OECD Insurance Statistics 2016

218 Pages·2017·8.094 MB·English

by  Organization for Economic Cooperation and Development

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2016

OECD
Insurance Statistics
2016
This work is published on the responsibility of the Secretary-General of the OECD. The
opinions expressed and arguments employed herein do not necessarily reflect the official
views of the Organisation or of the governments of its member countries.
This document and any map included herein are without prejudice to the status of or
sovereignty over any territory, to the delimitation of international frontiers and boundaries
and to the name of any territory, city or area.
Please cite this publication as:
OECD (2017), OECD Insurance Statistics 2016, OECD Publishing.
http://dx.doi.org/10.1787/ins_stats-2016-en
ISBN 978-92-64-27171-5 (print)
ISBN 978-92-64-27179-1 (PDF)
The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use
of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli
settlements in the West Bank under the terms of international law.
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© OECD 2017
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FOREWORD
Foreword
T
his annual publication contains time series of insurance statistics for OECD member countries.
Statistics and indicators are derived from national administrative sources based on a questionnaire
prepared under the auspices of the OECD Insurance and Private Pensions Committee, and its Task
Force on Insurance Statistics.
In addition to statistics and in order to provide an insight on the insurance industry’s overall
performance and health, the current publication contains a chapter on insurance sector development.
This chapter draws on the sixth edition of the Global Insurance Market Trends, which provides a
more global perspective through the addition of a large group of countries from LatinAmerica, achieved
through co-operation with the Association of Latin American Insurance Supervisors (ASSAL). Non-
OECD countries from Africa, Asia and Europe also contribute to this chapter. This edition adds the
contribution of Ecuador, Lithuania and Sri Lanka for the first time.
This publication also includes data on investments by insurance companies, insurance
premiums, number of insurance companies and employees, gross claims payments, gross operating
expenses and commissions. Recently, key balance sheet and income statement items were also added
to the OECD’s statistical framework for insurance. The data relate to the period2008-15 and are
broken down under detailed sub-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
between the OECD and the various national bodies which collect data on insurance.
OECD INSURANCE STATISTICS 2016 – © OECD 2017
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TABLE OF CONTENTS
Table of contents
Conventional signs and abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Executive summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Common definitions and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Insurance market trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Underwriting performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Figure 1. Annual real gross premium growth (direct) in the life and non-life sector, 2015 . . . . . . . . . . . . 16
Figure 2. Annual real growth of gross claims payments in the life sector, 2015 . . . . . . . . . . . . . . . . . . . . . 19
Figure 3. Annual real growth of gross claims payments in the non-life sector, 2015. . . . . . . . . . . . . . . . . 21
Figure 4. Combined ratio for the non-life segment, 2014-15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Investment allocation and performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Figure 5. Investment portfolio allocation of domestic direct life insurers, 2015 . . . . . . . . . . . . . . . . . . . . . 25
Figure 6. Portfolio allocation to public and private-sector bonds by domestic direct life insurers, 2015 . . . . 26
Figure 7. Investment portfolio allocation of domestic direct non-life insurers, 2015. . . . . . . . . . . . . . . . . 27
Figure 8. Portfolio allocation to public and private-sector bonds by domestic direct non-life
insurers, 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Figure 9. Investment portfolio allocation of domestic composite insurers, 2015 . . . . . . . . . . . . . . . . . . . . 30
Figure 10.Portfolio allocation to public and private-sector bonds by domestic direct composite
insurers, 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Table 1. Investment portfolio allocation of domestic direct insurers, by type of insurers, 2014-15 . . . . 32
Figure 11.Average real net investment return by type of domestic insurer in 2015. . . . . . . . . . . . . . . . . . . 36
Table 2. Average real net investment return by type of domestic insurers, 2014-15 . . . . . . . . . . . . . . . . . 37
Profitability: Return on equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Figure 12.Return on equity by type of insurer in 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Table 3. Return on equity by type of insurer, 2013-15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Figure 13.Change in equity position by type of insurer, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Table 4. Change in equity position by type of insurer, 2014-15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Table 5. Currency exchange rates and consumer price index (CPI), 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Part I.
International comparisons
Figures
I.1.Market share in OECD, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
I.2.Life and non-life insurance, 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
I.3.Penetration, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
I.4.Density, 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Tables
Table 1. Balance sheet and income, direct insurance (All insurance companies) . . . . . . . . . . . . . . . . . . . 50
Table 2. Balance sheet and income, direct insurance (Life insurance companies) . . . . . . . . . . . . . . . . . . 51
Table 3. Balance sheet and income, direct insurance (Non-life insurance companies) . . . . . . . . . . . . . . 52
