Page 43 - Insurance Times January 2023

STATEMENT 1

INTERNATIONAL COMPARISON OF INSURANCE PENETRATION
(In per cent)
S.No. Country* 2020 2021
Life Non-Life Total Life Non-Life Total
America
1 USA 3.0 9.0 12.0 2.6 9.1 11.7
2 Canada 3.5 5.2 8.7 3.3 4.8 8.1
3 Brazil 2.3 1.8 4.1 2.1 1.7 3.9
4 Mexico 1.2 1.4 2.6 1.2 1.3 2.5
5 Argentina 0.3 1.9 2.2 0.3 1.9 2.2
Europe-Middle East-Africa
6 South Africa 11.2 2.5 13.7 10.0 2.2 12.2
7 UK 8.8 2.3 11.1 8.9 2.2 11.1
8 France 5.1 3.5 8.6 6.1 3.4 9.5
9 Italy 6.3 2.3 8.6 6.9 2.2 9.1
10 Netherlands 1.5 8.1 9.6 1.4 7.7 9.1
11 Sweden 5.8 1.8 7.6 5.8 1.9 7.6
12 Switzerland 4.3 4.1 8.4 3.1 4.0 7.1
13 Germany 2.8 4.0 6.8 2.6 3.9 6.5
14 Spain 1.9 3.2 5.2 2.0 3.2 5.1
15 Russia 0.4 1.0 1.4 0.4 0.9 1.3
16 Saudi Arabia 0.0 1.5 1.5 0.1 1.3 1.3
17 Turkey 0.3 1.2 1.5 0.2 1.1 1.3
18 Pakistan 0.5 0.3 0.8 0.5 0.2 0.7
Asia Pacific
19 Taiwan 14.0 3.4 17.4 11.6 3.2 14.8
20 South Korea# 6.4 5.2 11.6 5.8 5.2 10.9
21 Singapore 7.6 1.9 9.5 7.5 1.8 9.3
22 Japan# 5.8 2.4 8.1 6.1 2.2 8.4
23 Thailand 3.4 1.9 5.3 3.4 1.9 5.4
24 Malaysia# 4.0 1.5 5.4 3.9 1.4 5.3
25 New Zealand 0.8 4.1 4.9 0.8 4.0 4.8
26 Australia 1.1 3.6 4.7 1.0 3.5 4.4
27 India# 3.2 1.0 4.2 3.2 1.0 4.2
28 China 2.4 2.1 4.5 2.1 1.9 3.9
29 Indonesia 1.4 0.5 1.9 1.1 0.5 1.6
30 Sri Lanka 0.5 0.6 1.2 0.6 0.6 1.3
World 3.3 4.1 7.4 3.0 3.9 7.0

* Data pertains to the calendar year 2020 & 2021
# Data pertains to financial year 2020-21 & 2021-22
Note: Insurance penetration is measured as ratio of premium (in US Dollars) to GDP (in US Dollars)
Source: Swiss Re, Sigma Volumes 3/2021 and 4/2022
38 January 2023 The Insurance Times