Just how big is the insurance industry

In the latest edition of “Insurance Industry, A Global Outlook” the estimate is that by 2015, premiums world-wide will top $6.3 trillion which to put it into perspective will be around 3 times the GDP of Australia.

The premium figure includes both life and general insurance with the United States, Japan, the United Kingdom, Germany, and France representing the leading markets world-wide.

Not surprising, China and the developing Asian countries are seen as the major growth areas. The reality is that you cannot achieve a constantly growing developed economy without the presence of a stable, uncorrupt insurance industry.

Just as an economy needs the protection afforded by the insurance industry, individual home and business owners also need the protection of a quality insurer who is genuinely there to protect their life’s work and not treat you like a customer when you pay the premium but a cost centre when you have a loss.

As I repeatedly say, insurance is not about price, it is about protection! It is the last line of defence in any risk management strategy. Insurance transfers the risk from the home or business owner to an insurer.