WORLD INSURANCE MARKET AT A
GLANCE
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World’s total insurance Premiums
Written were US$ 3 Trillion in 2003.
-
Average world per capita Insurance
Premiums were US$469.6.
-
Industrialized nations’ average per
capita premiums for for the same
period stood at US$2,764.
-
Industrialized countries share in
total world insurance premiums was
90%.
-
Average Penetration ratios as %age of
GDP for industrialized countries were
5.2% for life and 4% for non-life
business. The highest being 13.4% for
U.K.
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INSURANCE IN EMERGING MARKETS
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The average per capita premiums amounted to
US$59 for the emerging markets, with $ 36 for
Life and $23 for non-life business.
-
Life insurance grew by 6% and non-life by 8.55
in 2003.
-
Average penetration ratios stood at 3.8% of
GDP.
-
There are contrasting differences in per
capita premiums within the emerging markets.
Such as per capita premiums for Singapore were
$1,621 and the same for Pakistan were $3 and
for Bangladesh were $2.
-
The reasons for low penetration ratios and
lower premiums are due to lower per capital
incomes and traditional social structures in
these countries, especially the Muslim world.
These hurdles are now slowly moving out.
-
There is a great potential of growth in the
insurance / Takaful sector in the Muslim World
in the foreseeable future.
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