Page 44 - Insurance Times January 2023

STATEMENT 2

INTERNATIONAL COMPARISON OF INSURANCE DENSITY
(In per cent)
S.No. Country* 2020 2021
Life Non-Life Total Life Non-Life Total
America
1 USA 1,918 5,754 7,673 1,837 6,356 8,193
2 Canada 1,532 2,243 3,775 1,697 2,520 4,217
3 Brazil 151 120 271 160 130 290
4 Mexico 99 116 214 115 131 247
5 Argentina 24 156 180 31 207 238
Europe-Middle East-Africa
6 Switzerland 3,667 3,557 7,224 2,866 3,744 6,610
7 Netherlands 799 4,223 5,022 805 4,497 5,301
8 UK 3,574 949 4,523 4,234 1,039 5,273
9 Sweden 2,993 945 3,938 3,478 1,119 4,597
10 France 1,959 1,359 3,317 2,654 1,486 4,140
11 Germany 1,281 1,827 3,108 1,321 1,992 3,313
12 Italy 1,972 721 2,692 2,467 785 3,253
13 Spain 525 871 1,396 591 960 1,551
14 South Africa 560 124 684 698 154 852
15 Saudi Arabia 8 273 281 13 299 312
16 Russia 41 105 146 49 111 160
17 Turkey 24 104 128 22 102 124
18 Pakistan 6 3 10 7 4 11
Asia Pacific
19 Singapore 4,528 1,110 5,638 5,414 1,327 6,742
20 Taiwan 3,861 938 4,800 3,772 1,032 4,804
21 South Korea# 2,050 1,691 3,741 1,971 1,764 3,735
22 Japan# 2,329 951 3,280 2,347 855 3,202
23 Australia 568 1,880 2,448 623 2,195 2,817
24 New Zealand 349 1,678 2,027 403 1,936 2,339
25 Malaysia# 415 153 568 444 157 600
26 China 241 214 455 253 229 482
27 Thailand 244 139 383 246 141 387
28 India# 59 19 78 69 22 91
29 Indonesia 54 21 75 48 22 70
30 Sri Lanka 21 24 45 24 25 49
World 360 449 809 382 492 874

* Data pertains to the calendar year 2020 & 2021
# Data pertains to financial year 2020-21 & 2021-22
Note: Insurance density is measured as ratio of premium (in US Dollar) to total population.
Source: Swiss Re, Sigma Volumes 3/2021 and 4/2022
The Insurance Times January 2023 39