
Panama
Guatemala
Costa Rica
Venezuela
Dominican Republic
Cayman Islands
Other countries
Total
United Kingdom
France
Italy
Germany
Ireland
Switzerland
Spain
Sweden
Luxembourg
Finland
Denmark
Netherlands
Belgium
Norway
Portugal
Austria
Poland
Czech Republic
Liechtenstein
Russia
Greece
Hungary
Turkey
Malta
Slovakia
Slovenia
Romania
Croatia
Cyprus
Bulgaria
Serbia
Ukraine
Other countries
Total
Japan
PR China
South Korea
Taiwan
India
Hong Kong
Singapore
Thailand
Indonesia
Malaysia
Israel
Philippines
Vietnam
Pakistan
Bangladesh
Macao
Iran (14)
Lebanon
Sri Lanka
Saudi Arabia
Kazakhstan
Kuwait
Bahrain
Oman
Jordan
Qatar
Other countries
Total
South Africa
Morocco
Egypt
Kenya
Namibia
Mauritius
Nigeria
Tunisia
Algeria
Angola
Other countries
Total
Australia
New Zealand
Other countries
Total
World
10
11
19
13
13
13
13
12
14
15
20
16
Premium volume
2015
2014
552506 +
531090
49331 *
54890
601837
585980
37106
45169
11462 +
12708
6946
6401
3527
2998
2319
2861
1729
1736
428
384
365 *
323
355
325
334 **
312
153 **
154
135 **
142
119 *
149
91 *
87
31 **
29
1100
1048
66201
74828
214492 *
225578
150143 +
174729
124848 *
145292
96725
118555
47416 *
51961
33916 +
35674
28368 *
33012
24261
28179
23272 +
31243
22233 *
24805
19887 *
23191
17785 *
23205
17253 *
21616
11610 *
14617
9579 *
13962
7509
8976
5857 +
7436
2537 +
3429
2364
2568
2129
2828
1899 +
2367
1602 +
1952
1361
1476
1335 **
1503
980
1311
628
711
427 +
466
426 +
459
335 +
397
188 +
196
165 +
168
98
182
486
516
872115
1002559
343816 *
364563
210763 +
176950
98218
101168
79627
79156
56675 *
53654
41255 +
36857
16258 *
16196
14619 **
14472
11013 **
10685
9588
11014
8099 **
8653
4010 **
3460
2436 *
2141
1583 **
1338
1451 *
1296
1082 **
965
942 **
834
825 *
812
455 *
426
383 **
371
256 *
241
248
262
174 *
176
153 *
151
116 *
95
85 *
75
72 *
68
365
383
904569
886462
37526 *
41251
1084 +
1118
988 +
891
664 *
644
686
634 *
492 **
540
446 *
540
144 **
159
100 *
104
14 +
18
1611
1654
43704
47605
43663
56159
1599 *
1874
131
126
45393
58159
2533818
2655593
Change (in %) 2015

4.0
10.1
2.7
17.9
9.8
8.5
17.7
19.0
0.4
11.4
12.8
9.2
7.4
0.5
5.0
20.5
5.0
5.8
3.9
2.9
3.8
6.7
4.7
20.5
5.2
5.7
10.1
20.3
6.6
4.9
na.
3.2
6.7
2.7
9.0
na.
11.5
4.9
14.1
14.1
18.4
8.7
4.9
14.1
13.9
25.5
10.4
14.2
23.4
20.2
20.6
31.4
16.3
21.2
26.0
7.9
24.7
19.8
17.9
7.8
11.2
25.2
11.7
8.5
7.3
15.7
4.2
1.9
45.8
7.5
2.4
2.9
2.9
2.5
9.3
1.1
3.4
5.9
10.8
7.6
2.2
8.7
4.9
0.4
18.2
0.7
4.9
12.6
2.1
3.4
2.2
1.4
6.5
na.
10.2
6.3
10.1
11.2
2.6
14.8
18.8
31.6
13.0
5.7
19.1
2.9
0.6
5.6
11.9
0.4
1.0
3.1
12.9
6.4
15.9
13.8
18.3
12.0
12.1
13.0
1.6
6.8
3.5
6.3
5.3
1.2
1.0
22.7
14.1
5.8
1.2
2.8
19.7
5.2
6.0
7.8
8.6
9.5
7.5
9.5
2.7
na.
17.1
9.3
21.2
11.0
na.
na.
4.1
10.9
na.
4.0
9.9
1.2
0.8
22.7
15.1
4.1
**
2.0
9.0
3.1
10.9
3.1
7.6
8.8
17.4
9.3
3.5
19.2
7.8
2.3
10.5
5.2
8.0
5.1
na.
5.5
na.
14.6
na.
8.2
22.3
14.7
2.8
8.1
1.8
22.0
4.6
7.8
4.0
**
**
**
**
**
**
**
**
*
**
**
+
Share of total
business
2015 (in %)
42.0
42.9
42.1
53.7
45.4
61.3
18.2
29.6
47.8
33.9
31.8
15.9
23.9
19.7
12.8
1.6
11.4
4.1
23.4
41.9
67.0
65.1
75.6
45.4
85.9
55.3
46.3
72.4
86.8
81.6
65.5
22.1
52.2
58.4
67.2
38.7
41.4
40.7
69.3
12.7
45.8
53.7
12.2
40.1
44.6
28.6
20.0
33.5
41.5
17.6
22.0
7.4
16.2
59.4
76.5
54.5
63.9
83.0
79.0
90.2
58.1
67.4
73.8
66.8
53.0
72.3
24.1
52.8
66.5
73.5
76.1
10.5
29.9
43.0
2.6
20.9
16.6
20.5
10.3
11.0
2.5
18.7
67.0
81.7
34.7
46.9
36.9
69.2
65.7
31.4
17.5
7.9
1.7
31.5
68.2
61.9
17.0
29.8
56.4
55.6
Share of
world market
2015 (in %)
21.81
1.95
23.75
1.46
0.45
0.27
0.14
0.09
0.07
0.02
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.04
2.61
8.47
5.93
4.93
3.82
1.87
1.34
1.12
0.96
0.92
0.88
0.78
0.70
0.68
0.46
0.38
0.30
0.23
0.10
0.09
0.08
0.07
0.06
0.05
0.05
0.04
0.02
0.02
0.02
0.01
0.01
0.01
0.00
0.02
34.42
13.57
8.32
3.88
3.14
2.24
1.63
0.64
0.58
0.43
0.38
0.32
0.16
0.10
0.06
0.06
0.04
0.04
0.03
0.02
0.02
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
35.70
1.48
0.04
0.04
0.03
0.03
0.02
0.02
0.01
0.00
0.00
0.06
1.72
1.72
0.06
0.01
1.79
100.00
Table VI Non-life insurance premium volume in local currency in 2015
North America
Latin America and

