机构研究报告-Global insurance industry-外文版培训课件

INDUSTRIES

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MARKETSGlobalinsuranceindustryCHAPTER

01MarketoverviewMarketshareofthetotalinsurancemarketworldwidein2024,byregionMarketshareofthetotalinsurancemarketworldwide2024,byregion50%45%40%35%30%25%20%15%10%5%0%3Description:Chinaaccountedforthesecond-largestportionoftheinsurancemarketworldwide.OperationsinChinamadeuproughly10percentofthetotalglobalmarketshare.TheUnitedStatesheldacommandinglead,holdingthetopspotwithalmost45percentoftheglobalinsurancemarketshare.ReadmoreNote(s):Worldwide;2024Source(s):BeinsureTotaldirectgrossinsurancepremiumswrittenworldwideasapercentageofGDPin2023,byregionTotaldirectgrossinsurancepremiumswrittenasapercentageofGDPworldwide2023TotaldirectgrosspremiumswrittenasapercentageofGDP10%

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20%0%5%25%30%LuxembourgHongKongSouthAfricaUnitedStatesUnitedKingdomKorea26.6%18%12.8%12.1%11.8%10.6%10.6%SwedenDenmarkChineseTaipeiFrance10.3%10.3%10.2%SingaporeJapanNetherlands8.3%8%8%4Description:Asof2023,SouthAfricarankedthirdhavingwrittentotaldirectgrossinsurancepremiumsamountingto12.8percentofgrossdomesticproduct(GDP).TheregionofHongKongrankedsecondwithtotaldirectgrossinsurancepremiumsamountingto18percentofGDP.Luxembourgheldthetopspotwithtotalpremiumswrittenhavingamountedtoover25percentofGDP.ReadmoreNote(s):Worldwide;2023Source(s):McKinsey&CompanyGrosspremiumswrittenbytheinsuranceindustryworldwide2000to2022(intrillionU.S.dollars)Grosspremiumsoftheinsuranceindustryworldwide2000-20227656.065.965.34

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20225Description:Between2020and2022,thevalueofgrosspremiumswritteninall38OECDmembercountriesgrewbyalmost800billionU.S.dollars.In2022,thisfigurereachedapproximatelysixtrillionU.S.dollars,upfrom5.3trillionU.S.dollarstwoyearsearlier.OECDmembercountriesheldthelion'sshareoftheglobalinsurancemarketoverthepasttwodecades.Whichcompaniesarethegloballeaders?Thevalueofgrosspremiumsgeneratedbytheinsuranceindustryworldwideincreasedfrom2.51[...]

ReadmoreNote(s):Worldwide;2000to2022Source(s):OECDValueofglobalreinsurancecapitalfrom2013to1sthalf2024(inbillionU.S.dollars)Valueofglobalreinsurancecapital2013-H12024800700695675670650625605595585575575600500400300200100056554020132014201520162017201820192020202120222023H120246Description:Inthefirsthalfof2024,globalreinsurancecapitalreachedalmost700billionU.S.dollars.Globalreinsurancecapitalclimbedinthefouryearspriorandreachedapreviouspeakof675billionU.S.dollarsin2021,beforetumblingto575billionU.S.dollarsinthefollowingyear.ReadmoreNote(s):Worldwide;2013toH12024Source(s):Aon;InsuranceEurope;Varioussources(Companyfinancialstatements)AdvertisingexpenditureoftheleadinginsurancefirmsintheUnitedStatesfrom2019and2023(inbillionU.S.dollars)AdvertisingexpenditureofleadinginsurancefirmsintheU.S.2019-2023ProgressiveGeicoStateFarmAllstate2.52.01.51.00.50.0201920202021202220237Description:ThelevelofspendingonadvertisingbyleadinginsurancefirmsintheUnitedSatesfluctuatedinthefive-yearperiodfrom2019to2023.Geicowasthelargestspenderfrom2019throughto2021havingspentroughlytwobilliondollarseachyear.Asof2022,spendingonadvertisingdippedamongallfirms,by2023Progressivewastheonlyfirmtohavespentmorethanabilliondollarsonadvertising.

