Market integration among the world has largely benefited the financial market. Congruously, the insurance industry over the world has grown very rapidly.
The statistics on the world insurance conducted by Swiss Re show that world insurance premium reached $3.4 trillion in 2005. Premium collections from both life and non-life sources have increased by 3.9 and 0.6 percent respectively.
Developed countries over the world have better insurance coverage. But in recent years the developing nations have captured a better market share in the insurance business.
In leading countries the insurance business and premiums for 2005 include:
| Countries | Non-Life Premiums | Life Premiums | Total Amount |
|---|---|---|---|
| U.S. | $625,838 | $517,074 | $1,142,912 |
| Japan | 100,523 | 375,958 | 476,481 |
| U.K. | 100,629 | 199,612 | 300,241 |
| France | 68,162 | 154,058 | 222,220 |
| Germany | 107,026 | 90,225 | 197,251 |
| Italy | 47,453 | 91,740 | 139,194 |
| South Korea | 24,085 | 58,848 | 82,933 |
| Canada | 44,267 | 34,456 | 34,456 |
| Netherlands | 29,159 | 31,914s | 61,073 |
| Spains | 34,757 | 25,518 | 60,275 |
