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Insurance Market Size 2025-2029

The insurance market size is forecast to increase by USD 1461.5 billion, at a CAGR of 4.3% between 2024 and 2029.

The Insurance Market is segmented by distribution channel (Sales Personnel, Insurance Agencies), type (Life, Non-life), mode (Offline, Online), end-user (Corporate, Individual), and geography (North America: US, Canada; Europe: France, Germany, UK; APAC: Australia, China, India, Japan, South Korea; Rest of World). This segmentation reflects the market's diversity, driven by growing demand for Online Non-life insurance among Individual consumers in APAC regions like India and China, increasing Corporate adoption of Life insurance through Sales Personnel in North America and Europe, and a strong Offline presence via Insurance Agencies to cater to varied financial protection needs across global markets.

The market is experiencing significant shifts driven by increasing government regulations on mandatory insurance coverage in developing countries and the integration of wearables into customer engagement metrics for life insurance software. These trends reflect a growing emphasis on risk mitigation and personalized customer experiences. Simultaneously, the regulatory environment for insurance players tightens, necessitating robust compliance strategies. Government initiatives mandating insurance coverage in emerging economies represent a substantial growth opportunity, particularly in sectors like health and motor insurance. Meanwhile, the integration of wearable technology into life insurance software enables insurers to offer customized policies based on individual health data, fostering a more proactive approach to risk management.
However, this trend also introduces challenges, as insurers must navigate privacy concerns and ensure secure data handling. The tightening regulatory environment adds another layer of complexity, with stricter guidelines around product offerings, pricing, and customer protection. To thrive in this landscape, insurers must invest in robust compliance frameworks, ensuring they stay ahead of regulatory changes and maintain customer trust. By embracing these trends and addressing associated challenges, insurance providers can capitalize on market opportunities and differentiate themselves in a competitive landscape.

What will be the Size of the Insurance Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market continues to evolve, with dynamic market dynamics shaping various sectors. Travel insurance policies adapt to accommodate changing travel patterns and destinations, while pet insurance providers expand coverage options for veterinary care. Insurance brokers play a crucial role in facilitating customized solutions for clients, bridging the gap between insurers and policyholders. Fraud Detection And Prevention technologies, such as predictive modeling and advanced analytics, are increasingly integral to the industry. These tools help insurers mitigate risks and identify potential fraudulent activities, ensuring accurate claim settlements and maintaining trust with policyholders. Catastrophe modeling and risk assessment are essential components of property and casualty insurance, enabling insurers to assess potential losses and adjust premiums accordingly.

Variable life insurance and retirement planning solutions adapt to fluctuating market conditions and individual financial goals. Premium payments are streamlined through various channels, including digital platforms and insurance technology (insurtech) innovations. Policy administration and claims processing are further optimized through automation and data-driven insights. Insurance agents and independent adjusters facilitate settlement negotiations, providing expert guidance to policyholders during the claims process. Disability insurance and long-term care insurance offer essential protection for individuals facing extended periods of incapacity. Actuarial science and risk management strategies underpin the industry, ensuring that insurers can accurately assess risks and provide competitive pricing. Universal life insurance and estate planning solutions offer flexible, customizable options for policyholders.

How is this Insurance Industry segmented?

The insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Distribution Channel

  Sales personnel
  Insurance agencies


Type

  Life
  Non-life


Mode

  Offline
  Online


End-user

  Corporate
  Individual


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australi

India Insurance Market was valued at USD 250.43 billion in 2024 and is anticipated to grow USD 515.87 billion by 2029 with a CAGR of 12.8% through 2030.

Pages	85
Market Size	2024: USD 250.43 Billion
Forecast Market Size	2030: USD 515.87 Billion
CAGR	2025-2030: 12.8%
Fastest Growing Segment	Life and Health
Largest Market	North
Key Players	1. Life Insurance Corporation of India 2. Max Life Insurance Co. Ltd. 3. Aditya Birla Sun Life Insurance Co. Ltd. 4. Tata AIA Life Insurance Co. Ltd. 5. ICICI Prudential Life Insurance Co. Ltd. 6. Bajaj Allianz Life Insurance Co. Ltd. 7. SBI Life Insurance Co. Ltd. 8. Kotak Mahindra Life Insurance Co. Ltd. 9. HDFC Life Insurance Co. Ltd. 10. PNB MetLife India Insurance Co. Ltd.

The commercial insurance market is expected to expand at a CAGR of 8.40%. The market value is projected to increase from US$ 935 million in 2024 to US$ 2,094.70 million by 2034. The commercial insurance industry share was valued at US$ 865 million in 2023.

