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Global Insurance Market Size, Share, Analysis, Forecast: By Insurance Type: Life Insurance, Non-Life Insurance; By Distribution Channel: Direct Sales, Agency Sales, Bancassurance, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
Global Insurance Market Size
The global insurance market value reached approximately USD 7.14 trillion in 2023. The market is projected to grow at a CAGR of 5.80% between 2024 and 2032, reaching a value of around USD 11.85 trillion by 2032.
Global Insurance Market Growth
The rising healthcare costs, availability of customised insurance policies, and the growth of the ageing population has fuelled the demand for insurance market. There is also a rise in the availability of micro insurance policies which offer affordable solutions to the low-income population.
Insurance funds for water supply, power and transportation sectors offer opportunities for the economic growth of a country as it leads to a surge in foreign direct investment (FDIs). Furthermore, it ensures the financial safety of an individual or a family in case of an emergency such as an accident or severe health condition that requires a large sum of money thus boosting the insurance market revenue.
Global Insurance Market Analysis
Farmers Insurance Group, based in California, the United States, stated in May 2024 that they have collaborated with the California Department of Insurance to develop strategies for re-entering the business insurance market. This move comes into play after a temporary halt in providing coverage for a specific set of new business insurance policies.
Global Insurance Industry Outlook
According to the United Nations, developed countries have 258.3 million elderly individuals, constituting 20.2% of their total population. This figure is projected to rise to 351.5 million by 2050, representing 27.8% of the population. Other developing countries (ODCs) report 506.8 million elderly people, making up 9.0% of their population. This number is expected to surge to 1.133 billion by 2050, accounting for 17.4% of the population. Least developed countries (LDCs) have 42.6 million elderly individuals, which is 3.7% of their population, and this is anticipated to grow to 118.6 million by 2050, or 6.1% of the population boosting the growth of the insurance market.
Further, in 2023, Bangladesh led the group of least developed countries (LDCs) in terms of the number of persons aged 65 years and over, with a substantial elderly population of approximately 10 million. Ethiopia and Myanmar follow, each with elderly populations nearing 5 million. The Democratic Republic of the Congo ranks next with close to 3 million individuals aged 65 and over. Tanzania and Nepal each report around 2 million elderly residents, while Sudan's elderly population is slightly below this figure.
Cambodia, Madagascar, and Afghanistan each have elderly populations of less than 1 million. These figures highlight the significant demographic shifts occurring in LDCs, indicating the importance of developing robust social and healthcare systems to support the ageing population and boost the growth of the insurance industry revenue.
As per UNCTAD, five out of six people, or approximately 83%, resided in developing economies, emphasising the concentration of global population growth in these regions. Additionally, urbanisation continued to rise, with 57% of the world's population living in urban areas.
The insurance market growth is driven by the insurance sector’s ability to provide essential financial protection against diverse risks, including health, property, and liability.
- Robust regulatory systems in various regions ensure industry stability and credibility, safeguarding consumer interests and building trust in insurance products.
- The use of AI and big data has streamlined operations, improved customer experiences, and enhanced risk assessment and fraud detection, increasing market efficiency.
The insurance industry is extremely competitive, with many players competing for market share, leading to pricing pressures and lower profit margins.
- Insurance products can be intricate and hard for consumers to understand, causing potential miscommunication and dissatisfaction, which can hinder insurance market opportunities and customer retention.
- Managing diverse regulatory requirements across countries is challenging for global insurers, resulting in higher compliance costs and operational complexities.
Expanding into emerging insurance demand growth offers significant growth potential as rising incomes and increasing awareness of insurance benefits drive demand for various insurance products.
- Developing new insurance solutions, such as cyber insurance and climate risk insurance, can address evolving risks and meet emerging customer needs, expanding market reach.
- Leveraging digital channels and technologies can boost customer engagement, improve service delivery, and lower operational costs, providing new growth and efficiency opportunities.
Economic fluctuations and uncertainties can affect premium collections and investment returns, threatening the financial stability of insurance companies.
- The growing frequency and severity of natural disasters and global health crises like pandemics can lead to significant claim payouts, straining insurance company resources.
- Increasing reliance on digital technologies heightens vulnerability to cyber-attacks and data breaches, posing significant risks to insurance company operations and reputations.
Key Players in the Global Insurance Market and their Key Initiatives
Berkshire Hathaway Specialty Insurance
- Insurance recently expanded its global footprint and enhanced its ability to provide localized insurance solutions and support.
- To cater to the insurance market dynamics and trends, the company introduced innovative cyber liability and environmental insurance products.
- Addressing emerging risks and catering to the evolving needs of global businesses.
Allianz SE
- Aiming for net-zero greenhouse gas emissions by 2050.
- The initiative focuses on sustainable investment strategies.
- Reducing carbon footprints across its insurance and asset management portfolios.
Axa SA
- Launched a digital transformation initiative aimed at enhancing customer experience.
- Expanded its footprint in emerging markets by forming strategic partnerships.
- Acquiring local insurance firms to capture insurance market opportunities and service diversity.
MetLife Services and Solutions, LLC.
