Figure 1.1:
Data cover all reporting jurisdictions. See Table A.A.1 in Annex A.
Figure 1.2:
Data refer to direct insurance business only. Penetration rates in Ireland capture cross-border business. The high insurance penetration in Luxembourg reflects the cross-border activities of insurance companies. Data for the Slovak Republic exclude branches of foreign insurers operating in the Slovak Republic and insurance contracts concluded through the free provision of services (free passport) via a branch or without establishing a branch.
Figure 1.3:
Data cover all reporting jurisdictions. See Table A.A.1 in Annex A. The average for all business may slightly differ from the sum of the average life and non-life insurance penetration as the averages may be calculated on a slightly different number of jurisdictions for life insurance, non-life insurance and total business.
Figure 2.1:
Data refer to the gross premiums written in the non-life sector for all undertakings (i.e. domestic undertakings and branches and agencies of foreign undertakings operating in the reporting jurisdiction) except when only data on domestic undertakings are available. The nominal premium growth rate is not shown for Türkiye (74.1%) for readability purposes. Gross premiums written increased in nominal terms by 259.7% in Argentina and 10.9% in Chinese Taipei (results in real terms not available).
Figure 2.3:
The growth rate of non-life gross claims payments is not shown for Türkiye (54.7%) for readability purposes. Non-life gross claims payments increased by 247% in Argentina and decreased by 36.2% in Chinese Taipei in nominal terms (results in real terms not available).
Figure 2.4:
The combined ratios are the results of the calculations by the respective authorities in the reporting jurisdictions. The underlying formula may therefore be different across jurisdictions. (1) The results are a simple average of the combined ratios for Property & Casualty insurance and for health insurance. (2) The results are net combined ratios. (3) The results are general combined ratios for the total (insurance) market. (4) The results are a simple average of the combined ratios for Accidents & Health and for Property & Casualty. (5) The combined ratio is the sum of gross claims ratio, acquisition costs ratio and administrative expenses ratio. (6) The results are gross combined ratios for the whole insurance activity (including outside Lithuania). (7) Results exclude transfers out of international business. (8) Results exclude the non-lifelines of business of life insurers.
Figure 2.6:
This is a possible scenario. Other factors can change the impact (e.g. even if a reinsurer has an underwriting profit, it might not be willing to accept more risk at lower prices due to its risk appetite framework).
Figure 3.1:
Data refer to the gross premiums written in the life sector for all undertakings (i.e. domestic undertakings and branches and agencies of foreign undertakings operating in the reporting jurisdiction) except when only data on domestic undertakings are available. The nominal premium growth rate is not shown for Uruguay (55.7%) and Türkiye (78%) for readability purposes. Gross premiums written increased in nominal terms by 226.4% in Argentina and 11.5% in Chinese Taipei (results in real terms not available).
Figure 3.2:
Fixed annuities promise fixed payments to the annuitant which are clearly defined from the onset of the contract and for which the underlying return does not change over time. By contrast, indexed annuities offer payments that increase or decrease depending on factors such as inflation or profits (Please see OECD (2016[19])).
Figure 3.3:
The growth rate of life gross claims payouts is not shown for Türkiye (65.7%) for readability purposes. Life gross claims payouts increased by 281.1% in Argentina and 5.7% in Chinese Taipei in nominal terms (results in real terms not available).
Figure 4.1:
Data exclude assets linked to unit-linked products where risk is fully borne by policyholders. The “Others” category includes investments in loans, private equity funds, hedge funds, structured products and other investments. Negative values in some categories for some jurisdictions were excluded from the calculations of the asset allocation.
Table 4.1:
Infrastructure can be defined as a set of fundamental facilities and systems that support the provision of goods and services essential to enable, sustain, or enhance societal living conditions and protect the surrounding environment from erosion and other disasters that reduce the usefulness for economic purposes. This can include economic infrastructure such as transport, utilities (including electricity, power plants and other energy related systems, and water related systems), flood/water management systems, and IT and communications related systems. Social infrastructure is also covered, including education, health, public order, and cultural and recreational infrastructure. For EU countries, this could be “Qualifying infrastructure investments” under article 164a of Delegated Regulation (EU) 2016/467. Investments in infrastructure can be direct or indirect (through funds) and include equity, debt, and hybrid instruments.
Figure 4.2:
Average annual real net investment rates of return are calculated based on the nominal annual net investment rates of return reported by jurisdictions for 2024 and the variation of the consumer price index over the same period.
Figure 5.1:
The return on equity (ROE) was calculated by dividing net income in 2024 by the average shareholder equity in 2023 and 2024.
Figure 5.2:
Change in equity position is calculated as the change in shareholder equity divided by the level of shareholder equity of the previous year. For readability purposes, the chart does not show the change in shareholder equity of insurers in Argentina (231.6% for life insurers, 234.2% for non-life insurers and 249.3% for composite insurers) and Türkiye (73.3% for life insurers and 73.2% for non-life insurers). (1) The evolution of shareholder equity is affected by the transitional measure on technical provisions. This transitional measure was introduced to ease the transition to the new solvency regime in 2016 and was used mainly by life insurers. In 2024 the amount of the transitional measure decreased substantially due to a recalculation (requested by the insurance supervisor) affecting a large part of life insurers. (2) Non-life shareholder equity fell, driven by a transfer of international business out of the country. (3) The significant decline in shareholder equity in the non-life insurance sector can largely be attributed to the termination of supplementary health insurance, which took effect at the end of 2023. (4) The shareholder equity of non-life insurers increased in 2024 partly because of a new company in 2024.
Figure 6.1:
The total number of respondents is 43 jurisdictions.
Annex A – Tables A A.1 - A A.3:
Data refer to direct insurance business only. Penetration rates in Ireland capture cross-border business. The high insurance penetration in Luxembourg reflects the cross-border activities of life insurance companies. In the Slovak Republic, insurance penetration rates from 2023 onwards exclude branches of foreign insurers operating in the Slovak Republic.
Annex A – Tables A A.4 - A A.6:
“c” means confidential. Data exclude assets linked to unit-linked products where risk is fully borne by policyholders. The “Others” category includes investments in loans, private equity funds, hedge funds, structured products and other investments. Negative values in some categories for some jurisdictions were excluded from the calculations of the asset allocation. (1) The high proportion of assets in equity is due to participations in other undertakings, which account for most of equity investments.