Attributes	Details
Market Share, 2024	US$ 935 million
Commercial Insurance Market Size, 2034	US$ 2,094.70 million
Value CAGR (2024 to 2034)	8.40%

Analysis of Historical and Future Outlooks of the Commercial Insurance Industry

Attributes	Details
Commercial Insurance Market Value (2019)	US$ 640.5 million
Commercial Insurance Market Size (2023)	US$ 865 million
Historical CAGR % (2019 to 2023)	7.8%

Historical CAGR % (2019 to 2023)	7.80%
Forecast CAGR % (2024 to 2034)	8.40%

Country-wise Insights

Country	The United States
Forecast CAGR % (2024 to 2034)	8.20%

Country	Germany
Forecast CAGR % (2024 to 2034)	8.60%

Country	China
Forecast CAGR % (2024 to 2034)	8.70%

Country	India
Forecast CAGR % (2024 to 2034)	8.90%

Country	Australia
Forecast CAGR % (2024 to 2034)	9.20%

Category-wise Insights

Leading Type	Liability Insurance
Market Share % (2024)	14.50%

Leading Enterprise Size	Large
Market Share % (2024)	47.90%

The market share of state-owned Life Insurance Corporation of India experienced a decline from ** percent in the financial year 2017 to over ** percent in 2024. This meant that private players gained traction and reported an increase in makret share over the years.

In the financial year 2023, the investments made by the public sector in India's life insurance industry stood at around 43 trillion Indian rupees. The total investments made into the life insurance industry in the country that year amounted to 60 trillion rupees, marking a growth compared to the previous year's 50 trillion rupees.

In the fiscal year 2023, private insurers in India had written over three trillion Indian rupees worth of life insurance premiums. Since 2009, private insurers have crossed the three trillion mark for the first time.

The India Two Wheeler Insurance Market was valued at USD 5.66 Billion in 2025 and is expected to reach USD 8.18 Billion by 2031 with a CAGR of 6.39%

Pages	70
Market Size	2025: USD 5.66 Billion
Forecast Market Size	2031: USD 8.18 Billion
CAGR	2026-2031: 6.39%
Fastest Growing Segment	Insurance Companies
Largest Market	North
Key Players	1. Bajaj Allianz General Insurance Company Limited 2. Tata AIG General Insurance Company Limited 3. HDFC ERGO General Insurance Company Limited 4. Future Generali India Insurance Company Limited 5. The Oriental Insurance Company Ltd. 6. Reliance General Insurance Co. Ltd. 7. United India Insurance Company LTD. 8. Cholamandalam MS General Insurance Co. Ltd. 9. GO DIGIT General Insurance Ltd. 10. Kotak Mahindra Insurance Co. Ltd.

The global sales of insurtech market are estimated to be worth USD 25,406.2 million in 2025 and anticipated to reach a value of USD 257,816.7 million by 2035. Sales are projected to rise at a CAGR of 26.1%% over the forecast period between 2025 and 2035. The revenue generated by insurtech in 2024 was USD 20,267.4 million.

Attributes	Key Insights
Estimated Size, 2025	USD 25,406.2 million
Projected Size, 2035	USD 257,816.7 million
Value-based CAGR (2025 to 2035)	26.1%%

Semi Annual Market Update

Particular	Value CAGR
H1, 2024	25.8% (2024 to 2034)
H2, 2024	26.4% (2024 to 2034)
H1, 2025	25.6% (2025 to 2035)
H2, 2025	26.3% (2025 to 2035)

Country-wise Insights

Country	Value CAGR (2025 to 2035)
USA	24.3%
Germany	23.0%
China	27.3%
India	29.7%
Australia New Zealand	27.2%

Category-wise Insights

Insurance Type	Value Share (2025)
Health Insurance	35.5%

End User	Value Share (2025)
Insurance Companies	39.7%

Among the leading public general insurers in India, New India Insurance earned a gross direct premium worth nearly 374 billion Indian rupees at the end of fiscal year 2023. This was followed by United India Insurance, with a gross direct premium income worth 176 billion rupees. In total, public general insurers in the country earned over 863 billion rupees in gross premiums that year.

The global sales of cybersecurity insurance is projected to be worth USD 16,100.6 million in 2024 and expected to reach a value of USD 85,707.2 million by 2034. Sales are estimated to rise at a CAGR of 18.2% over the forecast period between 2024 and 2034. The income created by cybersecurity insurance in 2023 was USD 13,621.5 million. The industry is projected to register a Y-o-Y growth of 18.0% in 2024.

