31/01/2020 – Gross premiums continued to rise in most countries in 2018, especially in the non-life sector. Premium growth partly depends on the demand for insurance products which varies across lines of business and is influenced by external factors such as economic growth and changes in taxation, practices among other factors.
About the report
The insurance industry is a major 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 by covering personal and business risks. This annual report monitors global insurance market trends to support a better understanding of the insurance industry’s overall performance and health.
The OECD has collected and analysed data on insurance such as the number of insurance companies and employees, insurance premiums and investments by insurance companies dating back to the early 1980s. Over time, the framework of this exercise has expanded and now includes key balance sheet and income statement items for the direct insurance and reinsurance sectors.
This monitoring report is compiled using data from the OECD Global Insurance Statistics (GIS) database. The geographical reach of the GIS database is constantly expanding and now covers 62 countries. In addition to OECD countries, this includes: a number of non-OECD Latin American countries, achieved through cooperation with the Association of Latin American Insurance Supervisors (ASSAL); several non-OECD countries in Asia; as well as Lithuania, South Africa and Tunisia.
This monitoring report and the GIS database provide an increasingly valuable cross-country source of data and information on insurance sector developments for use by governmental and supervisory authorities, central banks, the insurance sector and broader financial industry, consumers and the research community.