TARIIC

WORLD INSURANCE MARKET AT A GLANCE

  • 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.


INSURANCE IN EMERGING MARKETS

  • 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.

Copyright © 2005 TARIIC Company, All rights reserved.