ReadmoreNote(s):UnitedStatesSource(s):BankrateComparisonoftheenvironmental,socialandgovernance(ESG)scoresofthe26largestinsurancecompaniesbymarketcapitalizationworldwidein2024,byESGscoreproviderESGscoresoftheworlds'largestinsurancecompanies2024,byproviderSustainalytics47.667S&P

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(RobecoSAM)MSCI35.764.364.364.378.692.8678.678.650BerkshireHathaway(U.S.)UnitedHealth(U.S.)15515227546789343429918759PingAnInsurance(China)ChinaLifeInsurance(China)AIA(HongKongSAR)68.852.671.480ElevanceHealth(formerlyAnthem)(U.S.)Allianz(Germany)73.460Marsh&McLennanCos.(U.S.)Chubb(Switzerland)55.260.467.271.866.6Progressive(U.S.)64.392.992.992.9AXA(France)Cigna(U.S.)ZurichInsuranceGroup(Switzerland)8Description:AcomparisonofstandardizedESGscoresofthe25largestinsurancecompaniesintheworldshowssignificantdifferencesbetweenESGscoreprovidersinmanycases.Theworld'slargestinsurerbymarketcapitalization,BerkshireHathaway,sawthelargestrangeofscores,withS&Pratingthecompanywiththescoreof15outof100(indicatingthecompanyhasahighlevelofESGrisk),whileSustainalyticsawardedtheequivalentscoreof47.6outof100(indicatingabelowaveragelevelof[...]

ReadmoreNote(s):Worldwide;November19,2024Source(s):Statista;VarioussourcesCHAPTER

02SegmentsLeadinglifeandnon-lifedirectpremiumwritingcountriesgloballyin2023,bypremiums(inbillionU.S.dollars)Leadingpremiumwritingcountriesglobally2023,bypremiumsPremiumswritteninbillionU.S.dollarsNon-lifepremiums1,000Lifepremiums1,50005002,0002,5002,511.833,000UnitedStatesPRChinaUnitedKingdomJapan714.86333.26390.413885.52112.7236.94277.2France170.1152.1493.33GermanySouthKoreaCanada101.5584.36100.270.3248.89Italy110.5535.77India100.1910Description:In2023,lifeinsurancepremiumswrittenintheUnitedStateswerevaluedat714.9billionU.S.dollars.Non-lifeinsurancepremiumswrittenintheU.S.amountedto2.5trillionU.S.dollarsinthatyear,howeverunlikemostcountriesthisamountincludesbasichealthcover,meaningtheU.S.isovertwotrillionU.S.dollarshigherthansecond-placedChina,whorecordednon-lifeinsurancepremiumsof333.5billionU.S.dollars.ReadmoreNote(s):Worldwide;2023;Beforereinsurancetransactions.Source(s):InsuranceInformationInstitute;SwissReDistributionoflifeandhealth,andpropertyandcasualtyinsurancedirectpremiumswrittengloballyfrom2008to2023Shareofinsurancedirectpremiumswrittenglobally2008-2023,bysegmentProperty/casualtyLife/health120%100%80%60%40%20%0%44.4%47%47.4%49.3%48.9%54%55%52.8%51.6%51.6%55%56%59%58%58%55.6%202353%52.6%202250.7%201851.1%202046%45%47.2%201648.4%201748.4%201945%44%41%42%42%20082009201020112012201320142015202111Description:In2023,premiumswrittenworldwideinthepropertyandcasualty(P&C)insurancesegmentwerehigherthanthoseinlifeandhealth(L&H)insurance.TheP&CsegmentovertooktheL&Hsegmentforthefirsttimeinatleastadecadein2018,accountingforabout55percentofglobaldirectinsurancepremiumswrittenfrom2017to2023.Priortothis,L&Hinsurancepremiumsaccountforbetween51and59percentofpremiumswrittenworldwidesince2008.

