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OECD: increase in 2017 gross premiums

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Preliminary data, released in July 2018 by the OECD, shows an increase in life and/or non-life gross premiums of domestic insurance companies for 2017, with 40 out of 43 countries reporting.

Gross premiums of domestic insurance companies rose in real terms in 15 countries in both the life and non-life sectors, and in 10 other countries in the life sector only, while another 15 reported rises in the non-life sector only.

Only three countries, Belgium, Finland, and Norway, reported declining premiums in both sectors in real terms.

The report also shows some diverse trends in claims payments in 2017, with life insurance companies paying more claims in 2017 in 28 out of the 42 reporting countries, while only two countries, Portugal and Germany, showed the largest decline in gross claims payments.

Almost two-thirds of the reporting countries show an increase in gross claims paid in the non-life sector, with Peru showing the largest increase as a result of floods in 2017. The USA had the largest amount of gross claims paid in 2017 (USD 1.6 trillion, all sectors combined).

The largest proportion of investments of insurers were bills and bonds, which exceeded 80% of the investments in Brazil, 82.2% in Hungary, 82.0% in Mexico, and 81.1% in Greece.

Insurers across the board experienced positive investment rates of return in 2017, irrespective of whether they engaged in life insurance activities only, non-life only, or both, in 13 out of the 19 reporting countries.

The full report can be downloaded by clicking this link.


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