Attributes	Key Insights
Historical Size, 2023	USD 13,621.5 million
Estimated Size, 2024	USD 16,100.6 million
Projected Size, 2034	USD 85,707.2 million
Value-based CAGR (2024 to 2034)	18.2%

Semi Annual Market Update

Particular	Value CAGR
H1, 2023	17.8% (2023 to 2033)
H2, 2023	18.8% (2023 to 2033)
H1, 2024	17.5% (2024 to 2034)
H2, 2024	18.9% (2024 to 2034)

Country-wise Insights

Countries	Value CAGR (2024 to 2034)
USA	16.2%
Germany	15.7%
China	18.6%
India	19.1%
UK	16.8%

Category-wise Insights

Component	Solution
Value Share (2024)	60.3%

Industry	IT & Telecom
Value Share (2024)	26.3%

India reinsurance market size reached USD 19.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 41.5 Billion by 2033, exhibiting a growth rate (CAGR) of 8.92% during 2025-2033​. The increasing technological innovations, such as artificial intelligence, big data analytics, and blockchain, that can influence the way insurers assess and manage risks, are driving the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 19.2 Billion
Market Forecast in 2033	USD 41.5 Billion
Market Growth Rate (2025-2033)	8.92%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2025-2033​. Our report has categorized the market based on type, mode, distribution channel, and application.

Report Attribute/Metric	Details
Market Value in 2025	USD 28.1 billion
Revenue Forecast in 2034	USD 344 billion
Growth Rate	CAGR of 32.1% from 2025 to 2034
Base Year for Estimation	2024
Industry Revenue 2024	21.3 billion
Growth Opportunity	USD 323 billion
Historical Data	2019 - 2023
Forecast Period	2025 - 2034
Market Size Units	Market Revenue in USD billion and Industry Statistics
Market Size 2024	21.3 billion USD
Market Size 2027	49.1 billion USD
Market Size 2029	85.7 billion USD
Market Size 2030	113 billion USD
Market Size 2034	344 billion USD
Market Size 2035	455 billion USD
Report Coverage	Market Size for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends
Segments Covered	Type, Coverage Levels, Pricing Models, Sales Channel, Policy Features
Regional Scope	North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Country Scope	U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa
Top 5 Major Countries and Expected CAGR Forecast	U.S., UK, Canada, Australia, Germany - Expected CAGR 30.8% - 44.9% (2025 - 2034)
Top 3 Emerging Countries and Expected Forecast	India, Brazil, South Africa - Expected Forecast CAGR 24.1% - 33.4% (2025 - 2034)
Top 2 Opportunistic Market Segments	Accidents Only and Wellness Coverage Levels
Top 2 Industry Transitions	Technology Enabler, Evolving Customer Expectations
Companies Profiled	Nationwide Pet Insurance, Healthy Paws Pet Insurance, Embrace Pet Insurance, Pets Best Insurance Services, LLC, Petplan Insurance, Trupanion, PetFirst Healthcare LLC, Figo Pet Insurance LLC, ASPCA Pet Health Insurance, 24PetWatch Pet Insurance Programs, The Hartville Pet Insurance Group and AKC Pet Insurance.
Customization	Free customization at segment, region, or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement (10% of report value)

HDFC ERGO General Insurance Company Limited wrote gross non-life insurance premiums valued at over 166 billion Indian rupees in the financial year 2023. A linear rise in the company's insurance premiums was seen over the past decade. The company is a joint venture between HDFC and ERGO International AG.

BASE YEAR	2024
HISTORICAL DATA	2019 - 2024
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
MARKET SIZE 2023	3.16(USD Billion)
MARKET SIZE 2024	3.29(USD Billion)
MARKET SIZE 2032	4.5(USD Billion)
SEGMENTS COVERED	Insurance Type, Distribution Channel, Member Type, Policy Size, Regional
COUNTRIES COVERED	North America, Europe, APAC, South America, MEA
KEY MARKET DYNAMICS	Growing demand for affordable coverage, Increasing consumer awareness and trust, Rise of digital insurance platforms, Regulatory changes and compliance, Expansion into emerging markets
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	Nationwide Mutual Insurance Company, Lloyd's, Saskatchewan Cooperative Association, The Cooperators Group Limited, Amica Mutual Insurance, Mutual of Omaha Insurance Company, Pioneer Insurance Services, Cooperative Insurance Companies, Farmers Mutual Hail Insurance Company, Online Cooperative Insurance, Western Mutual Insurance Company, Mercy Health Insurance, The Hartford Financial Services Group, Agricultural Insurance Company of India
MARKET FORECAST PERIOD	2025 - 2032
KEY MARKET OPPORTUNITIES	Digital transformation adoption, Expansion in emerging markets, Customized insurance products offering, Increased consumer trust in cooperatives, Strategic partnerships with tech firms
COMPOUND ANNUAL GROWTH RATE (CAGR)	4.01% (2025 - 2032)

