Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Life and Non-Life Insurance Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The life and non-life insurance market has grown from $8852.01 billion in 2023 to $9344.18 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The expansion observed in the historical period can be attributed to factors such as demographic changes, economic stability, increased risk perception among individuals, and product innovation in the insurance market.
The market is expected to see further steady growth, reaching $11246.74 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period can be attributed to global economic trends, concerns related to climate change, regulatory changes affecting the insurance landscape, emerging risks in various sectors, and infrastructure development. Key trends expected in the forecast period include the integration of sustainable and environmental, social, and governance (ESG) considerations, growth in parametric insurance, applications of blockchain technology in the insurance industry, and the use of remote risk assessment tools.
The anticipated increase in insurance penetration is poised to propel the growth of the life and non-life insurance market in the coming years. Insurance penetration denotes the extent of insurance coverage, representing the percentage of the population or businesses with insurance policies in relation to the total insurable market or population. This surge in insurance penetration holds significant advantages for both life and non-life insurance sectors, fostering heightened financial protection, risk mitigation, and overall market stability. These benefits accrue to individuals, businesses, and the broader economy. Notably, in 2021, according to data from the Insurance Information Institute, life insurance premiums in the US witnessed an 11.5% increase, reaching $159.5 billion. Additionally, the Organization for Economic Co-operation and Development reported an 11.2% rise in insurance penetration in Sweden in 2021. Consequently, the upward trend in insurance penetration is expected to drive growth in the life and non-life insurance market.
The growth of the life and non-life insurance market is set to receive a boost from the increasing global population. The global population encompasses the total number of people inhabiting the Earth at a specific point in time, spanning individuals from all countries, regions, and continents. The expanding global population not only diversifies the market for insurance products but also presents insurers with opportunities to tailor offerings to meet the evolving needs of a dynamic and growing population. In July 2022, a report by the United Nations projected the global population to reach approximately 8.5 billion by 2030, with a further increase to 9.7 billion by 2050. Subsequently, a peak population of around 10.4 billion individuals is anticipated during the 2080s. Thus, the rising global population is a key driver behind the growth of the life and non-life insurance market.
Technological advancements emerge as a prominent trend gaining traction in the life and non-life insurance market. Major companies operating in this market are actively developing new technological solutions to bolster their positions. For example, in March 2023, Sure Insurance LLC, a US-based digital insurance provider, introduced Retrace - an e-commerce solution. This innovative technology enables online retailers to seamlessly offer clients integrated one-click insurance and protection. Featuring a set of APIs (application programming interfaces), Retrace facilitates the integration of security and insurance for various use cases, including the groundbreaking Retrace Return Shipping Protection, which enhances the online purchasing experience for both consumers and retailers.
Major companies in the life and non-life insurance market are at the forefront of developing innovative products, such as indexed variable universal life (Indexed VUL) insurance, to cater to larger customer bases, drive sales, and increase revenue. Indexed VUL insurance combines features from both variable universal life (VUL) insurance and indexed universal life (IUL) insurance.
The 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.
Report Scope
Markets Covered:
- By Insurance Type: Life Insurance; Non-Life Insurance
- By Coverage Type: Lifetime Coverage; Term Coverage
- By Distribution Channels: Direct Sales; Brokers And Individual Agents; Bankers; Other Channels
- By End Users: Corporates; Individuals; Other End Users
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled:
- Ping An Insurance Company of China Ltd.
- China Life Insurance Company Limited.
- Allianz SE
- Axa SA
- Prudential plc
- MetLife Inc.
- Muenchener Rueck Ges in Mnhn AG
- Zurich Insurance Group Ltd.
- Nippon Life Insurance Company
- The Japan Post Holdings Company Ltd.
- Aviva plc
- AIA Group Limited.
- Assicurazioni Generali SpA
- UnitedHealth Group Incorporated
- Life Insurance Corporation
- New York Life Insurance Company
- Northwestern Mutual Life Insurance Company
- Metropolitan Group Mutual Life Insurance Company
- Berkshire Hathaway Inc.
- Cigna Corporation
- State Farm Mutual Automobile Insurance Company .
- Progressive Insurance Group
- Allstate Insurance Group
- Liberty Mutual Insurance Company
- Travelers Group Companies Inc.
- United Services Automobile Association
- Chubb Ltd.
- Farmers Insurance Exchange
- Nationwide Mutual Insurance Company
- Prudential Financial Inc.
- Manulife Financial Corporation
- Assicurazioni Generali S.p.A. .
- Legal & General Group plc
- Munich Reinsurance America Inc.
- Swiss Reinsurance Company Ltd .
- Aflac Incorporated
- Tokio Marine Holdings Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5uzlnr
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