OECD Insurance Statistics 2015.

220 Pages·02.053 MB·English

by  OECD

AvAilAble on line
OECD Insurance Statistics 2
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2007-2014
The insurance industry is a key component of the economy by virtue of the amount of premiums it collects,
the scale of its investment and, more fundamentally, the essential social and economic role it plays in covering
personal and business risks.
This annual publication provides major official insurance statistics. The reader will find information on the diverse
activities of this industry and on international insurance market trends.
An analytical chapter with data from oeCD members, selected economies in Africa, Asia and europe and
countries belonging to the Association of latin American insurance Supervisors (ASSAl) is available online.
This chapter highlights the underlying reasons for the trends in gross premium growth and claims developments
between 2013 and 2014, and presents key performance indicators.
The data, which are standardised as far as possible, are broken down under numerous sub-headings, and
a series of indicators makes the characteristics of the national markets more readily comprehensible. This
publication is an essential tool for civil servants, professionals and academics working in the insurance field.
ALSO AVAILABLE ON LINE
OECD Insurance
The data in this publication are also available on line via www.oecd-ilibrary.org under the title oeCD insurance
Statistics (http://dx.doi.org/10.1787/ins-data-en).
ECONOMIES COVERED Statistics
Argentina; Australia; Austria; belgium; brazil; Canada; Chile; Colombia; Costa Rica; Czech Republic; Denmark;
el Salvador; estonia; Finland; France; Germany; Greece; Guatemala; Hong Kong, China; Hungary; iceland;
indonesia; ireland; israel; italy; Japan; Korea; latvia; luxembourg; Malaysia; Mexico; netherlands; new Zealand;
nicaragua; norway; Peru; Poland; Portugal; Puerto Rico; Russian Federation; Singapore; Slovak Republic; 2007-2014
Slovenia; South Africa; Spain; Sweden; Switzerland; Thailand; Turkey; United Kingdom; United States; Uruguay.
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Consult this publication on line at http://dx.doi.org/10.1787/ins_stats-2015-en. 2
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This work is published on the oeCD ilibrary, which gathers all oeCD books, periodicals and statistical databases. 4
visit www.oecd-ilibrary.org for more information.
2015
ISBN 978-92-64-25701-6
21 2015 04 1 P
2015

OECD
Insurance Statistics
2015
This work is published on the responsibility of the Secretary-General of the OECD.The
opinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficial
viewsoftheOrganisationorofthegovernmentsofitsmembercountries.
This document and any map included herein are without prejudice to the status of or
sovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundaries
andtothenameofanyterritory,cityorarea.
Pleasecitethispublicationas:
OECD(2016),OECDInsuranceStatistics2015,OECDPublishing.
http://dx.doi.org/10.1787/ins_stats-2015-en
ISBN978-92-64-25701-6(print)
ISBN978-92-64-25704-7(PDF)
ThestatisticaldataforIsraelaresuppliedbyandundertheresponsibilityofthe relevantIsraeliauthorities.Theuse
ofsuchdatabytheOECDiswithoutprejudicetothestatusoftheGolanHeights,EastJerusalemandIsraeli
settlementsintheWestBankunderthetermsofinternationallaw.
CorrigendatoOECDpublicationsmaybefoundonlineat:www.oecd.org/publishing/corrigenda.
©OECD2016
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FOREWORD
Foreword
T
his annual publication contains time series of insurance statistics for OECD member countries.
Statisticsandindicatorsarederivedfromnationaladministrativesourcesbasedonaquestionnaire
preparedundertheauspicesoftheOECDInsuranceandPrivatePensionsCommittee,anditsTask
ForceonInsuranceStatistics.
In addition to statistics and in order to provide an insight on the insurance industry’s overall
performanceandhealth,thecurrentpublicationcontainsachapteroninsurancesectordevelopment.
This chapter draws on the fifth edition of the Global Insurance MarketTrends, which provides a
moreglobalperspectivethroughtheadditionofalargegroupofcountriesfromLatinAmerica,achieved
through co-operation with theAssociation of LatinAmerican Insurance Supervisors (ASSAL). Non-
OECDcountriesfromAfrica,AsiaandEuropealsocontributetothischapter.
This publication also includes data on investments by insurance companies, insurance
premiums,numberofinsurancecompaniesandemployees,grossclaimspayments,grossoperating
expensesandcommissions.Recently,keybalancesheetandincomestatementitemswerealsoadded
to the OECD’s statistical framework for insurance. The data relate to the period2007-14 and are
brokendownunderdetailedsub-headings.
The report has been prepared by the Financial Affairs Division of the OECD Directorate for
Financial and Enterprise Affairs. However, it was made possible only by the close co-operation
betweentheOECDandthevariousnationalbodieswhichcollectdataoninsurance.