ReadmoreNote(s):Worldwide;2008to2023Source(s):InsuranceInformationInstitute;S&PGlobalMarketIntelligence;SwissReDistributionofgrosswritteninsurancepremiumsworldwidein2023,byregionShareofinsurancegrosswrittenpremiumsworldwide2023,byregion45%40%40%35%30%25%20%15%10%5%19.2%7.8%6.9%5.2%5.1%5.1%3.7%2.9%2.1%2%0%UnitedStatesChinaUnitedKingdomGermanyJapanFranceBermudaCanadaSouthKoreaItalyOthers12Description:In2023,theAmericaswasthelargestinsurancemarketgloballyintermsofinsurancegrosswrittenpremiums(GWPs).Inthatyear,theUnitedStatesaloneaccountedfor40percentofGWPs.TheꢀlargestinsurancecompanyintheworldintermsofnetpremiumswrittenwasUnitedHealthGroup.BasedintheUnitedStatesandoperatingglobally,UnitedHealthGroupwrotenetpremiumsworthwellover200billionU.S.dollars.UnitedHealthleadstheU.S.healthinsurancesectorWiththe[...]ReadmoreNote(s):Worldwide,Bermuda,Canada,China,France,Germany,Italy,Japan,SouthKorea,UnitedKingdom,UnitedStates;2023Source(s):InternationalAssociationofInsuranceSupervisorsLeadinglifeandnonlifedirectpremiumwritingcountriesgloballyin2023,byvalueofpremiums(inbillionU.S.dollars)Lifeandnonlifedirectpremiumwritingcountriesglobally2023,byvalueofpremiums3,5003,226.693,0002,5002,0001,5001,000500723.66374.94362.72Japan282.8245.46185.92170.52159.44Italy135.96India0UnitedStatesPRChinaUnitedKingdomFranceGermanySouthKoreaCanada13Description:In2023,theUnitedStateswasthelargestinsurancemarketworldwide,with3.23trillionU.S.dollarsinpremiumswritten.ThePeople'sRepublicofChinaandtheUnitedKingdomfollowedbehindwithdirectpremiumsworthapproximately724billionand375billionU.S.dollars,respectively.ReadmoreNote(s):Worldwide;2023;Beforereinsurancetransactions.Source(s):SwissReBreakdownofCOVID-19insuranceclaimsworldwidefrom2020toJune2021,bybusinesssegmentCOVID-19insuranceclaimsmadegloballyuntilJune2021,bysegmentLife20%Non-life80%14Description:UntilJune2021,themajorityofCOVID-19insuranceclaimsmadegloballywasinthenon-lifeinsurancebusinesssegment.AsofJune2021,approximately80percentofCOVID-19insuranceclaimsworldwidehadbeenmadeinthenon-lifeinsurancesegment.TheremainingshareofCOVID-19insuranceclaimswasmadeinthelifeinsurancebusinesssegment,andwasprimarilyconcernedwithdeathcoverage.

ReadmoreNote(s):Worldwide;2020toJune2021Source(s):APREF;ScorCHAPTER

03Salesmetrics/consumptionPortionofconsumerswhoboughtinsuranceonlineinselectedcountriesworldwidein2024,byinsurancetypePortionofinsuranceboughtonlineinselectregionsworldwide2024,bytypeUnited

States8%United

KingdomSwitzerland12%21%16%11%10%10%19%47%2%China32%41%16%11%6%GerAccidentinsuranceCarinsurance8%52%27%32%7%29%7%Contents/personalpropertyinsuranceHome/dwellinginsuranceLegalexpensesinsuranceLifeinsurance13%4%15%8%20%7%38%18%72%1%PersonalliabilityinsuranceHealthinsurance45%2%38%3%OtherDon'tknow3%2%4%0%Ihavenottakenoutanyinsurancepoliciesonline38%22%39%20%16Description:Ina2024surveyconductedamongconsumersglobally,healthinsurancewasthemostpopularinsurancetypetobetakenoutonline,with70percentofsurveyrespondentsfromIndiahavingnotedthathealthinsurancewaspurchasedonline.Japanwasattheotherendofthespectrumwith15percentofrespondentsnotinghavingpurchasedhealthinsuranceonline;However,Japanwassomewhatofanoutlierwith66percentofrespondentshavingnotednotpurchasinginsuranceonline.

ReadmoreNote(s):Worldwide,China,Germany,India,Japan,Mexico,SouthAfrica,Switzerland,UnitedKingdom,UnitedStates;2024;213,108respondents;18-64yearsSource(s):Statista;StatistaConsumerInsightsLifeandnon-lifeinsurancepenetrationinselectedcountriesandterritoriesworldwidefrom2020to2022Lifeandnon-lifeinsurancepenetrationinselectedregionsglobally2020-2022Insurancepenetration20228%2021202010%0%2%4%6%12%14%16%18%20%GlobalaverageUnitedStatesTaiwanSouthAfricaSouthKoreaUnitedKingdomSwedenFranceJapanItalyCanadaGermany17Description:In2022,insurancepenetrationwashighestintheUnitedStateswherethevalueofinsurancepremiumsaccountedforalmost12percentofGDP.Insurancepenetrationisusedasanindicatorofinsurancesectordevelopmentwithinacountryandiscalculatedastheratiooftotalinsurancepremiumstogrossdomesticproductinagivenyear.ꢀꢀMeanwhile,theinsurancepenetrationinTaiwanequaled11.4in2022.Thus,thevalueofinsurancepremiumswritteninTaiwaninthatyearequaled[...]ReadmoreNote(s):Worldwide;2020to2022Source(s):SwissRePercentagechangeincommercialinsurancepricingworldwidefromQ12015toQ32024Pricechangeincommercialinsuranceworldwide2015-202425%20%15%10%5%19%18%13%8%6%3%2%1%1%0%-5%-2%-3%-4%-5%-10%Q1