Caribbean
Europe
Asia
Africa
Country
United States
Canada
Total
Brazil
Argentina
Mexico
Venezuela
Colombia
Chile
Peru
Ecuador
Panama
Costa Rica
Uruguay
Trinidad and Tobago
Cayman Islands
Dominican Republic
Guatemala
Total
10
11
19
Germany
United Kingdom
France
Netherlands
Italy
Spain
Switzerland
Belgium
Russia
Austria
Denmark
Turkey
Sweden
Poland
Norway
Ireland
Finland
Portugal
Czech Republic
Luxembourg
Greece
Malta
Romania
Slovenia
Hungary
Ukraine
Slovakia
Liechtenstein
Bulgaria
Croatia
Serbia
Cyprus
Total
PR China
Japan
South Korea
Taiwan
India
Singapore
Saudi Arabia
Israel
Thailand
Iran
Malaysia
Hong Kong
Indonesia
Qatar
Philippines
Vietnam
Lebanon
Oman
Kazakhstan
Kuwait
Pakistan
Jordan
Bahrain
Sri Lanka
Bangladesh
Macao
Total
South Africa
Morocco
Algeria
Kenya
Egypt
Nigeria
Angola
Tunisia
Namibia
Mauritius
Total
Oceania
Australia
New Zealand
Total
World
World
13
13
13
12
14
13
15
20
16
Currency
USD
CAD
2015
763766
83935 *
BRL
ARS
MXN
VEF
COP
CLP
PEN
USD
PAB
CRC
UYU
TTD
KYD
DOP
GTQ
106561
147217
218426
318416
15149790
2865103
6126
1878
1066
491878
22807
4994
na.
32312
4790
EUR
GBP
EUR
EUR
EUR
EUR
CHF
EUR
RUB
EUR
DKK
TRY
SEK
PLN
NOK
EUR
EUR
EUR
CZK
EUR
EUR
EUR
RON
EUR
HUF
UAH
EUR
CHF
BGN
HRK
RSD
EUR
105028
69143
72461
56607
36219
29693
26336
14262
894105
10718
70609
26586
77943
31258
66569
6992
4519
4221
90980
3181
2022
na.
6851
1409
385116
27549
1098
1007
1555
5790
63860
425
CNY
JPY
KRW
TWD
INR
SGD
SAR
AED
ILS
THB
IRR
MYR
HKD
IDR
QAR
PHP
VND
LBP
OMR
KZT
KWD
PKR
JOD
BHD
LKR
BDT
MOP
1104100
12718530
64181600
521809
988520
16149
36129
28121
na.
241882
214792500
19389
34838
52455950
10050
70043
30973580
1606359
388
208269
263
75102
492
223
na.
na.
na.
ZAR
MAD
DZD
KES
EGP
NGN
AOA
TND
NAD
MUR
107578
19863
116382
111249
8226
192591
na.
na.
3602
na.
AUD
NZD
*
+
*
*
*
+
*
+
*
*
*
+
*
*
+
+
+
*
*
*
+
+
+
+
+
+
+
+
+
+
*
*
*
*
*
*
+
*
*
*
*
*
*
*
+
*
*
+
*
*
35850
11271 *
Premium volume
2014
2013
739619
721595
79710
77239
100357
104385
197129 +
140056
13308950
2572213
5225
1930
1032
545972
21347
4459
572
30025
4452
84147
75009
189995
84006
12045650
2338466
4885
1726
965
448355
17648
3304
480
27538
4162
Change (in %)
nominal
2015
2014
3.3
2.5
5.3
3.2
Change (in %)
inflationadjusted
2015
2014
3.1
0.9
4.2
1.3
3.2
0.9
6.2
41.0
10.8
127.3
13.8
11.4
17.2
2.7
3.3
9.9
6.8
12.0
na.
7.6
7.6
19.3
39.2
3.8
66.7
10.5
10.0
7.0
11.8
6.9
21.8
21.0
35.0
19.2
9.0
7.0
2.6
10.5
7.9
1.5
8.4
7.8
13.2
6.5
2.1
10.8
1.6
6.2
na.
6.7
5.2
2.3
12.2
1.3
0.3
2.8
7.4
6.4
3.6
8.0
4.2
16.5
11.1
27.7
17.4
5.9
3.5
6.9
102757
68108
71390
55771
37203
28929
26205
14273
879242
10389
70676
22129
72581
30906
65766
6659 *
4404
3904 *
86736
2914
2189
1687
6524
1402
361096
24608
1091
1060
1443
5924
54509
423
100755
68184
70756
56605
38245
28694
26193
12244
819973
10100
62811
20352
69111
30759
62754
6461 *
4149
3904 *
84947
2850
2408
1531
6552
1425
345621
26185
1058
930
1396
6538
50980
431
2.2
1.5
1.5
1.5
2.6
2.6
0.5
0.1
1.7
3.2
0.1
20.1
7.4
1.1
1.2
5.0
2.6
8.1
4.9
9.1
7.6
na.
5.0
0.5
6.7
12.0
0.6
5.0
7.7
2.3
17.2
0.4
2.0
0.1
0.9
1.5
2.7
0.8
0.0
16.6
7.2
2.9
12.5
8.7
5.0
0.5
4.8
3.1
6.1
0.0
2.1
2.2
9.1
10.2
0.4
1.6
4.5
6.0
3.1
14.0
3.4
9.4
6.9
1.8
2.0
1.5
1.5
0.9
2.7
3.2
1.7
0.6
12.0
2.2
0.5
11.6
7.4
2.1
0.9
5.0
2.8
7.6
4.5
9.1
6.0
na.
5.6
1.1
6.7
24.4
0.9
3.9
7.9
1.8
15.3
2.0
1.1
1.1
1.6
0.4
2.4
3.0
1.0
0.1
16.2
0.6
1.2
11.9
0.1
5.2
0.3
2.7
2.8
5.1
0.3
1.7
1.5
7.9
9.3
1.5
1.8
4.7
16.2
3.2
14.0
4.9
9.2
4.7
1.6
0.3
933313
12309570
61209280
499950
871514
14336
29578
24888
27504
234683
183890900
18847
32203
47010350
9498
61141
27307450
1580953
361
189427
252 +
68400
473
214
