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August 27, 2015

global insurance stands at 6%, S. Africa, S. Korea most insured with 15% penetration

 



"global insurance stands at 6%, S. Africa, S. Korea most insured with 15% penetration


Global insurance Penetration

Globally Insurance penetration is  measured as the ratio of premium to Gross Domestic Product.Globally, insurance penetration stands at 6.2 per cent, while density is at $662 (Rs 42,103) for 2014



Among BRIC nations South Africa leads in insurance penetration with 15.4 %.Brazil ranks no 2 in terms of insurance penetration with 4%,followed by  India at 3.4%,China 3% and Russia with 1.3% insurance rates.


Across Developed countries  UK and Japan  tops  insurance penetration followed by UK with 11.5% and Japan 11%.Meanwhile France, Italy and US follows with 9%,7.6%and 7.5%
respectively. Canada  and Germany   stands at 6.5% , along with  Australia's insurance  penetration of  with 5.2%


South Africa and South Korea have the biggest insurance rates in  the world with 15.4% and 11.9%



Insurance penetration  across  Top 20 Nations

  1. Australia:5.2%
  2. Argentina:3.6 %
  3. Brazil :4%
  4. Canada:6.5%
  5. Germany: 6.5%
  6. India: 3.6%
  7. Italy:7.6%
  8. China:3.0%
  9. Mexico 2.1 
  10. Indonesia 2.1
  11. South Africa:15.4%
  12. South Korea: 11.9%
  13. United Kingdom:11.5%
  14. United States:9%
  15. Turkey 1.5
  16. Russia 1.3 
  17. Argentina 3.6 
  18. Mexico 2.1 
  19. Indonesia 2.1
  20. Turkey 1.5
  21. Russia 1.3