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 2022, Brazil was the country in Latin America with the highest premium volume in the life insurance industry. That year, the country earned premiums amounting to more than 37 billion U.S. dollars. Mexico and Chile followed with approximately 15 billion and 6.7 billion U.S. dollars' worth of life insurance premiums, respectively. Brazil was also the Latin American country with the highest volume of non-life premiums that year.

Graph and download economic data for Life Insurance Premium Volume to GDP for United States (DDDI09USA156NWDB) from 1996 to 2020 about premium, life, insurance, GDP, and USA.

Indonesia Life Insurance: Increase (decrease) in Premium Reserve data was reported at 7,675,727.461 IDR mn in Dec 2024. This records an increase from the previous number of 5,377,424.641 IDR mn for Nov 2024. Indonesia Life Insurance: Increase (decrease) in Premium Reserve data is updated monthly, averaging 2,922,424.257 IDR mn from Jan 2015 (Median) to Dec 2024, with 120 observations. The data reached an all-time high of 42,983,612.563 IDR mn in Dec 2016 and a record low of -8,545,765.319 IDR mn in May 2020. Indonesia Life Insurance: Increase (decrease) in Premium Reserve data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Insurance Sector – Table ID.RGF002: Insurance Statistics: Life Insurance: Income Statement.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Iceland (DDDI10ISA156NWDB) from 1990 to 2020 about Iceland, premium, life, insurance, and GDP.

The value of life insurance policy purchases in the United States has remained relatively constant over the past two decades. In 2023, the aggregate face amount of life insurance policy purchases amounted to 3.6 trillion U.S. dollars in the United States, up from 3.3 trillion U.S. dollars in the previous year.

Indonesia Life Insurance: Increase (decrease) in Asset Value data was reported at -15,022,018.234 IDR mn in Dec 2024. This records a decrease from the previous number of -14,575,445.615 IDR mn for Nov 2024. Indonesia Life Insurance: Increase (decrease) in Asset Value data is updated monthly, averaging -4,069,354.922 IDR mn from Aug 2017 (Median) to Dec 2024, with 89 observations. The data reached an all-time high of 27,453,595.577 IDR mn in Aug 2017 and a record low of -49,484,722.437 IDR mn in Mar 2020. Indonesia Life Insurance: Increase (decrease) in Asset Value data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Insurance Sector – Table ID.RGF002: Insurance Statistics: Life Insurance: Income Statement.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Austria (DDDI10ATA156NWDB) from 1992 to 2020 about premium, Austria, life, insurance, and GDP.

Indonesia Life Insurance: Payable: Claims Payable data was reported at 9,477,152.623 IDR mn in Dec 2024. This records a decrease from the previous number of 9,703,313.648 IDR mn for Nov 2024. Indonesia Life Insurance: Payable: Claims Payable data is updated monthly, averaging 11,395,601.781 IDR mn from Jan 2015 (Median) to Dec 2024, with 120 observations. The data reached an all-time high of 29,479,788.117 IDR mn in Dec 2020 and a record low of 2,386,931.384 IDR mn in Jul 2015. Indonesia Life Insurance: Payable: Claims Payable data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Insurance Sector – Table ID.RGF001: Insurance Statistics: Life Insurance: Balance Sheet.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Colombia (DDDI10COA156NWDB) from 1994 to 2020 about Colombia, premium, life, insurance, and GDP.

Indonesia Life Insurance: Payable data was reported at 40,248,506.647 IDR mn in Dec 2024. This records an increase from the previous number of 39,460,675.617 IDR mn for Nov 2024. Indonesia Life Insurance: Payable data is updated monthly, averaging 41,050,172.205 IDR mn from Jan 2015 (Median) to Dec 2024, with 120 observations. The data reached an all-time high of 64,884,868.335 IDR mn in Dec 2020 and a record low of 15,749,955.102 IDR mn in May 2015. Indonesia Life Insurance: Payable data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Insurance Sector – Table ID.RGF001: Insurance Statistics: Life Insurance: Balance Sheet.

Indonesia Sharia Life Insurance: Liabilities and Equity: Equity: Profit Equilization Reserve data was reported at 18.372 IDR bn in Apr 2023. This records a decrease from the previous number of 23.811 IDR bn for Mar 2023. Indonesia Sharia Life Insurance: Liabilities and Equity: Equity: Profit Equilization Reserve data is updated monthly, averaging 24.284 IDR bn from Dec 2017 (Median) to Apr 2023, with 34 observations. The data reached an all-time high of 64.971 IDR bn in Jul 2020 and a record low of 0.140 IDR bn in Jan 2018. Indonesia Sharia Life Insurance: Liabilities and Equity: Equity: Profit Equilization Reserve data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Insurance Sector – Table ID.RGF015: Insurance Statistics: Sharia Life Insurance: Balance Sheet.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Czech Republic (DDDI10CZA156NWDB) from 1993 to 2020 about premium, Czech Republic, life, insurance, and GDP.