na.
27045 *
2090
779710
11504850
59352320
475270
799342
13462
24395
22473
26392
228391
147274000
17640
30925
44101800
7030
53561
24520880
1518522
330
196497
228
64000
443
196
na.
23920 *
1861
18.3
3.3
4.9
4.4
13.4
12.6
22.1
13.0
na.
3.1
16.8
2.9
8.2
11.6
5.8
14.6
13.4
1.6
7.2
9.9
4.5
9.8
4.0
4.3
na.
na.
na.
19.7
7.0
3.1
5.2
9.0
6.5
21.2
10.7
4.2
2.8
24.9
6.8
4.1
6.6
35.1
14.2
11.4
4.1
9.4
3.6
10.3
6.9
6.6
9.3
na.
13.1
12.3
16.6
3.1
4.0
4.7
8.1
13.2
19.6
8.6
na.
4.0
4.1
0.1
5.0
4.9
4.1
13.0
12.4
5.5
7.1
3.2
1.2
7.1
4.9
2.4
na.
na.
na.
9.2
17.4
3.9
2.0
3.9
2.2
5.4
18.1
8.2
3.7
0.8
8.1
4.3
0.3
0.2
30.8
9.6
6.4
2.9
8.3
9.6
7.2
0.3
3.6
6.5
na.
5.7
5.9
8.3
100352
19023
110534
99176
7547
198547
na.
1270
3338
8509
94372
18135
103280
84766
6954
196009
95974
1176
2788
7029
7.2
4.4
5.3
12.2
9.0
3.0
na.
na.
7.9
na.
6.3
4.9
7.0
17.0
8.5
1.3
na.
8.0
19.7
21.1
2.5
2.7
0.5
5.2
1.8
11.0
na.
na.
4.2
na.
1.3
0.3
4.4
4.0
9.5
1.4
6.3
na.
2.9
13.7
17.3
1.2
35141
11368
33842
11236
2.0
0.9
3.8
1.2
0.5
1.2
0.1
1.3
0.2
1.1
3.6
2.4
Table VII Non-life premium volume in USD in 2015
North America
Latin America and
Caribbean
Europe
Asia
Africa
Oceania
World
Ranking
1
7
12
16
20
33
37
42
50
51
62
68
73
74
76
77
80
3
5
6
8
10
11
13
17
19
21
23
24
26
28
29
31
38
40
44
45
47
49
52
53
56
57
58
64
69
71
82
84
2
4
9
15
18
22
25
32
34
35
36
39
41
43
46
54
55
63
65
67
70
75
78
81
83
85
86
27
48
59
60
61
66
72
79
87
88
14
30
Country
United States
Canada
Total
Brazil
Argentina
Mexico
Venezuela
Colombia
Chile
Peru
Ecuador
Panama
Costa Rica
Uruguay
Trinidad and Tobago
Cayman Islands
Dominican Republic
Guatemala
Other countries
Total
Germany
United Kingdom
France
Netherlands
Italy
Spain
Switzerland
Belgium
Russia
Austria
Denmark
Turkey
Sweden
Poland
Norway
Ireland
Finland
Portugal
Czech Republic
Luxembourg
Greece
Malta
Romania
Slovenia
Hungary
Ukraine
Slovakia
Liechtenstein
Bulgaria
Croatia
Serbia
Cyprus
Other countries
Total
PR China
Japan
South Korea
Taiwan
India
Singapore
Saudi Arabia
Israel
Thailand
Iran
Malaysia
Hong Kong
Indonesia
Qatar
Philippines
Vietnam
Lebanon
Oman
Kazakhstan
Kuwait
Pakistan
Jordan
Bahrain
Sri Lanka
Bangladesh
Macao
Other countries
Total
South Africa
Morocco
Algeria
Kenya
Egypt
Nigeria
Angola
Tunisia
Namibia
Mauritius
Other countries
Total
Australia
New Zealand
Other countries
Total
World
10
11
19
13
13
13
12
14
13
15
20
16
Premium volume
2015
2014
763766 **
739619
65637 *
72152
829402
811771
31986 *
42642
15882
12847
13763 +
14808
7382 *
9170
5525
6649
4380
4510
1886
1841
1878
1930
1066 **
1032
921 **
1014
837
918
782 *
696
726 **
687
709 *
689
623 **
576
3601
3488
91945
103495
116538 +
136566
105685 *
112221
80402 +
94879
62810 *
74120
40189 *
49443
32947 *
38448
27372 +
28641
15824 *
18969
14672
22910
11893
13807
10495 *
12581
9779
10119
9241 +
10581
8287 +
9800
8254 +
10443
7759 *
8850
5014 *
5853
4684 *
5189
3699 +
4179
3529 +
3873
2244 +
2909
1990 **
2241
1948
1710 +
1564
1863
1379 +
1552
1241
2070
1218
1450
1047
1159
881 +
979
844 +
1031
587 +
617
471 +
562
2515
2681
596763
692533
175737 +
151490
105891 *
111952
55402
57713
16352
16466
15101 *
14252
11746 *
11315
9634 *
7887
7657 *
6777
7195 **
7687
7063 **
7225
7052 *
6941
4762
5621
4494 +
4153
3916 **
3967
2761 *
2609
1539 **
1377
1414 **
1289
1066 *
1049
1008 *
940
939
1057
874 *
884
731 *
677
692 *
666
593 *
569
508 **
491
390 **
348
296 **
262
1589
1747
446405
427411
8432
9252
2038 +
2263
1162 *
1372
1133 *
1128
1083
1120 +
974 *
1252
838 **
1037
679 **
748
282 *
308
257 **
282
3503
3786
20419
22511
26924
31663
7800 *
9430
309
304
35033
41398
2019967
2099118
Change (in %) 2015