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'2418Description:Globalinsurancepricesroseinthefirstquarterof2024,increasingbyonepercentinthatquarteralone.Thismarkedthe26thconsecutivequarterofincreases.Pricesinthesecondquarterof2024hadnomovement,bythethirdquarterof2024,insurancepricesexperiencedaonepercentdecrease.ReadmoreNote(s):Worldwide;Q12015toQ32024Source(s):MarshPercentagechangeincommercialpropertyinsurancepricingworldwidefromQ22018toQ32024Pricechangeincommercialpropertyinsuranceworldwide2018-202425%20%19%20%15%10%5%13%12%10%8%8%7%6%6%4%2%0%0%-5%Q2

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'2419Description:Globalcommercialpropertyinsurancepricesrosebysixpercentinthefourthquarterof2023.Priceshavebeensteadilyclimbingsincethesecondquarterof2018,untilthesecondquarterof2024whenpricesdidnotincrease.Uponreachingthethirdquarterof2024,pricesdecreasedbytwopercent.ReadmoreNote(s):Worldwide;Q22018toQ32024Source(s):MarshPercentagechangeincommercialcasualtyinsurancepricingworldwidefromQ22018toQ32024Pricechangeincommercialcasualtyinsuranceworldwide2018-20248.0%7%7%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%-1.0%-2.0%-3.0%6%6%

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ReadmoreNote(s):Worldwide;Q22018toQ32024Source(s):MarshPercentagechangeinfinancialandprofessionalliabilityinsurancepricingworldwidefromQ22018toQ32023Pricechangeinfinproliabilityinsuranceworldwide2018-202347%50%40%40%37%40%30%20%10%0%34%32%31%26%26%18%16%14%10%6%5%3%3%-1%-5%-6%-6%-8%-10%-20%Q2'18

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Q3'2321Description:Globalfinancialandprofessionalliabilityinsurancepricesfellbyaroundsixpercentinthethirdquarterof2023.Pricesclimbedsteadilyuntilthethirdquarterof2022wherepricesbeganandcontinuedtofalleachquarterwiththelargestdipbeinginthesecondquarterin2023.ReadmoreNote(s):Worldwide;Q22018toQ32023Source(s):MarshCHAPTER

04LeadingcompaniesLargestinsurancecompaniesworldwideasofNovember2024,bymarketcapitalization(inbillionU.S.dollars)Biggest50insurancecompaniesworldwideNovember2024,bymarketcapCompanyValue

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USD557.53155.75132.35121.48118.37115.45113.3Country/territoryUnitedStatesUnitedStatesChinaUnitedHealthProgressiveChinaLifeInsurancePingAnInsuranceChinaAllianzGermanyChubbSwitzerlandUnitedStatesUnitedStatesUnitedStatesSwitzerlandUnitedKingdomHongKongFranceMarsh&McLennanCompaniesElevanceHealth94.53Cigna92.62ZurichInsuranceGroup89.9AonAIA84.2879.41AXA77.8423Description:UnitedHealthwastobethelargestinsurergloballyasofNovember2024,withmarketcapitalizationamountingtoapproximately557billionU.S.dollars.UnitedHealthGroupisahealthcareandinsurancecompanyheadquarteredinMinnesota.ꢀGlobalinsuranceindustry-additionalinformationInsuranceisaformofriskmanagement,whereaperson,calledtheinsuredorpolicyholder,signsacontractwithacompany,whichiscalledinsurerorinsurancecarrier,inorderto[...]

ReadmoreNote(s):Worldwide;November26,2024Source(s):CompaniesMarketCLargestlifeinsurancecompaniesworldwideasofJanuary2025,bymarketcapitalization(inbillionU.S.dollars)LargestlifeinsurancecompaniesgloballyJanuary2025,bymarketcapitalizationMarketcapitalizationinbillionU.S.dollars050100150200250300350400450500UnitedHealth(U.S.)Progressive(U.S.)469.12142.75ChinaLifeInsurance(China)AllianzSE(Germany)PingAnInsurance(China)Chubb(Switzerland)125.68121.93113.59108.62105.7Marsh&McLennanCompanies(U.S.)ElevanceHealth(U.S.)ZurichInsuranceGroup(Switzerland)AXA(France)89.3584.7980.16Aon(UK)Cigna(U.S.)AIA(HongKong)79.1978.9975.4724Description:UnitedHealthwasthelargestlifeinsurancecompanyworldwidebymarketcapitalizationasofJanuary2025.Progressivewasthesecond-largestlifeinsurerglobally,withmarketcapitalizationamountingtoalmost143billionU.S.dollars.

