World-wide premium volume from direct insurance increased in 1998 by 3.7% in real terms. Non-life business with an increase of 2.2% was characterised by a further decline in growth while life business gained momentum compared to 1994 (+5.3%). Measured in global terms, insurance business in Africa (+16.9%) and Asia (+6.7070) showed above average rates of growth whereas expansion in Europe (+3.4%), Latin America (+2.9%) and North America (+1.4%) was below average. In Oceania volume even declined by 14.0% in real terms.
The 1998 insurance year was characterized by sluggish business in the non-life area where failing prices (USA, Europe) and weak demand as a result of the economic situation (Europe) depressed premium volume. By contrast, the Japanese insurance industry recovered from the setback in growth in 1994 and once again achieved "normal" growth rates, while the Southeast Asian region achieved two-figure growth rates as usual.
The extreme rates of change in Africa and Oceania are due primarily to the volatile single premium life business in the main markets (South Africa, Australia).
In 1998 premium volume amounted to US$ 2,143.4 billion and thus surpassed the US$ 2,000 billion mark for the first time. More than 90% of turnover could be attributed to the markets in the industrialized countries. In life insurance, premium volume of US$ 1,236.6 billion was recorded, corresponding to 57.7% of total direct insurance business. Life insurance reached particularly high levels in Asian countries, especially in Japan and South Korea.
However, in South Africa, Switzerland and the UK too, private provision in the form of life insurance proved popular. Non-life insurance achieved a turnover of US$ 906.8 billion. The major part of this line of business was to be found in the individual countries of North America and Western Europe with world market shares of 41.9% and 33.5%, respectively. In this line, Japan "only" achieved 14% of global market volume.
In 1998 the Japanese spent the most on insurance, namely US$ 5,088 per habitant. The Swiss followed in second place with US$ 4,507. Most other industrial countries achieved levels of between US$ 1,200 and 2,400, while in the less industrialized countries typically less than US$ 100 per inhabitant was spent on insurance.
High per capita expenditure stems from a combination of greater wealth (GDP per capita) and the greater significance of the insurance industry in relation to the economy as a whole (premium volume per GDP). The latter results above all from the common use of life insurance as a means of financial investment and private provision.
The 1998 insurance year was characterized by sluggish business in the non-life area where failing prices (USA, Europe) and weak demand as a result of the economic situation (Europe) depressed premium volume. By contrast, the Japanese insurance industry recovered from the setback in growth in 1994 and once again achieved "normal" growth rates, while the Southeast Asian region achieved two-figure growth rates as usual.
The extreme rates of change in Africa and Oceania are due primarily to the volatile single premium life business in the main markets (South Africa, Australia).
In 1998 premium volume amounted to US$ 2,143.4 billion and thus surpassed the US$ 2,000 billion mark for the first time. More than 90% of turnover could be attributed to the markets in the industrialized countries. In life insurance, premium volume of US$ 1,236.6 billion was recorded, corresponding to 57.7% of total direct insurance business. Life insurance reached particularly high levels in Asian countries, especially in Japan and South Korea.
However, in South Africa, Switzerland and the UK too, private provision in the form of life insurance proved popular. Non-life insurance achieved a turnover of US$ 906.8 billion. The major part of this line of business was to be found in the individual countries of North America and Western Europe with world market shares of 41.9% and 33.5%, respectively. In this line, Japan "only" achieved 14% of global market volume.
In 1998 the Japanese spent the most on insurance, namely US$ 5,088 per habitant. The Swiss followed in second place with US$ 4,507. Most other industrial countries achieved levels of between US$ 1,200 and 2,400, while in the less industrialized countries typically less than US$ 100 per inhabitant was spent on insurance.
High per capita expenditure stems from a combination of greater wealth (GDP per capita) and the greater significance of the insurance industry in relation to the economy as a whole (premium volume per GDP). The latter results above all from the common use of life insurance as a means of financial investment and private provision.