**
**
**
**
*
*
**
**
**
**
**
*
**
**
**
3.3
9.0
2.2
25.0
23.6
7.1
19.5
16.9
2.9
2.5
2.7
3.3
9.2
8.9
12.3
5.8
2.8
8.1
3.1
4.2
3.2
2.6
10.5
7.9
1.5
8.4
7.8
13.2
6.5
2.1
10.8
1.6
6.2
na.
6.7
5.2
11.2
14.7
5.8
15.3
15.3
18.7
14.3
4.4
16.6
36.0
13.9
16.6
3.4
12.7
15.4
21.0
12.3
14.3
9.7
11.5
8.9
22.9
11.2
12.2
16.1
11.2
40.1
16.0
9.7
10.0
18.1
4.8
16.2
2.3
2.0
1.5
1.5
0.9
2.7
3.2
1.7
0.6
12.0
2.2
0.5
11.6
7.4
2.1
0.9
5.0
2.8
7.6
4.5
9.1
6.0
na.
5.6
1.1
6.7
24.4
0.9
3.9
7.9
1.8
15.3
2.0
13.8
16.0
5.4
4.0
0.7
6.0
3.8
22.1
13.0
6.4
2.3
1.6
15.3
8.2
1.3
5.8
11.8
9.7
1.6
7.2
11.1
1.2
8.0
4.0
4.3
3.5
12.1
13.0
1.1
16.6
3.1
4.0
4.7
8.1
13.2
19.6
8.6
na.
4.0
4.1
0.1
5.0
4.9
4.1
13.0
12.4
5.5
7.1
3.2
1.2
7.1
4.9
2.4
na.
na.
na.
4.4
8.9
9.9
15.3
0.5
3.4
22.2
19.2
9.3
8.4
8.8
9.2
2.5
2.7
0.5
5.2
1.8
11.0
na.
na.
4.2
na.
9.3
15.0
17.3
1.3
0.5
1.2
15.4
3.8
0.1
3.6
Share of total
business
2015 (in %)
58.0
57.1
57.9
46.3
81.8
54.6
98.4
70.4
38.7
52.2
84.1
76.1
87.2
66.1
68.2
95.9
88.6
80.3
76.6
58.1
54.6
33.0
34.9
77.9
24.4
53.7
44.7
47.8
87.3
61.3
34.5
87.8
27.6
58.6
41.6
14.1
18.4
32.8
59.3
13.2
54.2
59.9
80.0
71.4
46.3
92.6
55.4
30.7
82.4
66.5
78.0
58.5
83.8
40.6
45.5
23.5
36.1
17.0
21.0
41.9
97.4
75.9
47.0
32.6
89.5
33.2
9.8
26.2
97.5
27.7
47.2
70.1
89.7
79.1
83.4
33.5
89.0
79.5
57.0
26.5
23.9
81.3
33.0
18.3
65.3
92.1
63.1
53.1
68.6
98.3
82.5
30.8
34.3
68.5
31.8
38.1
83.0
70.2
43.6
44.4
Share of
world market
2015 (in %)
37.81
3.25
41.06
1.58
0.79
0.68
0.37
0.27
0.22
0.09
0.09
0.05
0.05
0.04
0.04
0.04
0.04
0.03
0.18
4.55
5.77
5.23
3.98
3.11
1.99
1.63
1.36
0.78
0.73
0.59
0.52
0.48
0.46
0.41
0.41
0.38
0.25
0.23
0.18
0.17
0.11
0.10
0.08
0.08
0.07
0.06
0.06
0.05
0.04
0.04
0.03
0.02
0.12
29.54
8.70
5.24
2.74
0.81
0.75
0.58
0.48
0.38
0.36
0.35
0.35
0.24
0.22
0.19
0.14
0.08
0.07
0.05
0.05
0.05
0.04
0.04
0.03
0.03
0.03
0.02
0.01
0.08
22.10
0.42
0.10
0.06
0.06
0.06
0.05
0.04
0.03
0.01
0.01
0.17
1.01
1.33
0.39
0.02
1.73
100.00
Table VIII Insurance density: premiums1 per capita in USD in 2015
North America
Europe
Asia
Africa
Oceania
World
Ranking
9
17
Country
United States
Canada
Total
1
34
36
41
46
47
48
57
58
59
60
63
65
71
77
Cayman Islands
Trinidad and Tobago
Chile
Argentina
Uruguay
Panama
Brazil
Venezuela
Costa Rica
Mexico
Colombia
Ecuador
Peru
Dominican Republic
Guatemala
Total
2
4
5
6
7
8
11
13
15
16
20
21
22
23
27
28
31
32
33
37
42
43
45
51
52
61
62
64
66
67
83
88
Switzerland
Luxembourg
Finland
Denmark
Netherlands
United Kingdom
Ireland
Norway
Sweden
France
Belgium
Italy
Germany
Austria
Portugal
Spain
Slovenia
Malta
Cyprus
Czech Republic
Slovakia
Greece
Poland
Hungary
Croatia
Bulgaria
Turkey
Russia
Romania
Serbia
Ukraine
Liechtenstein
Total
3
10
12
14
18
24
26
29
30
39
40
49
50
53
54
55
56
68
69
73
74
75
76
78
81
85
86
Hong Kong
Taiwan
Singapore
Japan
South Korea
Macao
Israel
Qatar
Bahrain
Malaysia
Thailand
Saudi Arabia
PR China
Kuwait
Lebanon
Oman
Jordan
Iran
Kazakhstan
Indonesia
Philippines
India
Sri Lanka
Vietnam
Pakistan
Bangladesh
Total
35
38
44
70
72
79
80
82
84
87
South Africa
Mauritius
Namibia
Morocco
Tunisia
Kenya
Angola
Algeria
Egypt
Nigeria
Total
19
25
Australia
New Zealand
Total
World
10
11
Total business
4095.8 **
3209.1 *
4006.9
12619.3
843.0
630.3
446.5
368.7
356.4
332.1
241.1
219.7
198.3
162.6
138.3
115.2
76.0
47.4
251.0
1
1
1
1
1
1
1
7370.3
5401.3
4963.2
4914.2
4763.1
4358.5
3927.0
3568.5
3429.5
3392.0
2586.9
2580.5
2562.5
2260.7
1362.2
1321.8
1058.2
948.7
922.5
591.8
405.6
381.3
371.7
302.8
298.8
149.3
141.4
117.1
107.4
105.0
29.9
**
*
**
*
*
**
+
*
**
+
+
*
*
*
*
*
*
+
+
*
*
+
*
*
**
+
+
+
+
+
+
+
+
+
1634.4
1
13
13
12
13
14
13
15
6271.2
4094.1
3825.1
3553.8
3034.2
2103.9
1896.7
1267.6
1102.2
584.7
472.3
318.9
313.6
280.7
269.1
259.9
250.3
102.4
99.6
67.4
57.9
55.0
54.7
43.1
32.1
11.5
9.1
311.7
842.5
588.7
372.7
90.8
73.1
39.0
34.1
31.8
23.0
7.8
54.7
Life business
1719.2 +
1377.0 *
1684.9
514.8
268.2
386.5
81.1
124.8
85.1
178.3
3.8
28.1
90.1
48.1
22.0
55.1
8.7
9.4
105.1
4078.6
3535.3
4049.9
3513.3
1051.1
3291.8
3172.8
2238.3
2483.5
2263.0
1521.0
1968.3
1181.1
874.9
917.0
611.5
303.2
631.1
382.9
240.8
180.9
174.8
153.9
162.8
100.1
26.2
17.3
14.8
21.4
23.1
2.2
**
*
**
*
**
+
*
**
+
+
*
*
*
*
*
*
+
*
*
*
*
**
+
+
+
+
+
+
+
+
+
987.2
+
*
*
**
**
*
*
*
**
*
+
*
*
*
*
*
**
**
*
**
**
*
**
*
**
*
+
**
*
**
*
+
*
5655.2
3396.6
2931.5
2717.0
1939.9
1601.2
