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Insurance
Principles of insuranceIndemnificationInsurer’s business modelHistory of insuranceTypes of insuranceHealthDisabilityCasualtyLife PropertyLiabilityCreditOther typesInsurance financing vehiclesInsurance companiesGlobal insurance industryInsurance insulates too muchClosed community self insuranceComplexity of insurance policy contractsRedliningInsurance patentsThe insurance industry and rent seekingCriticism of insurance companies
Principles of insuranceIndemnificationInsurer’s business modelHistory of insuranceTypes of insuranceHealthDisabilityCasualtyLife PropertyLiabilityCreditOther typesInsurance financing vehiclesInsurance companiesGlobal insurance industryInsurance insulates too muchClosed community self insuranceComplexity of insurance policy contractsRedliningInsurance patentsThe insurance industry and rent seekingCriticism of insurance companies
Global insurance industry
Global insurance premiums grew by 8.0% in 2006 (or 5% in real terms) to reach $3.7 trillion due to improved profitability and a benign economic environment characterised by solid economic growth, moderate inflation and strong equity markets. Profitability improved in both life and non-life insurance in 2006 compared to the previous year. Life insurance premiums grew by 10.2% in 2006 as demand for annuity and pension products rose. Non-life insurance premiums grew by 5.0% due to growth in premium rates. Over the past decade, global insurance premiums rose by more than a half as annual growth fluctuated between 2% and 11%.Advanced economies account for the bulk of global insurance. With premium income of $1,485bn, Europe was the most important region, followed by North America ($1,258bn) and Asia ($801bn). The top four countries accounted for nearly two-thirds of premiums in 2006. The US and Japan alone accounted for 43% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums. The volume of UK insurance business totalled $418bn in 2006 or 11.2% of global premiums.