Insurance penetration rate by country 2022 | Statista (2024)

FAQs

Which country has the highest insurance penetration rate? ›

In 2022, insurance penetration was highest in the United States where the value of insurance premiums accounted for almost 12 percent of GDP.

IRDAI report reveals that the insurance penetration in India is 4% of its GDP. It reduced from 4.2% of the GDP in FY 22 to 4% of the GDP in FY 23. India's penetration is much lower than global average of 6.8%, shows the report.

Market share of the total insurance market worldwide 2000-2022, by country. Between 2000 and 2022, the United States has consistently held the largest share of the insurance market globally.

As of April 2024, the Netherlands, Switzerland, and Norway led the ranking of countries with the highest internet penetration rate, all recording 99 percent.

The insurance penetration rate in India is low as compared to other countries. This is due to low awareness and a lack of trust among people towards insurance. Around 65% of India's population, amounting to over 90 crores, inhabits rural parts of the country.

Taiwan's world-leading insurance penetration rate reflects the relative maturity of our insurance market and the fact that our insurance industry contributes far more to our economy than the insurance industries of other nations do to theirs.

In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars.

What Is the Wealthiest Insurance Company in the World? While United Health Group is the largest insurance company by revenue, it is dwarfed by Berkshire Hathaway in terms of net income and market cap.

What is the insurance penetration in Japan? ›

Japan's insurance industry

Life insurance penetration, the ratio of gross insurance premiums in a country to its gross domestic product (GDP), reached six percent in 2022, compared to a non-life insurance penetration of around two percent. There are 42 life insurers and 33 general insurance companies active in Japan.

Forty-three percent of working-age adults were inadequately insured in 2022. These individuals were uninsured (9%), had a gap in coverage over the past year (11%), or were insured all year but were underinsured, meaning that their coverage didn't provide them with affordable access to health care (23%).

The Best Healthcare Systems in the World in 2024

According to this assessment, what country has the best healthcare? Singapore comes in at No. 1! Japan and South Korea came in 2nd and 3rd.

State Farm is the largest auto insurance company in the U.S., with 18% of the market. Other big car insurance companies include Progressive, Geico and Allstate.

Taiwan's world-leading insurance penetration rate reflects the relative maturity of our insurance market and the fact that our insurance industry contributes far more to our economy than the insurance industries of other nations do to theirs.

New York is the state with the highest average car insurance rates at $8,232 per year for full coverage and $2,490 per year for minimum coverage.