Taiwan Life Insurance: Hedging GL: Instrument: Year to Date data was reported at 45,800.000 NTD mn in Jan 2025. This records an increase from the previous number of -709,300.000 NTD mn for Dec 2024. Taiwan Life Insurance: Hedging GL: Instrument: Year to Date data is updated monthly, averaging -74,050.000 NTD mn from Jan 2020 (Median) to Jan 2025, with 60 observations. The data reached an all-time high of 436,600.000 NTD mn in Dec 2020 and a record low of -1,441,300.000 NTD mn in Oct 2022. Taiwan Life Insurance: Hedging GL: Instrument: Year to Date data remains active status in CEIC and is reported by Insurance Bureau, Financial Supervisory Commission. The data is categorized under Global Database’s Taiwan – Table TW.Z035: Insurance Statistics: Profit, Loss, Exchange Gain & Loss and Premium Revenue.

Taiwan Life Insurance: Premium Revenue: Year to Date: NP: USD: Traditional data was reported at 8.375 USD bn in Dec 2024. This records an increase from the previous number of 7.317 USD bn for Nov 2024. Taiwan Life Insurance: Premium Revenue: Year to Date: NP: USD: Traditional data is updated monthly, averaging 5.258 USD bn from Jan 2019 (Median) to Dec 2024, with 72 observations. The data reached an all-time high of 11.848 USD bn in Dec 2020 and a record low of 523.000 USD mn in Jan 2023. Taiwan Life Insurance: Premium Revenue: Year to Date: NP: USD: Traditional data remains active status in CEIC and is reported by Insurance Bureau, Financial Supervisory Commission. The data is categorized under Global Database’s Taiwan – Table TW.Z035: Insurance Statistics: Profit, Loss, Exchange Gain & Loss and Premium Revenue.

In 2023, French insurance group Crédit Agricole Assurances was the market leader in the life insurance segment and wrote 16.49 percent of all French life insurance premiums. Caisse Nationale de Prévoyance (CNP) followed and accounted for 11.24 percent of the market.

United States Life Insurers: Policy Reserves: Life Insurance: Credit data was reported at 515.000 USD mn in 2023. This records a decrease from the previous number of 535.000 USD mn for 2022. United States Life Insurers: Policy Reserves: Life Insurance: Credit data is updated yearly, averaging 637.000 USD mn from Dec 2001 (Median) to 2023, with 23 observations. The data reached an all-time high of 3.398 USD bn in 2001 and a record low of 507.000 USD mn in 2020. United States Life Insurers: Policy Reserves: Life Insurance: Credit data remains active status in CEIC and is reported by National Association of Insurance Commissioners. The data is categorized under Global Database’s United States – Table US.RG004: Life Insurance: Policy Reserves.

Taiwan Life Insurance: Realized Forex (Fx) Gains & Losses (GL): Year to Date data was reported at -37,300.000 NTD mn in Jan 2025. This records a decrease from the previous number of 883,700.000 NTD mn for Dec 2024. Taiwan Life Insurance: Realized Forex (Fx) Gains & Losses (GL): Year to Date data is updated monthly, averaging 119,200.000 NTD mn from May 2018 (Median) to Jan 2025, with 79 observations. The data reached an all-time high of 1,909,500.000 NTD mn in Oct 2022 and a record low of -581,800.000 NTD mn in Dec 2020. Taiwan Life Insurance: Realized Forex (Fx) Gains & Losses (GL): Year to Date data remains active status in CEIC and is reported by Insurance Bureau, Financial Supervisory Commission. The data is categorized under Global Database’s Taiwan – Table TW.Z035: Insurance Statistics: Profit, Loss, Exchange Gain & Loss and Premium Revenue.

Jordan: Non-life insurance premium volume, percent of GDP: The latest value from 2020 is 1.11 percent, an increase from 1.08 percent in 2019. In comparison, the world average is 1.37 percent, based on data from 96 countries. Historically, the average for Jordan from 1992 to 2020 is 1.34 percent. The minimum value, 1.08 percent, was reached in 2019 while the maximum of 1.74 percent was recorded in 2005.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Portugal (DDDI10PTA156NWDB) from 1991 to 2020 about premium, Portugal, life, insurance, and GDP.