The insurance market was valued at $9.0 trillion in 2023 and is projected to reach $28.5 trillion by 2032, growing at a CAGR of 13.5% from 2024 to 2032.
Insurance is an agreement signed between a provider/company and a receiver regarding protection from financial losses in return for a fee. Insurance protects an individual, family, business, or company from any form of financial loss, including health, accidents, lawsuits, or any form of damage. There are several forms of insurance policies for several targets that cover losses for a certain duration. There are two broad categories for insurance: life insurance and general insurance. Life insurance involves the policy which an individual takes up for one’s life. General insurance involves the policy for valuable assets such as vehicles, health, home, business, and travel. Insurance policies serve as long-term savings and help individuals save taxes.
Increase in awareness among individuals regarding the benefits of insurance is a key driver of the market. In addition, rapidly changing demographics, such as exponential growth in aging population and transforming family structures is substantially boosting the demand for insurance among individuals. In recent times, the assimilation of immersive technologies is trending in the market, particularly in automotive and manufacturing sectors. The technology replaces human-based inspection with three-dimensional assessment of damage on site.
However, the trust of consumers toward insurance policies is significantly frail, thereby deterring several individuals from investing in them. This is attributed to complex policy terms, wretched customer service, and unfair claim denials. In addition, the integration of innovative technologies into the insurance process is a challenging task for the conventional provider, hence restraining the market growth. On the contrary, efforts by several governments and regulatory agencies toward refining the insurance workflow indicates a promising future for the market. For instance, the Federal Insurance Office under the U.S. Department of Treasury has evolved its measures of collecting insurance data. The department aims to efficiently understand the influence of climate-associated financial risks on the insurance market. To accomplish the same, the department has established a unique collaboration with the National Association of Insurance Commissioners and state insurance regulators.
Segment Review
The insurance market is segmented into type, distribution channel, and region. On the basis of type, the market is bifurcated into life insurance and general insurance. As per distribution channel, it is divided into insurers, insurance brokers & agencies, banks, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.
Key Findings
On the basis of type, the life insurance segment held the highest market share in 2023.
As per distribution channel, the insurance brokers & agencies segment acquired high stakes in 2023.
Region-wise, North America was the highest revenue generator in 2023.
Competition Analysis
The major players operating in the global insurance market include UnitedHealth Group Incorporated, Centene Corporation, Elevance Health, Inc., AXA S.A., Allianz SE, State Farm Group, Progressive Corporation, HDI V.a.G., Zurich Ins Group, and MetLife Inc. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Insurance is an agreement signed between a provider/company and a receiver regarding protection from financial losses in return for a fee. Insurance protects an individual, family, business, or company from any form of financial loss, including health, accidents, lawsuits, or any form of damage. There are several forms of insurance policies for several targets that cover losses for a certain duration. There are two broad categories for insurance: life insurance and general insurance. Life insurance involves the policy which an individual takes up for one’s life. General insurance involves the policy for valuable assets such as vehicles, health, home, business, and travel. Insurance policies serve as long-term savings and help individuals save taxes.
Increase in awareness among individuals regarding the benefits of insurance is a key driver of the market. In addition, rapidly changing demographics, such as exponential growth in aging population and transforming family structures is substantially boosting the demand for insurance among individuals. In recent times, the assimilation of immersive technologies is trending in the market, particularly in automotive and manufacturing sectors. The technology replaces human-based inspection with three-dimensional assessment of damage on site.
However, the trust of consumers toward insurance policies is significantly frail, thereby deterring several individuals from investing in them. This is attributed to complex policy terms, wretched customer service, and unfair claim denials. In addition, the integration of innovative technologies into the insurance process is a challenging task for the conventional provider, hence restraining the market growth. On the contrary, efforts by several governments and regulatory agencies toward refining the insurance workflow indicates a promising future for the market. For instance, the Federal Insurance Office under the U.S. Department of Treasury has evolved its measures of collecting insurance data. The department aims to efficiently understand the influence of climate-associated financial risks on the insurance market. To accomplish the same, the department has established a unique collaboration with the National Association of Insurance Commissioners and state insurance regulators.
Segment Review
The insurance market is segmented into type, distribution channel, and region. On the basis of type, the market is bifurcated into life insurance and general insurance. As per distribution channel, it is divided into insurers, insurance brokers & agencies, banks, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.
Key Findings
On the basis of type, the life insurance segment held the highest market share in 2023.
As per distribution channel, the insurance brokers & agencies segment acquired high stakes in 2023.
Region-wise, North America was the highest revenue generator in 2023.
Competition Analysis
The major players operating in the global insurance market include UnitedHealth Group Incorporated, Centene Corporation, Elevance Health, Inc., AXA S.A., Allianz SE, State Farm Group, Progressive Corporation, HDI V.a.G., Zurich Ins Group, and MetLife Inc. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Consumer Buying Behavior Analysis
- End user preferences and pain points
- Industry life cycle assessment, by region
- Investment Opportunities
- Product Benchmarking / Product specification and applications
- Product Life Cycles
- Scenario Analysis & Growth Trend Comparison
- Technology Trend Analysis
- Go To Market Strategy
- Market share analysis of players by products/segments
- New Product Development/ Product Matrix of Key Players
- Pain Point Analysis
- Regulatory Guidelines
- Strategic Recommendations
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Brands Share Analysis
- Criss-cross segment analysis- market size and forecast
- Expanded list for Company Profiles
- Historic market data
- Market share analysis of players at global/region/country level
- SWOT Analysis
Key Market Segments
By Type
- Life Insurance
- General Insurance
By Distribution Channel
- Insurers
- Insurance Brokers and Agencies
- Banks
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Argentina
- Brazil
- Colombia
- Rest of Latin America
- MEA
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
- UnitedHealth Group Incorporated
- Centene Corporation
- Elevance Health, Inc.
- AXA S.A.
- Allianz SE
- State Farm Group
- Progressive Corporation
- HDI V.a.G.
- Zurich Ins Group
- MetLife Inc.
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: INSURANCE MARKET, BY TYPE
CHAPTER 5: INSURANCE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: INSURANCE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Insurance Market include:- UnitedHealth Group Incorporated
- Centene Corporation
- Elevance Health, Inc.
- AXA S.A.
- Allianz SE
- State Farm Group
- Progressive Corporation
- HDI V.a.G.
- Zurich Ins Group
- MetLife Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 350 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 9 trillion |
| Forecasted Market Value ( USD | $ 28.5 trillion |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