Report Attribute/Metric	Details
Market Value in 2025	USD 49.8 billion
Revenue Forecast in 2034	USD 272 billion
Growth Rate	CAGR of 20.8% from 2025 to 2034
Base Year for Estimation	2024
Industry Revenue 2024	41.2 billion
Growth Opportunity	USD 232 billion
Historical Data	2019 - 2023
Forecast Period	2025 - 2034
Market Size Units	Market Revenue in USD billion and Industry Statistics
Market Size 2024	41.2 billion USD
Market Size 2027	72.7 billion USD
Market Size 2029	106 billion USD
Market Size 2030	128 billion USD
Market Size 2034	272 billion USD
Market Size 2035	329 billion USD
Report Coverage	Market Size for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends
Segments Covered	Demographication, Psychographication, Gender, Benefit Sought
Regional Scope	North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Country Scope	U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa
Top 5 Major Countries and Expected CAGR Forecast	U.S., UK, Canada, Germany, Japan - Expected CAGR 20.0% - 29.1% (2025 - 2034)
Top 3 Emerging Countries and Expected Forecast	India, Brazil, Indonesia - Expected Forecast CAGR 15.6% - 21.6% (2025 - 2034)
Top 2 Opportunistic Market Segments	Suburban Residents and Rural Citizens Psychographication
Top 2 Industry Transitions	Transition to Telematics, Surge in Eco-consciousness
Companies Profiled	Metromile Inc, Allstate Insurance Company, esurance Insurance Services Inc, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, Liberty Mutual Insurance Company, General Motors Company, Travelers Companies Inc, United Services Automobile Association, Root Insurance Co and SafeAuto Insurance Company
Customization	Free customization at segment, region, or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement (10% of report value)

In the financial year 2024, India’s insurance penetration stood at *** percent, with the majority coming from the ************** sector. The growth in penetration over the last five years is a positive sign for the overall development and maturity of the insurance market in India. Life insurance in India Income and employment stability, awareness and education, accessibility to insurance services, and government policies have played a crucial role in shaping the landscape of life insurance in India over the last two decades. In the financial year 2022, approximately ** million new policies were issued by Life Insurance Corporation of India (LIC) - a public sector insurer. Indian insurers had written a total life insurance premium amounting to **** trillion Indian rupees in the same fiscal year. Non-life insurance in India A non-life insurance or general insurance policy covers property, businesses, and individuals and it provides coverage for damages on an indemnity basis. In recent years, an increasing trend has been seen in the number of non-life insurance policies sold in India. This can be attributed to increased demand and awareness for health and motor insurance, higher disposable income, more transactions in fire, marine, and export credit segments, and the introduction of new and customizable non-life insurance products.

Report Attribute/Metric	Details
Market Value in 2025	USD 18.3 billion
Revenue Forecast in 2034	USD 67.9 billion
Growth Rate	CAGR of 15.7% from 2025 to 2034
Base Year for Estimation	2024
Industry Revenue 2024	15.8 billion
Growth Opportunity	USD 52.1 billion
Historical Data	2019 - 2023
Forecast Period	2025 - 2034
Market Size Units	Market Revenue in USD billion and Industry Statistics
Market Size 2024	15.8 billion USD
Market Size 2027	24.5 billion USD
Market Size 2029	32.8 billion USD
Market Size 2030	37.9 billion USD
Market Size 2034	67.9 billion USD
Market Size 2035	78.6 billion USD
Report Coverage	Market Size for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends
Segments Covered	Insurance Type, Solution, Deployment
Regional Scope	North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Country Scope	U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa
Top 5 Major Countries and Expected CAGR Forecast	U.S., UK, Germany, France, China - Expected CAGR 14.1% - 18.8% (2025 - 2034)
Top 3 Emerging Countries and Expected Forecast	Brazil, India, South Africa - Expected Forecast CAGR 11.0% - 16.5% (2025 - 2034)
Top 2 Opportunistic Market Segments	Customer Management/Experience and Claim Management Solution
Top 2 Industry Transitions	Shift to Cloud-Based Platforms, Rising Emphasis on Big Data Analytics
Companies Profiled	IBM Corporation, SAS Institute, Microsoft Corporation, SAP SE, Salesforce Inc, Oracle Corporation, Verisk Analytics Inc, Tableau Software, Pegasystems Inc, Guidewire Software, Microstrategy and TIBCO Software
Customization	Free customization at segment, region, or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement (10% of report value)

