In 2013, primary life insurance premiums paid throughout the world were (in mio of USD):
- Europe: 946,727
- America: 665,556
- Asia: 898,413
- Oceania: 47,455
- Africa: 49,939
Source: Sigma - World insurance in 2013: steering towards recovery, p. 35
In the same year, life reinsurance business represented 55 billion. 70% of that amount originated in the US, Canada and the UK (Swiss Re's 2013 annual report, p. 19).
Does anyone know why life reinsurance is so strong in these three countries? Is there any cultural factor involved? Or maybe any legal factor?
I found information that the US life reinsurance new business started booming from 1994 / 95 but couldn't find information on the reason behind it.
Category: Funding longer lives: Health/medicine, Long-term care, Longevity risk, Pension/retirement, Social contract, Other