Global Life & Health Insurance Carriers - Industry Market Research Report

In bad health: Declining global interest rates have been preventing the industry from expanding

The industry has decreased over the five years to 2023 despite the growth of global demand for insurance products. The industry provides essential risk management services to downstream consumers and is a vital part of the financial sector, particularly concerning the industry's massive asset holdings. Industry operators protect individuals from current, immediate and long-term illness, injury and death costs. By merging various risks, life and health insurers protect a fraction of the potential loss. The role of life and health insurers has become increasingly important as the global population has aged. Although the industry provides essential products and services, operators are highly susceptible to macroeconomic shocks. Industry revenue is expected to decline at a CAGR of 1.6% to $5.0 trillion over the five years to 2023, including a decrease of 0.2% in 2023 alone. In 2020, industry revenue declined due to the COVID-19 pandemic, which caused investment income to decrease and forced operators to pay out more claims. Insurers in this industry directly underwrite insurance policies relating to life, health, accident and medical risks. Underwriting insurance policies involves assuming risks and assigning premiums. Life and health insurers generate revenue, not only through the specific activity of insurance underwriting, but also by investing premiums and annuity contracts. The industry excludes social health insurance programs that are established and funded by governments. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.