- Launched an advanced digital platform to enhance customer engagement and streamline insurance processes.
- Leveraging AI and big data analytics for personalised services boosting the demand of insurance market.
- The company expanded its footprint in emerging markets through strategic partnerships and localised insurance solutions.
Global Insurance Industry Segmentation
“Global Insurance Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Insurance Type
- Life Insurance
- Non-Life Insurance
- Property Insurance
- Casualty Insurance
- Others
Market Breakup by Distribution Channel
- Direct Sales
- Agency Sales
- Bancassurance
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Insurance Market Share
Based on insurance type, the market is divided into life insurance and non-life insurance. The growth of the insurance industry is driven by non-life insurance, which provides extensive financial protection against various risks such as property damage, accidents, and legal liabilities. It ensures compliance with legal requirements, helps maintain business operations, and assures policyholders by covering unexpected losses. Additionally, non-life insurance offers flexible coverage options, spreads risk among policyholders, and promotes well-being through access to healthcare services.
Leading Companies in the Insurance Market
The company offers commercial property, casualty, healthcare professional liability, executive and professional lines, and surety insurance. It caters to various industries with tailored insurance solutions, focusing on robust financial support, expertise, and responsive service.
- Berkshire Hathaway Specialty Insurance
- Ping An Insurance (Group) Company of China, Ltd.
- Allianz SE
- Axa SA
- MetLife Services and Solutions, LLC.
- UNITEDHEALTH GROUP
- Prudential Financial, Inc.
- American International Group, Inc.
- CNP ASSURANCES
- Assicurazioni Generali S.p.A.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Insurance Type |
|
| Breakup by Distribution Channel |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Insurance Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Insurance Historical Market (2018-2023)
8.3 Global Insurance Market Forecast (2024-2032)
8.4 Global Insurance Market by Insurance Type
8.4.1 Life Insurance
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Non-Life Insurance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Breakup by Type
8.4.2.3.1 Property Insurance
8.4.2.3.2 Casualty Insurance
8.4.2.3.3 Others
8.5 Global Insurance Market by Distribution Channel
8.5.1 Direct Sales
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Agency Sales
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Bancassurance
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Insurance Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Insurance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Insurance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Insurance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Insurance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Insurance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Berkshire Hathaway Specialty Insurance
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Ping An Insurance (Group) Company of China, Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Allianz SE
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Axa SA
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 MetLife Services and Solutions, LLC.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 UNITEDHEALTH GROUP
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Prudential Financial, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 American International Group, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 CNP ASSURANCES
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Assicurazioni Generali S.p.A.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Insurance Market: Key Industry Highlights, 2018 and 2032
2. Global Insurance Historical Market: Breakup by Insurance Type (USD Trillion), 2018-2023
3. Global Insurance Market Forecast: Breakup by Insurance Type (USD Trillion), 2024-2032
4. Global Insurance Historical Market: Breakup by Distribution Channel (USD Trillion), 2018-2023
5. Global Insurance Market Forecast: Breakup by Distribution Channel (USD Trillion), 2024-2032
6. Global Insurance Historical Market: Breakup by Region (USD Trillion), 2018-2023
7. Global Insurance Market Forecast: Breakup by Region (USD Trillion), 2024-2032
8. North America Insurance Historical Market: Breakup by Country (USD Trillion), 2018-2023
9. North America Insurance Market Forecast: Breakup by Country (USD Trillion), 2024-2032
10. Europe Insurance Historical Market: Breakup by Country (USD Trillion), 2018-2023
11. Europe Insurance Market Forecast: Breakup by Country (USD Trillion), 2024-2032
12. Asia Pacific Insurance Historical Market: Breakup by Country (USD Trillion), 2018-2023
13. Asia Pacific Insurance Market Forecast: Breakup by Country (USD Trillion), 2024-2032
14. Latin America Insurance Historical Market: Breakup by Country (USD Trillion), 2018-2023
15. Latin America Insurance Market Forecast: Breakup by Country (USD Trillion), 2024-2032
16. Middle East and Africa Insurance Historical Market: Breakup by Country (USD Trillion), 2018-2023
17. Middle East and Africa Insurance Market Forecast: Breakup by Country (USD Trillion), 2024-2032
18. Global Insurance Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 7.14 trillion.
The market is estimated to grow at a CAGR of 5.80% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 11.85 trillion by 2032.
The market is being driven due to rising healthcare costs, the availability of customised insurance policies, and the growth of the ageing population which has fuelled the demand for life insurance.
The key trends aiding the market include the integration of AI and data analytics, the entry of new market participants, and growth in emerging economies.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is categorised according to the insurance type, which includes life insurance and non-life insurance.
Based on the distribution channel, the market is divided into direct sales, agency sales, bancassurance and others.
The market key players are Berkshire Hathaway Specialty Insurance, Ping An Insurance (Group) Company of China, Ltd., Allianz SE, Axa SA, MetLife Services and Solutions, LLC., UNITEDHEALTH GROUP, Prudential Financial, Inc., American International Group, Inc., CNP ASSURANCES, and Assicurazioni Generali S.p.A., among others.
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