Table 4. Portfolio allocation, direct insurance (All insurance companies). . . . . . . . . . . . . . . . . . . . . . . . . . 53
Table 5. Portfolio allocation, direct insurance (Life insurance companies). . . . . . . . . . . . . . . . . . . . . . . . . 54
Table 6. Portfolio allocation, direct insurance (Non-life insurance companies). . . . . . . . . . . . . . . . . . . . . 55
Table 7. Total gross premiums (Life and Non-life). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Table 8. Total gross premiums (Life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Table 9. Total gross premiums (Non-life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Table 10. Market share in OECD (Life and Non-life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Table 11. Market share in OECD (Life). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Table 12. Market share in OECD (Non-life). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Table 13. Density (Life and Non-life). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Table 14. Density (Life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Table 15. Density (Non-life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
OECD INSURANCE STATISTICS 2016 – © OECD 2017
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TABLE OF CONTENTS
Table 16. Penetration (Life and Non-life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Table 17. Penetration (Life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Table 18. Penetration (Non-life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
Table 19. Life insurance share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Table 20. Direct total gross premiums per insurance company employee . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Table 21. Retention ratio (Life and Non-life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Table 22. Retention ratio (Life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Table 23. Retention ratio (Non-life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Table 24. Ratio of reinsurance accepted (Life and Non-life). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Table 25. Ratio of reinsurance accepted (Life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Table 26. Ratio of reinsurance accepted (Non-life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Table 27. Market share of foreign companies in the domestic market (Life) . . . . . . . . . . . . . . . . . . . . . . . . 76
Table 28. Market share of foreign undertakings in total domestic business (Life). . . . . . . . . . . . . . . . . . . . 77
Table 29. Market share of foreign companies in the domestic market (Non-life) . . . . . . . . . . . . . . . . . . . . 78
Table 30. Market share of foreign undertakings in total domestic business (Non-life). . . . . . . . . . . . . . . . 79
Part II.
Country tables
Australia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
Estonia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
France. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
Germany. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
Greece. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
Hungary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
Israel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
Italy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
Latvia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
Luxembourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
Netherlands. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
Norway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
Poland. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Slovak Republic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
Slovenia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180
Spain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184
Sweden. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
Turkey. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198
United States. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202
Annex A. Business written abroad by EE/EEA insurers through branches and agencies . . . . . . . . . . . . . . . . 205
Annex B. Definitions of classes of non-life insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
Annex C. Composite sector in OECD and selected non-OECD economies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
Annex D. List of administrative sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
OECD INSURANCE STATISTICS 2016 – © OECD 2017
6
CONVENTIONAL SIGNS AND ABBREVIATIONS
Conventional signs and abbreviations
The following abbreviations are used:
c Confidential.
x, n.a. Not applicable.
.. Not available.
| Break in series.
- Nil or negligible.
. Decimal point.
ISO country codes and abbreviations for currency
ISO code Currency Abbreviation
OECD countries
Australia AUS dollar AUD
Austria AUT euro EUR
Belgium BEL euro EUR
Canada CAN dollar CAD
Chile CHL peso CLP
Czech Republic 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
Latvia LVA euro EUR
Luxembourg LUX euro EUR
Mexico MEX peso MXN
Netherlands NLD euro EUR
New Zealand NZL dollar NZD
Norway NOR krone NOK
Poland POL zloty PLN
Portugal PRT euro EUR
Slovak Republic SVK euro EUR
Slovenia SVN euro EUR
Spain ESP euro EUR
Sweden SWE krona SEK
Switzerland CHE franc CHF
Turkey TUR lira TRY
United Kingdom GBR pound GBP
United States USA dollar USD
OECD INSURANCE STATISTICS 2016 – © OECD 2017
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CONVENTIONAL SIGNS AND ABBREVIATIONS
ISO code Currency Abbreviation
Selected African, Asian and European countries
Hong Kong (China) HKG dollar HKD
India IND rupee INR
Indonesia IDN rupiah IDR
Lithuania LTU euro EUR
Malaysia MYS ringgit MYR
Russian Federation RUS ruble RUB
Singapore SGP dollar SGD
South Africa ZAF rand ZAR
Sri Lanka LKA rupee LKR
Thailand THA baht THB
Selected Latin American countries
Argentina ARG peso ARS
Bolivia BOL boliviano BOB
Brazil BRA real BRL
Colombia COL peso COP
Costa Rica CRI colón CRC
Cuba CUB peso CUP
Ecuador ECU dollar USD
El Salvador SLV colón SVC
Guatemala GTM quetzal GTQ
Honduras HND lempira HNL
Nicaragua NIC córdoba NIO
Panama PAN balboa PAB
Paraguay PRY guarani PYG
Peru PER nuevo sol PEN
Puerto Rico PRI dollar USD
Uruguay URY peso UYU
OECD INSURANCE STATISTICS 2016 – © OECD 2017
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