ss_blog_claim=4c95399e63de648d0abd96bb831d3e11 Insurance: Global insurance industry

Before You Start

  • Think about how you would pay for routine expenses if you or another income-earning adult in your home were to suffer a disability and stop working?
  • Ask your employer whether disability income insurance is offered as an optional workplace benefit.
  • If you're an employer, consider offering it as a benefit to attract and retain desired workers.
  • If you already own disability income insurance, take a fresh look at the policy to learn about the level of coverage it provides, eligibility requirements, etc.

Global insurance industry

Posted by art's2007 | 5/15/2008

Global insurance premiums grew by 8.0% in 2006 (or 5% in real terms) to reach $3.7 trillion due to improved profitability and a benign economic environment characterised by solid economic growth, moderate inflation and strong equity markets. Profitability improved in both life and non-life insurance in 2006 compared to the previous year. Life insurance premiums grew by 10.2% in 2006 as demand for annuity and pension products rose. Non-life insurance premiums grew by 5.0% due to growth in premium rates. Over the past decade, global insurance premiums rose by more than a half as annual growth fluctuated between 2% and 11%.


Advanced economies account for the bulk of global insurance. With premium income of $1,485bn, Europe was the most important region, followed by North America ($1,258bn) and Asia ($801bn). The top four countries accounted for nearly two-thirds of premiums in 2006. The US and Japan alone accounted for 43% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums. The volume of UK insurance business totalled $418bn in 2006 or 11.2% of global premiums.

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