Introduction to Insurance Industry

1. Introduction to the Insurance Industry Insurance and risk management define up an immense global industry. According to a travel along conducted by a leading global insurance firm, Swiss Re, worldwide insurance premiums totaled $4.270 one thousand one thousand thousand in 2008 (the latest data available), up about 6.3% from $4.061 trillion in 2007. This was mates to about 6.18% of global GDP. Global life insurance premiums were $2.79 trillion during 2007, while all other types of insurance totaled $1.78 trillion. In America alone, the insurance business employed about 2.31 million people in 2008, and insurance gross premiums totaled $1.13 trillion, do the U.S. the worlds largest insurance market. For 2009, life, accident (including supplemental health) and rente premiums in the United States leave behind total an estimated $679 gazillion. Property and chance premiums will total about $450 billion for 2009. U.S. life insurance firms held about $4.51 trillion in assets in 2008, according to the federal official Reserve Bank. Approximately 4,500 companies underwrite insurance in America, however the industry is dominated by a handful of study players. According to Swiss Re, total insurance premium mess for 2008 was $1.75 trillion in Europe; $933.3 billion in Asia; $104.9 billion in Latin America and the Caribbean; $29.

2 billion in the center East and Central Asia; and $54.7 billion in Africa. Again, these figures argon from Swiss Re (www.swissre.com). Premiums on a per capita basis remain really low in much of the world, pointing to excellent long-term hazard for expansion of sales of insurance products of all types, including annuities. While it will take many years for underdeveloped nations to begin using up significant amounts on insurance products, much of the world is distillery clearly a fertile field for expansion of companies that are willing and able to invest time and money in emerging markets. Per capita premiums worldwide were $646 in 2008, compared to $2,990 in North America. more than 87% of... If you want to get a full essay, hostel it on our website: Orderessay

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