1004.4
32.3
266.0
119.7
315.6
215.1
8.1
153.1
44.6
77.8
25.8
11.2
10.4
14.1
42.7
39.8
43.2
18.5
16.9
7.7
6.7
209.8
687.9
386.8
257.9
31.5
12.8
14.4
0.6
2.5
10.8
2.4
37.3
Non-life business
2376.6 **
1832.1 *
2322.0
12104.6
574.7
243.7
365.4
243.9
271.2
153.7
237.3
191.6
108.2
114.6
116.3
60.1
67.3
38.1
145.9
3291.7
1866.1
913.3
1400.8
3712.1
1066.7
754.2
1330.2
946.0
1129.0
1066.0
612.2
1381.4
1385.7
445.2
710.2
755.0
317.6
539.6
351.0
224.8
206.5
217.8
140.1
198.7
123.1
124.1
102.3
86.0
81.9
27.7
**
*
**
*
*
**
+
*
**
+
+
*
*
*
*
*
+
+
+
*
*
+
*
*
**
+
+
+
+
+
+
+
+
+
647.2
+
*
*
**
**
*
*
*
**
*
+
*
*
*
*
*
**
**
*
**
**
*
**
*
**
*
+
**
*
+
*
+
*
2957.7
2075.2 *
2065.0
1829.6
353.0 *
1165.5
621.2
345.7
616.0
697.5
893.7
836.8
1094.3
502.7
892.3
1235.4
836.2
464.9
156.7
103.9
305.5
127.6
224.5
182.1
224.4
91.2
89.1
53.3
15.2
15.3
11.5
24.5
15.1
3.9
2.4
102.0
+
*
*
**
**
*
*
*
**
*
+
*
*
*
*
*
**
**
*
**
**
*
**
154.6
201.9
114.8
59.3
60.3
24.6
33.5
29.3
12.2
5.3
17.4
**
*
+
**
*
**
*
+
*
1128.2
1722.2
899.5
275.6
Table IX Insurance penetration: premiums1 in % of GDP in 2015
North America
Europe
Asia
Africa
Oceania
World
Ranking
15
16
Country
Canada
United States
Total
11
10
Total business
7.40 *
7.28 **
7.29
1
34
35
38
39
44
47
49
55
56
57
63
64
77
78
Cayman Islands
Chile
Trinidad and Tobago
Venezuela
Brazil
Argentina
Panama
Colombia
Uruguay
Ecuador
Mexico
Costa Rica
Peru
Guatemala
Dominican Republic
Total
20.24
4.74
4.44
3.95
3.90
3.26
2.95
2.64
2.34
2.26
2.21
2.04
1.92
1.24
1.21
3.09
5
8
9
10
11
12
13
14
18
20
22
23
24
29
30
31
33
36
37
43
48
50
52
53
58
60
61
71
74
75
76
88
Finland
Netherlands
United Kingdom
Denmark
France
Switzerland
Italy
Ireland
Portugal
Sweden
Belgium
Germany
Norway
Austria
Luxembourg
Spain
Slovenia
Malta
Cyprus
Czech Republic
Poland
Croatia
Hungary
Slovakia
Bulgaria
Greece
Serbia
Turkey
Ukraine
Russia
Romania
Liechtenstein
Total
11.86
10.72
9.97
9.43
9.29
9.22
8.68
7.87
7.10
6.81
6.42
6.24
5.93
5.19
5.17
5.11
5.01
4.25
4.18
3.27
2.94
2.62
2.45
2.40
2.18
2.13
2.05
1.55
1.41
1.36
1.28
2
3
6
7
17
27
28
32
40
41
42
51
54
59
62
66
67
68
69
70
72
73
79
80
82
84
86
Taiwan
Hong Kong
South Korea
Japan
Singapore
Thailand
Israel
Malaysia
PR China
India
Lebanon
Bahrain
Jordan
Iran
Philippines
Macao
Indonesia
Oman
Vietnam
Qatar
Saudi Arabia
Sri Lanka
Kuwait
Pakistan
Kazakhstan
Bangladesh
Total
4
19
21
45
46
65
81
83
85
87
South Africa
Namibia
Mauritius
Morocco
Kenya
Tunisia
Algeria
Angola
Egypt
Nigeria
Total
25
26
Australia
New Zealand
Total
World
1
1
1
1
1
1
1
1
**
*
*
*
**
+
**
**
*
*
*
*
*
+
+
*
*
*
+
*
+
*
+
*
**
+
+
+
+
+
+
+
+
6.89
13
13
1
13
13
12
14
15
18.97
14.76
11.42
10.82
7.25
5.49
5.35
5.05
3.57
3.44
3.42
2.45
2.35
2.13
2.04
1.90
1.86
1.73
1.57
1.57
1.54
1.51
1.15
0.90
0.82
0.71
0.67
5.34
14.69
6.98
6.43
3.05
2.98
1.91
0.82
0.81
0.68
0.29
2.90
Life business
3.18 *
3.05 +
3.06
0.83
2.91
1.41
0.06
2.09
0.59
0.71
0.78
0.79
0.36
1.00
0.26
0.92
0.24
0.14
1.29
9.68
2.36
7.53
6.74
6.20
5.10
6.62
6.36
4.78
4.93
3.78
2.88
3.72
2.01
3.38
2.36
1.43
2.83
1.73
1.33
1.22
0.88
1.32
1.07
0.38
0.97
0.45
0.19
0.10
0.17
0.26
**
*
*
**
+
**
**
*
*
*
*
*
+
+
*
*
*
*
*
+
*
**
+
+
+
+
+
+
+
+
4.16
+
*
*
**
**
+
*
*
*
*
*
*
**
**
**
*
**
*
*
**
*
*
**
*
*
**
+
*
**
*
**
+
*
15.74
13.31
7.30
8.27
5.55
3.70
2.83
3.37
1.95
2.72
1.02
0.50
0.57
0.23
0.21
1.37
1.42
1.28
0.16
0.83
0.04
0.04
0.49
0.15
0.54
0.15
0.50
3.59
12.00
4.83
4.22
1.06
1.10
0.34
0.07
0.01
0.32
0.09
1.97
Non-life business
4.23 *
4.22 **
4.22
19.42
1.83
3.03
3.89
1.80
2.66
2.25
1.86
1.55
1.90
1.20
1.78
1.00
0.99
1.07
1.80
2.18
8.35
2.44
2.69
3.09
4.12
2.06
1.51
2.32
1.88
2.65
3.36
2.21
3.18
1.79
2.75
3.57
1.42
2.44
1.94
1.72
1.74
1.13
1.33
1.80
1.15
1.60
1.36
1.31
1.19
1.03
**
*
*
*
**
+
**
**
*
*
*
*
*
+
+
*
*
*
+
*
+
+
+
*
**
+
+
+
+
+
+
+
+
2.73
+
*
*
**
**
+
*
*
*
*
*
*
**
**
**
*
**
*
*
**
*
*
**
*
*
**
+
*
**
*
+
+
*
3.23
1.45
4.12
2.55
1.69
1.79
2.51
1.68
1.63
0.72
2.40
1.95
1.78
1.89
1.83
0.53
0.45
0.45
1.41
0.74
1.50
1.47
0.66
0.75
0.27
0.56
0.18
1.74
2.70
2.15
2.20
1.99
1.88
1.58
0.76
0.80
0.36
0.20
0.92
+
*
*
**
**
+
*
*
*
*
*
*
**
**
**
*
**
*
*
**
*
*
**
*
**
+
*
**
*
**
+
*
5.67
5.59 *
5.58
3.51
0.95 *
3.15
2.16
4.64 *
2.43
6.23
3.47
2.77
Table X Macroeconomic indicators in 2015
North America
Ranking
by GDP
1
10
Country
United States
Canada
Total
Latin America and

