W o r ld Ins u r anc e Mar k etu .s . Ins u r anc e Indu s tr y, al l s ecto r slI f e/Healt H f Ina nc Ial data Pr o P er ty/ cas u al ty f Inanc Ial d a tau . s . Pr o Per ty/ cas u al ty Ins u r a nc e by l Inelo s s esf acto r s a f fec t Ing co s ts2012The Insurance fact book I.I.I. on the Web Visit www.iii.org for a wealth of information for individuals and businesses, from consumer brochures to issues papers to white papers to statistics.I.I.I. store Your gateway to a wide array of books, brochures and other resources from the Insurance Information Institute. Quantity discounts available. Order online at www.iii.org/publications, call (212)346-5500 or email publicationsiii.orgInsuring florida www.insuringflorida.org Improving understanding of insurance in Florida.social Media“Like” the I.I.I.s Facebook page at www.facebook.com/ InsuranceInformationInstituteRead about the insurance industry in our blog Terms and Conditions at www.iii.org/insuranceindustryblogFollow the I.I.I. website on Twitter at twitter.com/iiiorg Get alerted to new stats and studies twitter.com/III_researchwww.iii.orgthe online source for up-to-date information on topics and issues that affect the insurance industry and its customers.110 William Street New York, NY 10038 (212) 346-5500 tHe I.I.I. Insurance fact book 2012 ISBN 978-0-932387-56-12012fbcoverwQR.indd 111/4/11 3:21 PM2012The Insurance fact book To The ReadeRSince its inception more than 40 years ago, the Insurance Information Institutes Insurance Fact Book has provided information to help reporters, businesses, regulators, legislators and researchers understand the trends and statistics shaping the insurance industry. The industrys role as a provider of essential products and services was especially crucial in 2011, as the nation confronted continued economic challenges and an exceptional string of natural disasters impacting millions of American families and businesses. The 2012 edition includes hundreds of tables and charts on the workings of the property/casualty and life/health insurance sectors. New tables have been introduced, including those with information on personal injury lawsuits, home accidents and nuclear liability. As always information is included on: World and U.S. catastrophes Property/casualty and life/health insurance results and investments Personal expenditures on auto and homeowners insurance Major types of insurance losses, including vehicle accidents, homeowners claims, crime and workplace accidents Medical expenses, litigation and other factors affecting insurance costs State auto insurance lawsThe I.I.I. Insurance Fact Book is meant to be used along with the Institutes website, www.iii.org, which features a wealth of information for consumers, researchers, public policymakers and businesses alike. The I.I.I. also remains a vital source for the media, who rely on the I.I.I.s spokespersons, fact books, Insurance Handbook and other materials for creditable, timely information.Social networks are another great way to stay in touch with the I.I.I. We welcome you to “like” the I.I.I. Facebook page at www.facebook.com/InsuranceInformationInstitute and follow us on Twitter at twitter.com/iiiorg. In conclusion, we would like to thank the many associations, consultants and others who collect industry statistics and who have generously given permission to use their data.Robert P. Hartwig, Ph.D., CPCUPresidentInsurance Information InstituteThe I.I.I. Insurance Fact Book is published by the Insurance Information Institute, a primary source for information, analysis and referral on insurance subjects. The Fact Book contains material from numerous sources. Because these sources define and collect data in various ways, and moreover, are constantly refining the data, differences among similar data may occur. 2012 Insurance Information Institute. ISBN ISBN 978-0-932387-56-1ContentsInsurance Industry at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . V Chapter 1: World Insurance Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Reinsurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Leading Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Cross-Border and International Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Captives and other Risk-Financing Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Microinsurance and E