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ABSTRACT
Insurance markets have changed radically in the last 20 years. There are some key developments in insurance as well as financial services market which has a greater impact on global scale. It influences globally with some constraints. The insurance marketing has become a vital part of some national as well as international market. The incremental development focuses on cultural', legal, institutional, and demographic consideration that impact the emerging global trends. The authors attempt to address the global similarities of national insurance market and the local contingencies that create differences among markets. The purpose here is to analyze the global insurance industry and to show the diversity of insurance market at large.
Keywords: Insurance marketing, global scale, development
INTRODUCTION
The World insurance markets are described having various key economic indicators like annual premiums, the relative importance of life and non life products, insurance concentration, and insurance density. World insurance premiums represent US$ 3,723 billion in 2006 (Swissre). International insurance markets can also be differentiated by their insurance penetration. Some insurance markets are characterized by high levels of insurance penetration.
The world's Insurance market have some important global similarities such as deregulation, intensification of competition generally rapid growth in insurance sales, the emergence of new distribution channels and the convergence of Insurance banking and other formerly separate segments of the financial services industry. However, there remain many important "local" differences among insurance markets across the world. The first, known insurance product in history was hull and cargo insurance, which was created in Mesopotamia. The idea was to insure the vessels and their contents for their national and international travels. Still today, hull and cargo insurance is mainly underwritten under international rules, i.e. with international contract specifications largely shared by the international competition. Other types of insurance are also structurally global. Space satellite insurance, aircraft insurance, and insurance of large risks are shared by international insurers. Furthermore, the high insurance concentration in which the top five countries, the United States, Japan, The United Kingdom, France, and Germany, represent 67.3 per cent of the world insurance premiums, leads to the phenomenon of risk concentration. The insurance sector is also structurally global through the mechanism of reinsurance and insurance financing. The reinsurance market is quite concentrated, with...