BASE YEAR	2024
HISTORICAL DATA	2019 - 2024
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
MARKET SIZE 2023	47.62(USD Billion)
MARKET SIZE 2024	51.66(USD Billion)
MARKET SIZE 2032	99.13(USD Billion)
SEGMENTS COVERED	Coverage Type ,Maturity Payout Frequency ,Policy Term ,Investment Options ,Regional
COUNTRIES COVERED	North America, Europe, APAC, South America, MEA
KEY MARKET DYNAMICS	1 Rising awareness of financial planning 2 Growing middle class 3 Increasing education costs 4 Government initiatives 5 Technological advancements
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	LIC of India ,AIA ,Manulife ,HDFC Life ,Zurich ,SBI Life Insurance Company ,ICICI Prudential Life Insurance Company ,Ping An Insurance (Group) Company of China ,Prudential ,MetLife ,Max Life Insurance Company ,AXA ,Allianz ,Generali ,Sun Life Financial
MARKET FORECAST PERIOD	2024 - 2032
KEY MARKET OPPORTUNITIES	1 Rising awareness of education costs 2 Increasing disposable income 3 Growing demand for financial security 4 Expansion of insurance coverage 5 Government initiatives
COMPOUND ANNUAL GROWTH RATE (CAGR)	8.48% (2024 - 2032)

Report Attribute/Metric	Details
Market Value in 2025	USD 15.9 billion
Revenue Forecast in 2034	USD 38.8 billion
Growth Rate	CAGR of 10.4% from 2025 to 2034
Base Year for Estimation	2024
Industry Revenue 2024	14.4 billion
Growth Opportunity	USD 24.4 billion
Historical Data	2019 - 2023
Forecast Period	2025 - 2034
Market Size Units	Market Revenue in USD billion and Industry Statistics
Market Size 2024	14.4 billion USD
Market Size 2027	19.4 billion USD
Market Size 2029	23.7 billion USD
Market Size 2030	26.1 billion USD
Market Size 2034	38.8 billion USD
Market Size 2035	42.9 billion USD
Report Coverage	Market Size for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends
Segments Covered	Device Type, End-User Demographic, Premium Rates, Customer Behavior
Regional Scope	North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Country Scope	U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa
Top 5 Major Countries and Expected CAGR Forecast	U.S., UK, Germany, France, Australia - Expected CAGR 7.6% - 10.9% (2025 - 2034)
Top 3 Emerging Countries and Expected Forecast	India, Brazil, South Africa - Expected Forecast CAGR 10.0% - 13.0% (2025 - 2034)
Top 2 Opportunistic Market Segments	Adult Drivers and Senior Drivers End-User Demographic
Top 2 Industry Transitions	DataDriven Decisions, TechIntegration for Enhanced User Experience
Companies Profiled	Admiral Group, Hastings Direct, Co-op Insurance, Direct Line, Aviva, Bell, Tesco Bank, AXA Insurance, Churchill, Ingenie, Marmalade and Insure The Box
Customization	Free customization at segment, region, or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement (10% of report value)

The legal, risk, and compliance solution market is on track to register a CAGR of 7.30% from 2024 to 2034. The market is presently valued at US$ 10.85 billion in 2024 and has the potential to reach US$ 21.90 billion by 2034. GRC solutions in enterprises and employing big data and IoT in these areas present significant prospects for legal, risk, and compliance solution providers.

Attributes	Details
Legal, Risk and Compliance Solution Market Value for 2024	US$ 10.85 billion
Legal, Risk and Compliance Solution Market Value for 2034	US$ 21.90 billion
Forecasted CAGR for 2024 to 2034	7.30%

Historical Performance and Future Growth of the Legal, Risk and Compliance Solution Market

Attributes	Details
Legal, Risk and Compliance Solution Market Historical CAGR for 2019 to 2023	5.10%

Category-wise Insights

Attributes	Details
Top Component	Software
Market share in 2024	71.40%

Attributes	Details
Top End Use Industry	Banking, Financial Services, Insurance
Market share in 2024	23.20%

Country-wise Insights

Countries	CAGR from 2024 to 2034
United States	4.10%
Germany	2.70%
China	7.80%
Japan	2.00%
Australia	10.80%