One finds that there is a positive correlation between a country’s level of development and insurance coverage. Developed countries tend to have better developed and well- functioning insurance services sectors both domestically and in terms of insurance exports, as compared to developing countries. This is perhaps most evident when one compares the share of industrialized countries in the world insurance markets, which in 2004 stood at per cent as compared with per cent for emerging markets, the majority of which are developing countries. Another good indication of insurance penetration is the premium volume generated as a percentage of.