ReadmoreNote(s):Worldwide;January20,2025Source(s):CompaniesMarketCLargestinsurancecompaniesworldwidein2024,bytotalassets(inbillionU.S.dollars)Leadinginsurancecompaniesworldwide2024,bytotalassetsTotalassetsinbillionU.S.dollars400

60002008001,0001,200AllianzPingAnInsurance1,050.76960.68948.45BerkshireHathawayChinaLifeInsuranceCompanyAXA885.02713.62689.92666.61660.5626.83619.09PrudentialFinancialIncMetlifeNipponLifeInsuranceCompanyManulifeFinancialCorporationLegal&GeneralGroupplc25Description:Allianzwasnamedthelargestinsurerworldwidebytotalassets.ChineseinsurerPingAnprovedtobethesecond-largestinsureras2024,withtotalassetsworthapproximately961billionU.S.dollars.Itwasalsotheleadinginsurancebrandglobally.TheinsuranceindustryInsuranceisthetransferoftheriskofapossiblelossfromoneentitytoanotherinexchangeforpayment.Insuranceisaformofriskmanagementusedtoensuresomedegreeoffinancialsecurityinthefaceofuncertain[...]

ReadmoreNote(s):Worldwide;2024Source(s):BeinsureLeadingglobalinsurancecompaniesworldwidein2023,byrevenue(inbillionU.S.dollars)Leadinginsurancecompaniesglobally2023,byrevenueRevenueinbillionU.S.dollars150

200050100250300350400BerkshireHathawayPingAnInsurance364.48145.76139.62ChinaLifeInsuranceAllianz113.52104.2103.55StateFarmInsuranceLifeInsuranceCorp.ofIndiaAXA90.41NipponLifeInsuranceJapanPostHoldingsPeople'sInsuranceCo.ofChina83.0982.9178.1826Description:In2023,AmericanmultinationalholdingcompanyBerkshireHathawaywasthelargestglobalinsurancecompany,withrevenuesover364billionU.S.dollars.ꢀTheinsuranceindustryInsuranceisthetransferoftheriskofapotentiallossfromoneentitytoanotherinexchangeforpayment.Itisaformofriskmanagementusedtoensuresomedegreeoffinancialsecurityinthefaceofuncertainloss.Theindividualorinstitutionthatpurchasestheinsurancepolicyfromthesupplyingcompany[...]ReadmoreNote(s):Worldwide;2023Source(s):Fortune;InsuranceInformationInstituteLeadingproperty/casualtyreinsurersglobally,bygrossreinsurancepremiumswrittenfrom2019to2022(inbillionU.S.dollars)LeadingglobalP/Creinsurers2019-2022,bygrossreinsurancepremiumswrittenNetreinsurancepremiumswritteninbillionU.S.dollars20222021202015201905102025303540MunichReinsuranceCo.(Germany)HannoverReS.E.(Germany)**SwissReLtd.(Switzerland)Lloyd'sofLondon(UnitedKingdom)***BerkshireHathawayInc.(UnitedStates)****SCORRe(France)EverestReGroupLtd.(Bermuda)ReinaisanceReHoldingsLtd.(Bermuda)ChinaReinsurance(Group)Corp.(China)PartnerReLtd.(Bermuda)27Description:In2022,MunichReinsurancewasthelargestpropertyandcasualtyreinsurancecompanygloballyintermsofgrosspremiumswritten.Thiswasachangeover2019whenSwissReLtdwasthemarketleader.In2022,MunichRereportedgrossreinsurancepremiumswrittenworth36.7billionU.S.dollarsandHannoverRefollowedbehindwith25.9billionU.S.dollars.ReadmoreNote(s):Worldwide;2019to2022;Onlythetop10fortherespectiveyearwereincluded.Source(s):A.M.Best;BusinessInsurance;InsuranceInformationInstituteCHAPTER

05OutlookValueofgrosswrittenpremiumsworldwidefrom2017to2024,withforecastsfrom2025to2028(intrillionU.S.dollars)Estimatedsizeoftheglobalinsurancemarket2017-2024,withforecastsuntil20281099.028.828.618.418.218.027.867.688765432107.587.066.916.746.42201720182019202020212022202320242025202620272028202929Description:Itisforecastthattheglobalinsurancemarketwillgrowbyaboutonetrillion