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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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.*
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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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