Insurance, Reinsurance and Insurance Brokerage Global Market Report 2024

The insurance, reinsurance and insurance brokerage market size has grown strongly in recent years. It will grow from $8277.04 billion in 2023 to $8898.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The expansion observed in the historical period can be attributed to factors such as the impact of COVID-19, the adoption of reinsurance for healthcare, rising healthcare costs, and an increase in home ownership and mortgages.

The insurance, reinsurance and insurance brokerage market size is expected to see strong growth in the next few years. It will grow to $11853.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to factors such as the increase in chronic diseases and disabilities, the growth of the middle class in emerging markets, increasing government support, rapid urbanization, and a rising demand for insurance policies. Notable trends expected in the forecast period include the continued increase in chronic diseases and disabilities, sustained growth of the middle class in emerging markets, ongoing government support, the pace of rapid urbanization, and a persistent rise in the demand for insurance policies.

The growing internet penetration and the heightened risks associated with online transactions are fueling the demand for cyber insurance. This type of insurance covers risks related to internet usage and information technology infrastructure, including property theft, business interruption, software and data loss, cyber extortion, network failure liability, cybercrime, and physical asset damage. For instance, in 2021, India reported 1.18 billion mobile connections, 600 million smartphones, and 700 million internet users, with a quarterly increase of 25 million, as per the National Health Authority of India. Thus, the rapid expansion of internet access and the associated risks are driving the insurance, reinsurance, and insurance brokerage markets.

The rising demand for insurance policies is expected to drive the growth of the insurance, reinsurance, and insurance brokerage markets in the future. Insurance policies serve as contracts between policyholders (individuals or entities) and insurance companies, managing risks, ensuring financial stability, and supporting business continuity. In 2022, insurance sales reached $8.75 billion, up from $8.3 billion in 2021, according to the Insurance Information Institute. Additionally, private health insurance spending in 2021 rose by 5.8% to $1,211.4 billion, constituting 28% of total spending, as reported by the Centers for Medicare & Medicaid Services. Hence, the increasing demand for insurance policies is propelling the growth of these markets.

Major companies in the insurance, reinsurance, and insurance brokerage markets are embracing innovative technology platforms for specialty insurance to maintain their market standing. Specialty insurance technology platforms comprise a range of digital tools tailored to meet the specific needs of niche markets within the insurance industry. In August 2021, Mosaic Insurance and DXC Technology collaborated to launch an advanced technology platform for specialty insurance. The platform incorporates features such as AI underwriting support, real-time data access through blockchain, and sophisticated automation. This platform enhances the customer experience, reduces claims processing time and costs, and significantly improves the efficiency and accuracy of the underwriting process. Recognized for its groundbreaking InsurTech platform, this initiative is revolutionizing risk management and streamlining the insurance industry.

Major companies operating in the insurance, reinsurance and insurance brokerage market report are Allianz Group, Ping An Insurance, China Life Insurance Company Limited, Axa Group, Centene Corporation, Assicurazioni Generali S.p.A., Humana Inc., The People’s Insurance Company (Group) of China Limited, Berkshire Hathaway, Munich Re, General Insurance Corporation of India (GIC Re), New India Assurance – General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Inc., Chang'an Insurance Brokers Co., Ltd., Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd., Shenzhen Huakang Insurance Agency Co. (China), Ltd., CPIC, China Property and Casualty Reinsurance Company Ltd., PICC Reinsurance Co. Ltd., Taiping Reinsurance Co. Ltd., Peak Reinsurance Co. Ltd., SCOR Reinsurance Co. (Asia) Ltd., Korean Reinsurance Company, Tokio Marine & Nichido Fire Insurance Co. Ltd., Aioi Nissay Dowa Insurance Co. Ltd., Sompo Japan Nipponkoa Insurance Inc., Toa Reinsurance Co., Mitsui Sumitomo Insurance Co. Ltd., PVI Reinsurance Company, Singapore Reinsurance Corporation Ltd., Marsh & McLennan Companies UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc., Lloyd's of London Limited, Aon Holding Deutschland GmbH, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Swiss Re, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardiff, Sogaz Insurance Group, Ingosstrakh Insurance Co., Russian Re Co. Ltd., Polskie Towarzyst Reasekuracji S.A., Nationale-Nederlanden (NN) Life Insurance Co. Ltd., Uniqa Insurance Group AG, Česká Pojišťovna, MAI Insurance Brokers Poland Sp. z o.o, European Investment Bank (EIB), VIG RE zajist’ovna a.s., Brighthouse Financial (MetLife), Northwestern Mutual, New York Life, Prudential, Lincoln National, MassMutual, John Hancock, Transamerica, Manulife Financial, Chubb Life, Great-West Lifeco, Inc., Sun Life Financial, IA Financial Group, RBC Insurance, Empire Life, National Indemnity Company, Everest Reinsurance Company, XL Reinsurance America, Reinsurance Group of America, Inc., Fairfax Financial Holdings Ltd., Transatlantic Holdings Inc., Markel Corporation, Companhia de seguros alliance do Brazil, Bradesco Vida E Previdencia S.A, AR LIFE, MAPFRE Argentina, Crecer Seguros, Ohio National Seguros de Vida, Instituto de Resseguros do Brasil(IRB), Alliance Insurance, Mashreq bank, Buruj Cooperative Insurance, Al Alamiya, Menora Mivtachim Insurance, Oman Insurance Company, Kuwait Reinsurance company, Arab Re (Lebanon), RGA Re, African Reinsurance Corporation, Compagnie Centrale de Réassurance, J.B.Boda Insurance & Reinsurance Brokers Pvt. Ltd., Société Centrale de Réassurance, Insurance Brokers Of Nigeria (IBN), Northlink Insurance Brokers, Carrier Insurance Brokers, Hogg Robinson Nigeria, Union Commercial Insurance Brokers, Misr Life Insurance Company, Metlife Egypt, GIG Egypt.

North America was the largest region in the insurance, reinsurance, and insurance brokerage market in 2023. Asia/Pacific was the second largest region in insurance, reinsurance, and insurance brokerage. The regions covered in the insurance, reinsurance and insurance brokerage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the insurance, reinsurance and insurance brokerage market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The insurance, reinsurance and insurance brokerage market consist of sales of insurance products by entities that are engaged in providing insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, insurance brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal as well as the fees or commissions paid to brokers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. . The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The main types within the realm of insurance, reinsurance, and insurance brokerage include insurance, insurance brokers and agents, and reinsurance. Insurance encompasses life, health, or other types of coverage taken for protection in emergencies. Various modes, including online and offline, facilitate the utilization of these services, catering to both corporate and individual end-users.

The insurance, reinsurance, and insurance brokerage research report is one of a series of new reports that provides insurance, reinsurance, and insurance brokerage statistics, including insurance, reinsurance, and insurance brokerage industry global market size, regional shares, competitors with insurance, reinsurance, and insurance brokerage shares, detailed insurance, reinsurance, and insurance brokerage segments, market trends and opportunities, and any further data you may need to thrive in the insurance, reinsurance, and insurance brokerage industry. This insurance, reinsurance, and insurance brokerage research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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