Global insurance market

Insurance business came about four centuries ago. However, the heyday of the classical insurance came in the XX century, when the world began to open up hundreds of companies offering to insure the risks from various afflictions. This allowed us to engage in this activity by millions of people around the world. By the beginning of the third millennium, the number of insurers have already gone to the billions. World leadership in the insurance market belongs to «AIG» (American International Group), which was founded in 1919 by Cornelius Vander Starr in Shanghai. Currently, the company ranked first in life insurance and the level of their capitalization (more than $ 172 billion). Its customers include more than 50 million people served by 92 thousand employees in 130 countries. On the second and third line of the world ranking are the French «AXA Group» and German «Allianz Worldwide» respectively. If we take the country with the most developed insurance systems, there is the lead United States, Britain, Germany, France and Japan. Also in the top ten most developed countries include: Canada, Italy, Netherlands, Austria and South Korea. Over 30% of the world insurance market belongs to the United States of America. According to the statistics of recent years, the amount of insurance premiums among continents as follows: Europe - $ 1.68 trillion, America - $ 1.417 trillion, Asia - $ 840 billion, the South Pacific - 69 billion, Africa - $ 53 billion to date in the Russian market registered 618 insurance companies. Over the past decade their numbers have declined by more than twice. Reduced profitability in this segment of the economy caused by the dumping, fraud and unfair competition, forced to speak about the fact that the number of insurers would continue to decline. Russian and international market participants in the next decade will be to follow the following trends: - The process of mergers and acquisitions of insurance companies - insurers will offer new products for narrow categories of consumers who have never used this type of service - facilitating procedures for issuance of an insurance policy and payments it - is completely gone in an electronic format, which at times can save customers time - insurers will focus on advising the general public about the possibilities of insurance coverage - likely a legislative expansion of the sphere of compulsory insurance for citizens and legal persons. Insurance is far from exhausted the limits of its development. History has proven the viability of this financial institution. It will be further developed. One can predict that the biggest insurance brands will start its expansion in the less developed regions of the world: Asia and Africa. Expect the development of insurance business in Russia. Despite the many problems of the domestic market, our citizens will insure his life in only 5 cases out of 100. Whereas in Western Europe this figure rises to 70-80%.