Insurance Market By Type (Life Insurance, General Insurance) , By Distribution Channel (Insurers, Insurance Brokers and Agencies, Banks, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Insurance Market
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 ReviewThe 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 FindingsOn 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 AnalysisThe 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.
Key Market SegmentsBy TypeLife Insurance
General Insurance
By Distribution ChannelInsurers
Insurance Brokers and Agencies
Banks
Others
By RegionNorth 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
Key Market Players
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.