Premiums of the insurance industry – additional information
The value of gross premiums generated by the insurance industry worldwide increased from 2.51 trillion U.S. dollars in 2000 to 5.01 trillion U.S. dollars in 2016. The whole insurance industry is divided into two broad categories – life insurance and non-life insurance (in the United States and Canada called property and casualty insurance). The premiums written by the life insurance sector globally in the years 2013 to 2015 were higher by 530 billion U.S. dollars on average, than the premiums of the non-life sector. In 2015, the premiums of the life insurance sector amounted to approximately 2.53 trillion U.S. dollars and the premiums of the non-life sector to 2.02 trillion U.S. dollars.
The leading life and non-life direct premium writing country worldwide in 2015, in terms of the value of written premiums, was the United States. The non-life insurance sector proved to be larger than the life sector in 2015 in the United States, with 763.77 and 552.51 billion U.S. dollars of written premiums respectively. The value of both life and non-life insurance premiums in the United States accounted for 28.9 percent of the global market share in 2015 . Japan was ranked second with 9.88 percent of the global market share.
The leading global insurance companies in 2015 in terms of revenue were Berkshire Hathaway (210.82 billion U.S. dollars), AXA (129.25 billion U.S. dollars) and Allianz (122.95 billion U.S. dollars).