Australia is 14th in the world ranking for general insurance penetration, according to the World Economic Forum’s 2012 Financial Development Report.

The ratio of direct premiums to GDP in Australia was 2.95. This compares to the Netherlands, the top-ranking country, with 9.49, followed by South Korea with 4.59.

The US general insurance penetration is 4.42, according to the report.

China topped the rankings for general insurance density of premiums to per capita GDP.

According to the report, China has a ratio of 16.13, compared to Australia’s 0.67. That result gives it a ranking of 28 in the tables.

The US is in second place with 13.79 followed by India with 8.78.

The report also measures real growth of direct insurance premiums. Argentina topped the chart, followed by Kenya and Kazakhstan.

Argentina’s direct premium growth last year was 21.9%, while Kenya and Kazakhstan were 18% and 15.7% respectively.

Australia’s direct premium growth was 5.4%, giving it a ranking of 21. The US achieved direct premium growth of just 0.5%.

A number of countries recorded negative premium growth last year, with Portugal down 31.2%, followed by Italy at minus 14.7%.