Insurance is one of the biggest industries in the entire world, and plays a major role in the economies of most countries. There are a wealth of different insurance products on the market, from common insurance products like life insurance and health insurance through to a number of more specialised products and services. The insurance industry is international in its focus, although there are some differences around the world in terms of the products on offer. Insurance varies most when it is linked to specific government regulations and public insurance schemes, such as in the case of compulsory auto insurance and health insurance.

Differing regulations in different national jurisdictions can affect how insurance contracts are put together, especially with regard to the legal implications of indemnity and premium pricing schedules. Global insurance premiums are absolutely massive when viewed on a worldwide scale, with almost four and a half trillion dollars invested in insurance products. While the insurance industry has been adversely affected by the global financial crisis of the last few years, the extent of the financial losses incurred has been limited. Most of the large insurance companies around the world make healthy annual profits, and their resilience during these tough times has shown that they do have enough capital to stand on their own two feet without having to ask for additional government support.

Some of the major worldwide regulatory differences in the insurance industry have to do with specific acts passed by governments, including the McCarran-Ferguson Act in the United States and the Third Non-Life and Third Life Directives in the European Union. These acts have created the existence of a single insurance market within Europe, which has allowed much more simple and transparent services to be delivered to residents of most European countries. One other issue worth mentioning when talking about international insurance comparison is the debate within Islamic nations as to the role of insurance within society. While most Islamic nations do have an active private insurance market, a number of Muslim scholars consider the entire industry to be involved in a from of speculation which is not allowed under Islamic law.

Insurance is a huge global force that is likely to become even more pervasive and diverse in future years. Some of the common insurance products that are available all around the world include health insurance, life insurance, property insurance, home insurance, auto insurance, liability insurance, and travel insurance – all of which play a major role in how we as global citizens define our lives and manage our day-to-day financial affairs.

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