Valuation of non-life insurance sector in global perspective - statistics & facts
Non-life insurance, also called general insurance, is the term depicting all types of insurance which are not qualified as life insurance. Non-life insurance includes such insurance lines as vehicle, household, transport or pecuniary loss insurance. In the United States, non-life insurance is commonly known under the name of Property and Casualty (P&C) insurance, while in the other parts of the world it remains called non-life insurance.
Each country has different insurance regulations and also, depending on the economical conditions and business needs, different lines of insurance are more of less popular across various countries. For instance, the insurance premiums written by motor insurance in Turkey, amounting to 4.85 billion U.S. dollars in 2014, were significantly higher than premiums written by other Turkish insurance branches. A similar situation could be observed in China, where motor vehicle insurance was approximately three times larger than all of the other insurance lines counted together. In Chile, property insurance premiums (1.61 billion U.S. dollars in 2013) and motor vehicle insurance premiums (1.18 billion U.S. dollars) were significantly higher than premiums written by other insurance lines.
The regularity which could be observed when comparing insurance lines between various countries was that the highest value of insurance premiums was usually written by motor vehicle, property and accident/health insurances. Also, the predictions of insurance sector development revealed that for the majority of the countries almost all insurance lines should increase in value until 2025. For example, gross insurance premiums in the United States, amounting to approximately 526 billion U.S. dollars in 2013, were predicted to increase to approximately 915 billion U.S. dollars in 2025.
Each country has different insurance regulations and also, depending on the economical conditions and business needs, different lines of insurance are more of less popular across various countries. For instance, the insurance premiums written by motor insurance in Turkey, amounting to 4.85 billion U.S. dollars in 2014, were significantly higher than premiums written by other Turkish insurance branches. A similar situation could be observed in China, where motor vehicle insurance was approximately three times larger than all of the other insurance lines counted together. In Chile, property insurance premiums (1.61 billion U.S. dollars in 2013) and motor vehicle insurance premiums (1.18 billion U.S. dollars) were significantly higher than premiums written by other insurance lines.
The regularity which could be observed when comparing insurance lines between various countries was that the highest value of insurance premiums was usually written by motor vehicle, property and accident/health insurances. Also, the predictions of insurance sector development revealed that for the majority of the countries almost all insurance lines should increase in value until 2025. For example, gross insurance premiums in the United States, amounting to approximately 526 billion U.S. dollars in 2013, were predicted to increase to approximately 915 billion U.S. dollars in 2025.
