Financial Protection Market Report 2024

This Financial Protection market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The financial protection market size has grown strongly in recent years. It will grow from $61.42 billion in 2023 to $65.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed during the historic period can be attributed to several factors such as regulatory reforms, demographic shifts, economic downturns, technological advancements, healthcare reform, and increasing consumer awareness of financial risks.

The financial protection market size is expected to see strong growth in the next few years. It will grow to $83.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to several factors such as accelerated digital transformation, rising cyber threats, increased adoption of parametric insurance, expansion of ESG-focused products, integration of AI in insurance operations, and the growth of microinsurance in emerging markets. Major trends during this period include the rise of personalized insurance solutions leveraging big data analytics, a growing focus on sustainable and ESG-aligned products, the integration of blockchain for secure transactions, the expansion of parametric insurance offerings, increased growth in cyber insurance to address digital risks, and the adoption of AI to enhance customer service.

The increasing volume of digital financial transactions is expected to drive the growth of the financial protection market. Digital financial transactions encompass monetary exchanges conducted electronically, through online platforms, mobile devices, or other digital channels. The rise in digital financial transactions is fueled by the expansion of digital banking services, which offer greater convenience, accessibility, and efficiency. Financial protection plays a crucial role in securing these transactions by utilizing advanced algorithms to detect and prevent fraud. For instance, in October 2022, the International Monetary Fund reported that between 2019 and 2021, the value of mobile money transactions in low-income countries grew from approximately 40% of GDP to 70%, while mobile and internet banking transactions in middle-income countries increased from 225% of GDP to 324%. This growing volume of digital transactions is driving demand for enhanced financial protection measures.

Leading companies in the financial protection market are developing innovative solutions, such as all-in-one financial protection packages, to enhance customer experience, streamline processes, and offer comprehensive coverage for various financial risks. An all-in-one financial protection solution integrates multiple safeguards, including insurance, investment, and risk management, into a single service. For example, in February 2023, Guardian Life Insurance Company, a US-based insurance provider, introduced SafeGuard360. This solution offers a broad range of insurance products, including life insurance, disability income insurance, and critical illness coverage. SafeGuard360 aims to provide policyholders with a comprehensive safety net, ensuring protection across various aspects of their financial lives and offering peace of mind amid life’s challenges.

In April 2024, Aviva plc, a UK-based insurance company, acquired AIG Life Limited (AIG Life UK) from Corebridge Financial Inc., a subsidiary of American International Group Inc., for £453 million ($584.91 million). This acquisition is part of Aviva's strategy to integrate AIG Life UK's innovative solutions and strong distribution partnerships, particularly targeting the SME and high-net-worth segments. AIG Life Limited (AIG Life UK) is a UK-based life insurance provider known for its range of life insurance products and financial protection services.

Major companies operating in the financial protection market are Ping An Insurance (Group) Company of China Ltd., Cigna Corporation, Allianz SE, MetLife Inc., Dai-ichi Life Holdings Inc., China Pacific Insurance (Group) Co. Ltd., Nationwide Mutual Insurance Company, Prudential Financial Inc., American International Group, Tokio Marine Holdings Inc., Zurich Insurance Group, Sompo Holdings Inc., Mapfre S.A., Hartford Financial Services Group Inc., AIA Group Limited, Aflac Incorporated, Lincoln National Corporation, Sun Life Financial Inc., Principal Financial Group, Samsung Life Insurance, Manulife Financial Corporation, FWD Group, Great-West Lifeco Inc., Legal & General Group plc, Standard Life Aberdeen plc, Aviva plc.

North America was the largest region in the financial protection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial protection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the financial protection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Financial protection encompasses a range of products and services aimed at safeguarding individuals, families, and businesses from financial risks and uncertainties. The primary goal is to mitigate financial risks and ensure financial stability in times of adversity.

Financial protection is categorized into long-term and short-term types. Long-term financial protection involves insurance and financial products designed to offer coverage and support over an extended period, often several years or more. This category includes various policy coverages such as payment protection and mortgage payment protection, tailored to different end-users, including men and women.

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

The financial protection market includes revenues earned by entities through life insurance, health insurance, property insurance, and related financial planning, investment advisory, and retirement planning services. 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 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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