The developing world is a major source of potential growth for insurance, according to the latest Allianz Global Wealth Report.

Insurance assets make up 30% of gross financial assets worldwide. In high-wealth countries the figure is 32%, followed by medium-wealth (22%) and low-wealth countries (14%), the report says.

The assets have remained stable as a percentage of overall wealth, despite the financial market woes of recent years; they accounted for 29% of total assets in 2000, 2007 and 2008 and climbed to 30% in 2009 to 2011.

By comparison, equities fell from 41% before the global financial crisis in 2007 to 35% last year, while bank deposits moved from 27% to 33%.

“Insurance policies and pensions have gained market share, reaping the benefits from the trend towards more secure investment products,” the report says.

This is particularly the case in eastern and western Europe, where pensions have been reformed and there is growing awareness of the need for savings among an ageing population. In western Europe insurance and pension products accounted for 37% of total financial assets last year, up from 31% in 2000.

However, in the biggest markets for insurance products, the US and Japan, insurance and pension assets are making little headway, possibly owing to a preponderance of products such as market-linked variable annuities, which are not seen as safe havens from volatility.

Insurance assets make up 29% of total financial assets in North America, down from 30% in 2000.

The size of insurance sectors differs markedly within regions. For example, Latin America averages 26.7% of financial wealth in insurance and pension products, but Chile’s figure is 60% because it has a large, privately run pension scheme.

The report says there has been no real net asset growth for the past 11 years.