Record growth in non-life insurance premiums
Record growth in non-life insurance premiums in 2002 reported by Swiss reinsurers’ Sigma Study
Life insurances are also on the increase. In 2002, insurers collected USD 2,627 billion worldwide, of which USD 1,536 billion was accounted for by life insurances and USD 1,091 billion by the non-life sectors. The inflation-adjusted growth in premiums came to 5.5%, with life insurances showing 3%, and the non-life insurance sector 9.2%.
With a 5.84% penetration of the insurance market – premiums expressed in per cent of GDP – Austria ranks 26th among the industrialized countries. Great Britain comes first with 14.75%, followed by Switzerland with 13.36 % and Japan with 10.86%.
In terms of premiums per capita Austria ranks 18th, with a total of USD 1,452.1. The Swiss spent the most on insurance, their expenditure totaling USD 4,922.4 per capita. Next comes Great Britain with USD 3,879.1, followed by Japan with USD 3,498.6.
In terms of life insurance, the Swiss were the biggest spenders with around USD 3,100 per capita, followed by the Japanese with USD 2,784 and the British with USD 2,679. The Austrians take 17th place with expenditure totaling around USD 649 per capita.
In the non-life insurance sector the Swiss head the list, spending some USD 1,823 per capita. Then come the Americans with USD 1,799, followed by the British with USD 1,200 per capita. The Austrians rank 12th, spending USD 803 per capita.
In 2003, the technical results of the non-life insurance sectors are expected to recover due to premium adjustments. The life insurance industry has stabilized: the record low of long-term interest rates and stock market prices seems to have been overcome, bringing a gradual improvement to the accounting situation and profitability. Due to the withdrawal of the state pension systems, the private pension scheme remains the driving growth factor in the industrialized countries.
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