The insurance market is a part of the financial market where insurance services are offered [1] .
Insurance services in this market are offered by insurance companies . Of great importance for the insurance market is state regulation of insurance activity, which involves mandatory licensing , control over ensuring the financial stability of insurance organizations [2] .
One of the most important principles of organizing the insurance market is to ensure fair competition for insurance companies. In the Russian Federation, a special law “On Protection of Competition” is in force, which establishes criteria for fair competition in the insurance market [3] [4] .
Content
World Insurance Market
Starting from the second half of the 20th century, insurance markets of various countries began to actively develop in the direction of creating a single international insurance space. This trend of integration of national insurance markets has affected all areas of the insurance business [5] .
In 2017, the volume of collected insurance premiums by all insurance companies in the world amounted to 4.9 trillion US dollars, an increase of 1.5% compared to the previous year [6] .
| Region | The volume of insurance premiums, million US dollars | Growth rate for the last year,% | Global market share | Premium per person, USD | Insurance share in GDP,% |
|---|---|---|---|---|---|
| North America | 1496634 | 0,0 | 30,60 | 4120 | 7.11 |
| South America | 167888 | 0.1 | 3.43 | 262 | 3.06 |
| Western Europe | 1416184 | -0.7 | 28.95 | 2568 | 7.28 |
| Central and Eastern Europe | 63013 | 5.8 | 1.29 | 198 | 1.92 |
| Asia total | 1590688 | 5.7 | 32.52 | 360 | 5.62 |
| Including developed markets of Asia ( Japan , etc.) | 810858 | -1.1 | 16.58 | 3755 | 10.51 |
| Including emerging markets in Asia (including China | 719778 | 14.7 | 14.7 | 188 | 4.06 |
| Including Central Asia and the Middle East | 60052 | 5,0 | 1.23 | 164 | 2.12 |
| Oceania | 90597 | -6.2 | 1.85 | 2236 | 5.62 |
| Africa | 66691 | 0.5 | 1.36 | 54 | 2.96 |
| Total in the world | 4891694 | 1,5 | 100.00 | 650 | 6.13 |
The world leaders in the development of insurance are developed countries and some offshore zones [6] .
| A country | Amount of premium collected per inhabitant, USD | Including life insurance , USD | The total amount of premiums collected, million US dollars |
|---|---|---|---|
| Cayman islands | 12122 | 490 | 746 |
| Hong Kong | 8313 | 6756 | 61286 |
| Switzerland | 6811 | 3522 | 57904 |
| Denmark | 5772 | 4215 | 33141 |
| Luxembourg | 5011 | 3091 | 30277 |
| Taiwan | 4997 | 4195 | 117474 |
| Singapore | 4749 | 3835 | 28831 |
| Finland | 4737 | 3870 | 26158 |
| Ireland | 4687 | 3880 | 64306 |
| Netherlands | 4631 | 915 | 79013 |
| USA | 4216 | 1674 | 1377114 |
| United Kingdom | 3810 | 2873 | 283331 |
| Sweden | 3672 | 2694 | 36580 |
| South Korea | 3522 | 1999 | 181218 |
| France | 3446 | 2222 | 241603 |
| Norway | 3429 | 2134 | 19790 |
| Japan | 3312 | 2411 | 422050 |
| Canada | 3260 | 1407 | 119520 |
| Australia | 3247 | 1304 | 80061 |
... | ... | ... | ... |
| Russia | 152 | 39 | 21898 |
| Brazil | 398 | 224 | 83315 |
| China | 384 | 225 | 541446 |
| India | 73 | 55 | 98003 |
Notes
- ↑ Insurance market . GLOSSARY.ru. Date of treatment November 6, 2010.
- ↑ About the organization of insurance business in the Russian Federation . Consultant Plus. Date of treatment November 6, 2010.
- ↑ Federal Law "On Protection of Competition" . Consultant Plus. Date of treatment November 7, 2010.
- ↑ Federal Law on the Protection of Competition in the Financial Services Market . Consultant Plus. Date of appeal May 16, 2010.
- ↑ Izvekov Yu.A. Analysis of global trends in the insurance market . Date of treatment May 16, 2010. Archived April 3, 2012.
- ↑ 1 2 World insurance in 2017: solid, but mature life markets weigh on growth
See also
- Insurance
- The insurance market of the Russian Federation