Caribbean
9
15
21
35
42
50
51
61
67
68
71
72
75
82
88
Brazil
Mexico
Argentina
Colombia
Chile
Venezuela
Peru
Ecuador
Dominican Republic
Guatemala
Uruguay
Costa Rica
Panama
Trinidad and Tobago
Cayman Islands
Total
Europe
4
5
6
8
13
14
17
18
19
24
25
26
30
31
36
43
44
46
47
49
55
57
62
63
70
73
74
77
79
83
86
87
Germany
United Kingdom
France
Italy
Russia
Spain
Netherlands
Turkey
Switzerland
Sweden
Poland
Belgium
Austria
Norway
Denmark
Ireland
Finland
Portugal
Greece
Czech Republic
Romania
Hungary
Ukraine
Slovakia
Luxembourg
Bulgaria
Croatia
Slovenia
Serbia
Cyprus
Malta
Liechtenstein
Total
Asia
2
3
7
11
16
20
22
27
28
29
34
37
38
39
40
41
45
48
52
54
58
64
65
66
76
80
81
PR China
Japan
India
South Korea
Indonesia
Saudi Arabia
Taiwan
Thailand
Iran
Hong Kong
Singapore
Philippines
Israel
Malaysia
Pakistan
Bangladesh
Vietnam
Qatar
Kazakhstan
Kuwait
Sri Lanka
Oman
Macao
Lebanon
Jordan
Bahrain
Total
Africa
23
32
33
56
59
60
69
78
84
85
Nigeria
South Africa
Egypt
Algeria
Angola
Morocco
Kenya
Tunisia
Namibia
Mauritius
Total
Oceania
12
53
Australia
New Zealand
Total
World
Population
(millions)
2015
321.4
35.8
357.2
World
Gross domestic product

