Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Indonesia (DDDI10IDA156NWDB) from 1990 to 2020 about premium, life, Indonesia, insurance, and GDP.

In 2022, insurance penetration was highest in the United States where the value of insurance premiums accounted for almost 12 percent of GDP. Insurance penetration is used as an indicator of insurance sector development within a country and is calculated as the ratio of total insurance premiums to gross domestic product in a given year.  Meanwhile, the insurance penetration in Taiwan equaled 11.4 in 2022. Thus, the value of insurance premiums written in Taiwan in that year equaled more than one 10th of its GDP.

FSC concern over high penetration rate

Taiwan’s high insurance penetration rate has led to the region’s Financial Supervisory Commission (FSC) to encourage the public to ensure that their insurance coverage fits their needs. Taiwan’s GDP has been increasing since 2010 and this trend is set to continue through 2027.

Taiwan’s insurance market

The number of property and casualty companies in Taiwan has remained steady over the past decade, whereas the life insurance market has experienced more fluctuation. The Taiwanese population has been gradually climbing over the past decade, which means that the number of potential insurance customers has also been increasing, though this is set to fall from 2025.

In 2023, the gross domestic product (GDP) from the insurance industry in Malaysia amounted to around 25.7 billion Malaysian ringgit, a slight decrease compared to the previous year. In general, the GDP contribution from insurance in the country has been increasing over the years.

Insurance company assets to GDP (%) in United States was reported at 58.75 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. United States - Insurance company assets to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Oman (DDDI10OMA156NWDB) from 1990 to 2019 about Oman, premium, life, insurance, and GDP.

Insurance company assets to GDP (%) in Italy was reported at 61.71 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Italy - Insurance company assets to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

In 2023, the real gross domestic product (GDP) of the finance and insurance industry in Japan amounted to around 29.1 trillion Japanese yen. The GDP of the finance and insurance industry grew by 4.6 percent in real terms and accounted for 4.8 percent of the nominal GDP in the same year.

In the third quarter of 2024, the financial and insurance activities sector contributed approximately 446 trillion Thai baht to Thailand's gross domestic product (GDP). That same period, Thailand's GDP reached about 4.6 trillion Thai baht.

Insurance company assets to GDP (%) in Panama was reported at 6.6674 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Panama - Insurance company assets to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on April of 2025.

In 2023, the gross domestic product (GDP) of the finance and insurance industry in Singapore amounted to approximately 87.84 billion Singapore dollars. In that year, the GDP from services producing industries amounted to around 464.67 billion Singapore dollars.

Life insurance premium volume to GDP (%) in Myanmar was reported at 0.04704 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Myanmar - Life insurance premium volume to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Written premiums account for the amount that customers pay insurance companies for the coverage provided and are, therefore, the main source of revenue for the sector. The insurance penetration rate shows how the sector relates to the economy of the country and is calculated as the ratio of insurance premiums written to the GDP of the country. Insurance penetration in Europe Among all European countries in 2023, the insurance sector was most developed in Luxembourg, with a penetration rate of 26.6 percent. United Kingdom and Sweden completed the top three with approximately 11.8 and 10.6 percent penetration, respectively. In total, 12 countries in Europe had an insurance penetration rate of five percent or higher Insurance companies on the European market As of November 2024, the largest life and health insurance company in Europe by market capitalization was headquartered in Germany. Nevertheless, France was the country with the largest volume of domestic insurance companies in Europe. More in-depth information on the topic can be found in the Statista dossier on the European insurance market.

As of 2023, South Africa ranked third having written total direct gross insurance premiums amounting to 12.8 percent of gross domestic product (GDP). The region of Hong Kong ranked second with total direct gross insurance premiums amounting to 18 percent of GDP. Luxembourg held the top spot with total premiums written having amounted to over 25 percent of GDP.

Insurance company assets to GDP (%) in Kenya was reported at 6.6396 % in 2019, according to the World Bank collection of development indicators, compiled from officially recognized sources. Kenya - Insurance company assets to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on May of 2025.

Life insurance premium volume to GDP (%) in Slovakia was reported at 0.94706 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Slovakia - Life insurance premium volume to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on May of 2025.

In 2024, South Korea's finance and insurance sector generated a real GDP of approximately 126.04 trillion South Korean won. Over the past two decades, the sector's contribution to the country's GDP has more than tripled.

Life insurance premium volume to GDP (%) in Luxembourg was reported at 7.5131 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. Luxembourg - Life insurance premium volume to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on May of 2025.

Syria GDP: Finance and Insurance data was reported at 338,056.000 SYP mn in 2022. This records an increase from the previous number of 283,998.000 SYP mn for 2021. Syria GDP: Finance and Insurance data is updated yearly, averaging 27,267.000 SYP mn from Dec 1963 (Median) to 2022, with 54 observations. The data reached an all-time high of 338,056.000 SYP mn in 2022 and a record low of 446.000 SYP mn in 1963. Syria GDP: Finance and Insurance data remains active status in CEIC and is reported by Central Bureau of Statistics. The data is categorized under Global Database’s Syrian Arab Republic – Table SY.A003: GDP by Industry: Current Price.

In 2023, the insurance industry in Malaysia contributed 1.4 percent to the gross domestic product (GDP), a slight decrease compared to the industry's contribution in the previous year. In general, the share of GDP from the insurance sector has remained somewhat constant over the years.

Life insurance premium volume to GDP (%) in United Kingdom was reported at 10.51 % in 2019, according to the World Bank collection of development indicators, compiled from officially recognized sources. United Kingdom - Life insurance premium volume to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.