2009 was a “reset” year for financial services. Because of economic recession, consumers looked for other ways to save money by taking fewer risks. Total world wide insurance premiums are $4.270 trillion in 2008 from $4.061 trillion in 2007 and was increased by 6.3 percent, according to Plunkett research survey. This amount is equal to about 6.18 percent of global GDP. $2.79 trillion are global life insurance premiums during the 2007 and total of other types on insurance is $1.78 trillion.

In America alone, the insurance business employed 2.31 million people in 2008. Gross premiums of insurance is $1.13 trillion, this number was making the U.S. the largest insurance market in the world. Life and accident and annuity premiums were $679 billion in United States in 2009. $450 billion are the property and casualty premiums. According to federal reserve bank, in 2008, the assets about $4.51 trillion were held by life insurance firms in U.S. In America 4500 companies underwrite approximately, but a handful of major player dominate the industry.

In 2008, the total insurance premium volume was $1.75 trillion in Europe according to Swiss RE, and in Asia is $933.3, in Latin America and the Caribbean it was $104.9billion and and in the Middle East and Central Asia it was $29.2 billion and in Africa it was $54.7 billion.

In many parts of the world the premiums on a percapita basis is very low and it is pointing excellent long term opportunity for sales expansion of insurance products of all types. It will take time in underdeveloped countries for spending on insurance products.

By MND A01