Real change
USD bn
(in %)
2015
2015
2014
18089.9
2.4
2.4
1552.8
1.2
2.5
19642.6
2.3
2.4
Inflation rate (in %) local currency per USD

2015
2014
2015
2014
0.1
1.6
1.00
1.00
1.1
1.9
1.28
1.10
Exchange rate
Change
(in %)
0.0
15.8
18
208.1
127.2
43.5
48.2
18.0
31.1
31.4
16.1
10.5
16.3
3.4
4.8
3.9
1.4
0.1
630.0
1772.3
1142.4
596.2
297.1
239.1
189.7
188.8
98.9
66.3
62.7
54.0
51.7
47.4
25.8
3.7
5114.2
3.8
2.5
1.3
3.0
2.1
7.8
2.6
0.2
6.4
3.7
1.5
2.5
6.1
1.0
2.2
0.5
0.1
2.3
0.5
4.6
1.8
4.0
2.4
3.7
7.0
4.0
3.5
3.5
6.2
0.9
2.1
1.2
9.0
2.7
27.6
5.0
3.3
130.7
3.6
4.1
0.9
2.3
8.6
1.0
1.2
5.5
0.1
6.3
4.0
37.4
2.9
3.4
62.2
3.2
3.6
3.0
3.4
8.9
4.5
2.6
5.7
1.6
3.33
15.87
9.27
2742.00
654.07
43.14
3.25
1.00
45.60
7.69
27.25
534.00
1.00
6.39
0.83
2.35
13.31
8.13
2001.78
570.37
15.27
2.84
1.00
43.56
7.73
23.25
538.32
1.00
6.41
0.83
41.6
19.2
14.1
37.0
14.7
182.4
14.4
0.0
4.7
0.5
17.2
0.8
0.0
0.3
0.0
18
81.7
65.2
66.3
61.1
143.5
46.4
16.9
78.8
8.3
9.8
38.0
11.3
8.6
5.2
5.7
4.7
5.5
10.4
10.9
10.5
19.9
9.8
44.8
5.4
0.6
7.2
4.3
2.1
7.2
0.9
0.4
0.0
820.1
3354.3
2849.1
2422.8
1814.7
1236.4
1199.7
752.2
719.1
664.9
491.7
480.7
455.0
374.0
312.8
295.0
232.4
229.7
199.1
194.8
190.5
166.7
121.7
94.9
91.7
58.6
49.1
48.5
43.8
36.8
19.3
9.6
6.2
19441.0
1.5
2.2
1.1
0.6
3.7
3.2
1.9
3.6
0.9
3.8
3.5
1.4
0.8
1.7
1.2
6.9
0.4
1.5
0.3
2.3
3.7
2.3
11.7
3.6
4.8
1.5
0.3
2.6
0.7
0.3
5.1
1.8
1.3
1.6
2.9
0.2
0.3
0.8
1.4
1.0
3.0
1.9
2.4
3.3
1.3
0.5
2.2
1.3
5.2
0.7
0.9
0.7
2.0
3.0
3.6
2.7
2.5
4.1
1.7
0.4
3.0
1.8
2.9
4.1
2.5
1.4
0.2
0.1
0.0
0.0
15.5
0.5
0.6
7.7
1.1
0.0
0.9
0.6
0.9
2.2
0.5
0.0
0.2
0.5
1.7
0.3
0.6
0.1
48.0
0.3
0.1
0.1
0.5
0.5
1.6
1.6
1.2
1.1
0.9
1.5
0.5
0.3
7.8
0.1
1.0
8.9
0.0
0.2
0.2
0.3
1.6
2.1
0.6
0.3
1.0
0.3
1.3
0.4
1.1
0.2
12.2
0.1
0.7
1.4
0.2
0.2
2.1
0.3
0.8
0.0
0.90
0.65
0.90
0.90
60.94
0.90
0.90
2.72
0.96
8.43
3.77
0.90
0.90
8.07
6.73
0.90
0.90
0.90
0.90
24.60
4.01
279.33
22.20
0.90
0.90
1.76
6.86
0.90
108.75
0.90
0.90
0.96
0.75
0.61
0.75
0.75
38.38
0.75
0.75
2.19
0.91
6.86
3.15
0.75
0.75
6.30
5.62
0.75
0.75
0.75
0.75
20.76
3.35
232.60
11.89
0.75
0.75
1.47
5.75
0.75
88.41
0.75
0.75
0.91
19.8
7.8
19.8
19.8
58.8
19.8
19.8
24.3
5.2
23.0
19.6
19.8
19.8
28.1
19.8
19.8
19.8
19.8
19.8
18.5
19.6
20.1
86.8
19.8
19.8
19.7
19.3
19.7
23.0
19.8
19.8
5.2
18
1376.8
126.5
1313.0
50.6
257.9
31.5
23.4
9.2
68.0
79.1
7.3
5.5
100.9
8.1
30.4
188.9
161.0
93.4
2.2
17.6
3.9
20.7
4.5
0.6
5.9
7.6
1.3
4311.8
10811.4
4156.1
2086.8
1345.2
861.7
653.2
505.9
429.7
395.3
385.5
309.9
292.7
292.0
286.1
284.2
266.4
218.5
191.4
184.3
168.0
116.6
77.6
71.7
66.4
44.5
36.6
30.4
25195.5
6.9
0.5
7.3
2.6
4.8
3.4
0.9
2.7
2.8
1.2
2.4
2.0
5.8
2.3
5.0
4.2
6.6
6.7
3.7
1.2
1.2
6.2
3.1
20.0
1.0
2.5
2.8
4.5
7.3
0.1
7.2
3.3
5.0
3.6
3.9
4.6
0.8
4.3
2.6
3.3
6.1
2.6
6.0
4.0
6.5
6.0
4.0
4.3
1.6
7.4
2.9
0.3
2.0
3.1
4.5
4.6
1.4
0.2
4.9
0.8
6.4
2.2
0.3
4.1
0.9
12.2
3.0
0.5
1.4
0.6
3.0
2.5
6.3
0.9
1.7
6.5
3.3
0.7
0.1
4.8
3.7
0.8
1.8
2.0
2.9
6.6
1.1
6.4
2.7
1.2
2.3
1.9
15.6
4.5
1.0
4.2
0.5
2.4
7.2
7.0
4.7
3.3
6.7
2.9
3.3
1.0
6.0
1.1
2.9
2.7
6.28
120.11
65.46
1158.47
13393.75
3.75
31.91
3.67
34.25
30456.27
7.75
1.37
45.50
3.89
4.07
102.78
78.49
21908.50
3.64
221.73
0.30
134.81
0.38
7.99
1507.50
0.71
0.38
6.16
109.95
61.15
1060.58
11850.00
3.75
30.36
3.67
32.48
26492.03
7.75
1.27
44.40
3.58
3.35
101.10
77.64
21189.25
3.64
179.19
0.28
130.57
0.38
7.99
1507.50
0.71
0.38
2.0
9.2
7.0
9.2
13.0
0.0
5.1
0.0
5.4
15.0
0.0
8.5
2.5
8.6
21.4
1.7
1.1
3.4
0.0
23.7
5.7
3.2
0.0
0.0
0.0
0.0
0.0
18
182.2
54.6
91.5
39.7
25.0
34.4
46.1
11.3
2.5
1.3
1172.1
493.3
312.8
310.8
153.0
104.7
102.5
60.3
43.0
13.1
11.7
2214.7
3.2
1.3
4.2
2.6
3.5
4.5
5.3
0.9
4.9
3.6
3.3
6.3
1.6
2.2
3.8
4.4
2.4
5.3
2.7
6.4
3.5
3.4
9.0
4.6
11.1
4.7
10.2
1.7
6.6
4.2
3.6
1.3
8.1
6.1
10.0
2.9
7.3
0.4
6.9
4.9
5.3
3.2
197.76
12.76
7.35
100.16
119.50
9.75
98.15
1.98
12.76
34.73
158.55
10.85
6.97
80.58
98.14
8.41
87.92
1.70
10.83
30.20
24.7
17.6
5.4
24.3
21.8
15.9
11.6
16.3
17.8
15.0
18
23.9
4.5
38.9
1245.1
168.2
1441.7
2.5
2.2
2.5
2.6
3.0
2.7
1.5
0.4
2.5
0.9
1.33
1.45
1.11
1.21
20.0
19.9
7330.2
73049.7
2.5
2.8
19
Recent sigma publications