OECDINSURANCESTATISTICS2015–©OECD2016
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TABLEOFCONTENTS
Table of contents
Conventionalsignsandabbreviations ...................................................... 7
Executivesummary....................................................................... 9
Commondefinitionsandnotes ............................................................ 11
Insurancemarkettrends.................................................................. 15
Underwritingperformance .................................................................... 15
Figure 1. Annual real gross premium growth in 2014: Life sector (direct insurers) (%). . . . . . . . . . . . . . . . 16
Figure 2. Annual real gross premium growth in 2014: Non-life sector (direct insurers). . . . . . . . . . . . . . . 18
Figure 3. Real growth in gross claims payments in 2014: Life sector (direct insurers) (%) . . . . . . . . . . . . . 20
Figure 4. Real growth in gross claim payments in 2014: Non-life sector (direct insurers) (%). . . . . . . . . . 21
Investmentallocationandperformance......................................................... 22
Figure 5. Combined ratio for non-life direct insurers (2013 and 2014) (%) . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Figure 6. Investment portfolio allocation in 2014: Domestic life insurers (direct insurers) . . . . . . . . . . . . 24
Figure 7. Portfolio allocation to public and private sector bonds in 2014:
Domestic life insurers (direct insurers) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Figure 8. Investment portfolio allocation in 2014: Domestic non-life insurers (direct insurers). . . . . . . . 28
Figure 9. Portfolio allocation to public and private sector bonds in 2014:
Domestic non-life insurers (direct insurers) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Figure 10.Investment portfolio allocation in 2014:
Domestic composite insurers (direct insurers). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Figure 11.Portfolio allocation to public and private-sector bonds in 2014:
Domestic composite insurers (direct insurers) (2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Table1. Insurers’portfolioallocationinbondsandsharesbytypeofdomesticinsurer
(directinsurers),2013-14 ........................................................... 31
Table2. Averagerealnetinvestmentreturnbytypeofinsurer,2013-14........................... 35
Figure 12.Average real net investment return by type of domestic insurer in 2014
(direct insurers) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Figure 13.Return on equity, 2014: Domestic life insurers (direct insurers) . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Figure 14.Return on equity, 2014: Domestic non-life insurers (direct insurers) . . . . . . . . . . . . . . . . . . . . . . 39
Figure 15.Return on equity, 2014: Domestic composite insurers (direct insurers) . . . . . . . . . . . . . . . . . . . . 40
Table3. Returnonequitybytypeofinsurer(2013-14).......................................... 40
Figure 16.Change in equity position, 2014: Domestic life insurers (direct insurers). . . . . . . . . . . . . . . . . . . 42
Figure 17.Change in equity position, 2014: Domestic non-life insurers (direct insurers) . . . . . . . . . . . . . . 43
Table4. Changeinequitypositionbytypeofdirectinsurer(2013-14) ............................ 43
Figure 18.Change in equity position, 2014: Domestic composite insurers (direct insurers) . . . . . . . . . . . . 45
Notes....................................................................................... 45
Table5. Currencyexchangeratesandconsumerpriceindex(CPI) ............................... 46
PartI.
Internationalcomparisons
Figures
I.1.Market share in OECD, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
I.2.Life and non-life insurance, 2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
I.3.Penetration, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
I.4.Density, 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Tables
1.Balancesheetandincome,directinsurance(Allinsurancecompanies).......................... 54
2.Balancesheetandincome,directinsurance(Lifeinsurancecompanies)......................... 55
3.Balancesheetandincome,directinsurance(Non-lifeinsurancecompanies)..................... 56
4.Portfolioallocation,directinsurance(Allinsurancecompanies) ................................ 57
5.Portfolioallocation,directinsurance(Lifeinsurancecompanies)................................ 58
6.Portfolioallocation,directinsurance(Non-lifeinsurancecompanies)............................ 59
7.Totalgrosspremiums(LifeandNon-life) .................................................... 60
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TABLEOFCONTENTS
8.Totalgrosspremiums(Life)................................................................ 61
9.Totalgrosspremiums(Non-life)............................................................ 62
10.MarketshareinOECD(LifeandNon-life).................................................... 63
11.MarketshareinOECD(Life) ............................................................... 64
12.MarketshareinOECD(Non-life) ........................................................... 65
13.Density(LifeandNon-life) ................................................................ 66
14.Density(Life)............................................................................ 67
15.Density(Non-life)........................................................................ 68
16.Penetration(LifeandNon-life)............................................................. 69
17.Penetration(Life)......................................................................... 70
18.Penetration(Non-life)..................................................................... 71
19.Lifeinsuranceshare...................................................................... 72
20.Directtotalgrosspremiumsperinsurancecompanyemployee................................. 73
21.Retentionratio(LifeandNon-life).......................................................... 74
22.Retentionratio(Life)...................................................................... 75
23.Retentionratio(Non-life).................................................................. 76
24.Ratioofreinsuranceaccepted(LifeandNon-life) ............................................. 77
25.Ratioofreinsuranceaccepted(Life)......................................................... 78
26.Ratioofreinsuranceaccepted(Non-life)..................................................... 79
27.Marketshareofforeigncompaniesinthedomesticmarket(Life)............................... 80
28.Marketshareofforeignundertakingsintotaldomesticbusiness(Life) .......................... 81
29.Marketshareofforeigncompaniesinthedomesticmarket(Non-life)........................... 82
30.Marketshareofforeignundertakingsintotaldomesticbusiness(Non-life) ...................... 83
PartII.
