section_path: Across the world
section_name: Across the world
paragraph_text: Across the world
  
  Advanced economies account for the bulk of the global insurance industry. According to Swiss Re, the global insurance market wrote $6.782 trillion in direct premiums in 2022. ("Direct premiums" means premiums written directly by insurers before accounting for ceding of risk to reinsurers.) As usual, the United States was the country with the largest insurance market with $2.959 trillion (43.6%) of direct premiums written, with the People's Republic of China coming in second at only $697 billion (10.3%), Japan coming in third at $337 billion (5.0%), and the United Kingdom coming in fourth at $363 billion (5.4%). However, the European Union 's single market is the actual second largest market, with 17 percent market share.