According to Swiss Re data quoted in the Insurance Europe report adjusted using the OECD data for the USA, in 2014 the global insurance market grew by 5.3% nominally as compared to the previous year and exceeded USD 6.0 trillion.
Compound Annual Growth Rate – CAGR (2010-2014) for the five-year moving average of nominal global premiums amounted to 5.0%. CAGR (2004-2014) for America amounted to 6.4% and for Europe 3.5%, which means a drop by 0.6 percentage points compared to the years 2004-2013. CAGR for Asia (2004-2014) amounted to 6.3% compared to 7.3% recorded in the following year.
After a marked premium decline in Europe in the years 2008-2009, in 2014 the European insurance market exceeded the pre-crisis (2007) level. As shown by OECD statistics, America dominates the global insurance market with its 45 percent share. According to the OECD, the United States only has nearly a 50 percent share in premiums of all the OECD member countries.
Regardless of statistical sources that differ in the methodology of calculating premiums, the USA is the leader of the global insurance market. Japan is ranked second, with a total premium estimated at USD 460 billion in 2014 (this translates into a 7.6% share in the global market). In 2014 the following European countries were third and fourth in the ranking : United Kingdom 6.1% and Germany 5.6%.
In 2014, China – ranked fifth in the global ranking – recorded a 17% increase in premiums. In 2014, France swapped places with China and ranked sixth, with a 4.9% share of premiums.