2016

No 1

No 2

2015
No 1

No 2

No 3

No 4

No 5

No 6
Natural catastrophes and man-made disasters in 2015:

Asia suffers substantial losses
Insuring the frontier markets
Keeping healthy in emerging markets: insurance can help
Natural catastrophes and man-made disasters in 2014:
convective and winter storms generate most losses
M&A in insurance: start of a new wave?
World insurance in 2014: back to life
Underinsurance of property risks: closing the gap
Life insurance in the digital age: fundamental transformation ahead
2014
2013

No 1 Partnering for food security in emerging markets

No 2 Natural catastrophes and man-made disasters in 2012:
A year of extreme weather events in the US
No 3 World insurance 2012: Progressing on the long and winding road to recovery
No 4 Navigating recent developments in marine and airline insurance
No 5 Urbanisation in emerging markets: boon and bane for insurers
No 6 Life insurance: focusing on the consumer
2012

No 1 Understanding profitability in life insurance

historic losses surface from record earthquakes and floods
No 3 World insurance in 2011: non-life ready for take-off
No 4 Facing the interest rate challenge
No 5 Insuring ever-evolving commercial risks
No 6 Insurance accounting reform: a glass half empty or half full?
2011


a year of devastating and costly events
No 2 World insurance in 2010
No 3 State involvement in insurance markets
No 4 Product innovation in non-life insurance markets: where little i meets big I
No 5 Insurance in emerging markets: growth drivers and profitability
2010

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


large losses from floods and hail; Haiyan hits the Philippines
No 2 Digital distribution in insurance: a quiet revolution
No 3 World insurance in 2013: steering towards recovery
No 4 Liability claims trends: emerging risks and rebounding economic drivers
No 5 How will we care? Finding sustainable long-term care solutions for an ageing world
No 1 Scenario analysis in insurance

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
Published by:
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2016 Swiss Re. All rights reserved.
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Swiss Re
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No 3/2016

World insurance in 2015:

Global life insurance premium growth

Source: Swiss Re Economic Research&Consulting.

Swiss Re sigma No 3/2016 1

Non-life premium growth improved in

Profitability was under pressure in both

Life premium growth in the advanced

Life premium growth is expected to accelerate slightly in the advanced economies

The special chapter of this sigma focuses

The data in this study are the latest

2 Swiss Re sigma No 3/2016

The global economy and financial markets in 2015

Growth in the advanced markets

but emerging market growth was

India overtook China as the worlds

Major economies in Africa developed

Major economies in Africa developed unevenly, driven largely by political

Swiss Re sigma No 3/2016 3

The global economy and financial markets in 2015

Growth rate 2015

Interest rates and headline inflation approach zero

4 Swiss Re sigma No 3/2016

In the emerging markets, policy rates

Anticipation of a US interest rate hike kept yields on US and UK 10-year government

It was a mixed year for stocks in the

US (S&P 500): 0.7%

Japan (Nikkei 225): 9.1%

MSCI UK: 5.9%

Note: percent values indicate year-on-year change of respective indices in 2015.

Emerging market stock indices fell

Swiss Re sigma No 3/2016 5

The global economy and financial markets in 2015

Outlook: improving, but interest rates to rise only moderately

Economic growth in the emerging

Economic growth in emerging markets is forecast to improve in 2016, reflecting

Monetary policy divergence will

The global economy will likely muddle

6 Swiss Re sigma No 3/2016

Interest rates remain very low after the

Low interest rates forever?

A Geneva Report finds that long-term

Other factors could be at play in the

According to the report, interest rates

Swiss Re sigma No 3/2016 7

Insurance premium growth steady

Source: Swiss Re Economic Research&Consulting.

Source: Swiss Re Economic Research&Consulting.

8 Swiss Re sigma No 3/2016

Life insurance: positive overall growth masks regional disparities

Growth rate 2015

Premium growth in the advanced

Despite signs of recovery of late, overall

Swiss Re sigma No 3/2016 9

Insurance premium growth steady

Source: Swiss Re Economic Research&Consulting.

Profitability in the life sector remains

10 Swiss Re sigma No 3/2016

Life insurers profitability and capital position

325 (4Q07 = 100)

Note: Based on a sample of companies7, missing 1Q/3Q values are interpolated.

Life premiums will likely grow in the

although the overall environment will