Countrytables
Australia...................................................................................... 87
Austria ....................................................................................... 90
Belgium ...................................................................................... 94
Canada....................................................................................... 98
Chile ......................................................................................... 102
CzechRepublic ................................................................................ 105
Denmark ..................................................................................... 109
Estonia ....................................................................................... 112
Finland....................................................................................... 115
France........................................................................................ 118
Germany...................................................................................... 122
Greece........................................................................................ 125
Hungary...................................................................................... 129
Iceland ....................................................................................... 133
Ireland ....................................................................................... 136
Israel......................................................................................... 139
Italy.......................................................................................... 143
Japan......................................................................................... 147
Korea......................................................................................... 150
Luxembourg................................................................................... 153
Mexico ....................................................................................... 157
Netherlands................................................................................... 161
NewZealand .................................................................................. 164
Norway....................................................................................... 168
Poland........................................................................................ 171
Portugal ...................................................................................... 174
SlovakRepublic................................................................................ 178
Slovenia ...................................................................................... 182
Spain......................................................................................... 186
Sweden....................................................................................... 190
Switzerland ................................................................................... 193
Turkey........................................................................................ 196
UnitedKingdom ............................................................................... 200
UnitedStates.................................................................................. 204
AnnexA. BusinesswrittenabroadbyEE/EEAinsurersthroughbranchesandagencies ................ 207
AnnexB. Definitionsofclassesofnon-lifeinsurance.............................................. 210
AnnexC. CompositesectorinOECDandselectednon-OECDeconomies............................. 212
AnnexD. Listofadministrativesources.......................................................... 214
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CONVENTIONALSIGNSANDABBREVIATIONS
Conventional signs and abbreviations
Thefollowingabbreviationsareused:
c Confidential.
x,n.a. Notapplicable.
.. Notavailable.
| Breakinseries.
- Nilornegligible.
. Decimalpoint.
ISOcountrycodesandabbreviationsforcurrency
ISOcode Currency Abbreviation
OECDcountries
Australia AUS dollar AUD
Austria AUT euro EUR
Belgium BEL euro EUR
Canada CAN dollar CAD
Chile CHL peso CLP
CzechRepublic CZE koruna CZK
Denmark DNK krone DKK
Estonia EST euro EUR
Finland FIN euro EUR
France FRA euro EUR
Germany DEU euro EUR
Greece GRC euro EUR
Hungary HUN forint HUF
Iceland ISL króna ISK
Ireland IRL euro EUR
Israel ISR sheqel ILS
Italy ITA euro EUR
Japan JPN yen JPY
Korea KOR won KRW
Luxembourg LUX euro EUR
Mexico MEX peso MXN
Netherlands NLD euro EUR
NewZealand NZL dollar NZD
Norway NOR krone NOK
Poland POL zloty PLN
Portugal PRT euro EUR
SlovakRepublic SVK euro EUR
Slovenia SVN euro EUR
Spain ESP euro EUR
Sweden SWE krona SEK
Switzerland CHE franc CHF
Turkey TUR lira TRY
UnitedKingdom GBR pound GBP
UnitedStates USA dollar USD
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CONVENTIONALSIGNSANDABBREVIATIONS
ISOcode Currency Abbreviation
SelectedAfrican,AsianandEuropeancountries
HongKong(China) HKG dollar HKD
India IND rupee INR
Indonesia IDN rupiah IDR
Latvia LVA lats LVL
Malaysia MYS ringgit MYR
RussianFederation RUS ruble RUB
Singapore SGP dollar SGD
SouthAfrica ZAF rand ZAR
Thailand THA baht THB
SelectedLatinAmericancountries
Argentina ARG peso ARS
Bolivia BOL boliviano BOB
Brazil BRA real BRL
Colombia COL peso COP
CostaRica CRI colón CRC
Cuba CUB peso CUP
ElSalvador SLV colón SVC
Guatemala GTM quetzal GTQ
Nicaragua NIC córdoba NIO
Panama PAN balboa PAB
Paraguay PRY guarani PYG
Peru PER nuevosol PEN
PuertoRico PRI dollar USD
Uruguay URY peso UYU
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