India may rank low in terms of overall financial development globally, but it is among the world's top countries for life insurance density, said the World Economic Forum in its latest report. Life insurance density is the ratio of direct domestic premiums for life insurance to per capita GDP of a country. Can our beloved country, Nigeria learn anything from this?

10. Italy
Italian insurance companies play a key role in the economic growth of the country. According to the report, 2.90 is the value of life insurance in Italy.

9. Brazil
This country offers a variety of options in terms of insurance through both private and government institutions. The value of life insurance in Brazil is 3.21, according to the report.

8. Korea
The Korean insurance market has sharpened over the last decade. The sales of variable life products have been expanding in terms of life insurance sector premiums. The value of life insurance in this country is 3.48, according to the report.

7. France
The insurance sector in France serves as an important contributor to the economic development of the country. The French Federation Insurance companies represent a major part of the French insurance market. According to the report, 3.97 is the value of life insurance in the country.

6. South Africa
While many people have life insurances in the country, the insurance industry is still considered to be in its infancy. The value of life insurance in the country is 5.15, according to a report released by World Economic Forum.

5. United Kingdom
Life insurance business is insurance that is contingent on human life and the insurance industry in the United Kingdom is divided into various categories and also given a different tax treatment. The life insurance value in United Kingdom is 5.44, according to the World Economic Forum.

4. United States
Government agencies, companies and various associations serve the insurance industry in the United States. According to the report, 11.11 is the value of life insurance in the country.

3. Japan
The insurance industry in Japan offers a wide range of insurance options to its citizens. The life insurance value in Japan is 11.43, according to the report released by the World Economic Forum.

2. China
With more than 100 insurance companies in the country, Chinese insurance industry has experienced rapid expansion in terms of life insurance over the past decade. The Insurance Association of China represents the collective interests of the China's insurance industry. According to the report, 24.85 is the value of this country’s life insurance.

1. India
Life Insurance in India is a fast growing sector and all the insurance companies in the country comply with strict regulations set by Insurance Regulatory and Development Authority of India. The value of life insurance in India is 43.52, according to the report.

Source
http://ca.finance.yahoo.com/photos/who-are-the-world-s-most-insured-people-slideshow/india-tops-global-life-insurance-rankings-photo-1540631959.html