In economically developed countries, life insurance accounts for between 37% to 78% of charges premiums of insurance companies and the vast majority of insurance contracts. Provisions for personal insurance and especially long-term life insurance are a major source of internal domestic investment.
Currently, life insurance is one of the most representative and dynamic lines of insurance. The total amount of life insurance premiums collected worldwide in 2002 amounted to 1.5 trillion dollars, which is 3% more than in 2001. The largest market growth was observed in China, India and Latin America. Market penetration of life insurance (the share of insurance premiums in the total GDP) in 2002 in the UK amounted to 10,2% in the Czech Republic - 1.5%, in Russia - only 0.017% (estimated UM ARL).
Major players in the market of life insurance are: Allianz (Germany), AIG (U.S.), AXA (France). The volume of premiums for life and health insurance company Allianz in 2003 amounted to 40.1 billion euros.
Tags: Life Insurance Today