Global Insurance Market Report and Forecast 2024-2032

Global Insurance Market Report and Forecast 2024-2032


Market Outlook

According to the report by Expert Market Research (EMR), the global insurance market size reached a value of USD 7.9 trillion in 2023. Aided by the rising awareness of financial protection and increasing adoption of digital technologies in the insurance sector, the market is projected to further grow at a CAGR of 4% between 2024 and 2032 to reach a value of USD 11.54 trillion by 2032.

Insurance plays a crucial role in mitigating financial risks for individuals, businesses, and governments by offering protection against unforeseen events such as accidents, natural disasters, or health issues. It is vital across various sectors, including life, health, automotive, and property insurance, and provides a safety net that fosters stability and confidence in financial markets and the global economy. The insurance market growth is further supported by technological advancements, including the integration of AI, big data, and blockchain, which are reshaping the industry landscape by improving customer service, reducing costs, and enhancing fraud detection.

One of the primary drivers of the market is the increasing awareness of the importance of financial protection. As consumers worldwide become more informed about the potential financial losses that can arise from health emergencies, natural calamities, or life events, the demand for comprehensive insurance coverage is rising. This is particularly evident in the life and health insurance sectors, where individuals are increasingly seeking coverage to safeguard their families from the financial burden of unforeseen events.

The surge in healthcare costs globally is also fuelling the demand for health insurance, further increasing the insurance market share. With governments in various regions implementing mandatory health insurance policies and promoting public health awareness, the health insurance segment is anticipated to witness strong growth over the forecast period.

Moreover, the rise in global vehicle ownership and the enforcement of stricter vehicle insurance regulations are driving the expansion of the automotive insurance segment. As more consumers purchase vehicles, the need for comprehensive insurance policies that cover damages, theft, and third-party liabilities is growing.

Technological advancements are significantly transforming the insurance landscape. The use of artificial intelligence (AI) and machine learning (ML) is revolutionising risk assessment, pricing models, and customer service processes. Insurers are increasingly adopting AI-driven chatbots and virtual assistants to enhance customer experience, streamline claims processing, and provide personalised policy recommendations. This is one of the key insurance market trends.

Blockchain technology is also making waves in the insurance industry by improving transparency and reducing fraud. With its ability to provide secure and tamper-proof records, blockchain is particularly useful in ensuring the integrity of claims data and preventing false claims. These technological innovations are not only driving operational efficiency but also creating new growth opportunities for insurers by enabling the development of innovative products and services tailored to evolving customer needs. This is driving the insurance market expansion.

The market expansion in emerging economies, particularly in Asia-Pacific, Africa, and Latin America, is another key growth driver. With increasing urbanisation, rising disposable incomes, and growing awareness of financial planning, there is a surging demand for insurance products in these regions. Governments in countries like China, India, and Brazil are also playing a pivotal role in boosting the market revenue by introducing favourable policies and regulations that encourage both local and foreign insurers to expand their operations.

Furthermore, the increasing focus on microinsurance, which provides affordable coverage to low-income populations in developing regions, is expected to contribute to the insurance market demand. This type of insurance covers basic risks such as health, life, and property, and helps protect vulnerable communities from falling into poverty due to unexpected events.

In conclusion, the global market for insurance is set to experience robust growth over the forecast period, driven by rising consumer awareness, technological advancements, and expansion into emerging markets. As insurers continue to innovate and adapt to changing customer expectations, the industry is poised to reach new heights, providing essential financial protection and contributing to global economic stability.

Market Segmentation

The market can be divided based on insurance type, distribution channel, and region.

Market Breakup by Insurance Type
  • Life Insurance
  • Non-Life Insurance
Market Breakup by Distribution Channel
  • Direct Sales
  • Agency Sales
  • Bancassurance
  • Others
Market Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global insurance market. Some of the major players explored in the report by Expert Market Research are as follows:
  • Berkshire Hathaway Specialty Insurance
  • Ping An Insurance (Group) Company of China, Ltd.
  • Allianz SE
  • Axa SA
  • MetLife Services and Solutions, LLC.
  • UNITEDHEALTH GROUP
  • Prudential Financial, Inc.
  • American International Group, Inc.
  • CNP ASSURANCES
  • Assicurazioni Generali S.p.A.
  • Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


1 Executive Summary
1.1 Market Size 2024-2025
1.2 Market Growth 2025(F)-2034(F)
1.3 Key Demand Drivers
1.4 Key Players and Competitive Structure
1.5 Industry Best Practices
1.6 Recent Trends and Developments
1.7 Industry Outlook
2 Market Overview and Stakeholder Insights
2.1 Market Trends
2.2 Key Verticals
2.3 Key Regions
2.4 Supplier Power
2.5 Buyer Power
2.6 Key Market Opportunities and Risks
2.7 Key Initiatives by Stakeholders
3 Economic Summary
3.1 GDP Outlook
3.2 GDP Per Capita Growth
3.3 Inflation Trends
3.4 Democracy Index
3.5 Gross Public Debt Ratios
3.6 Balance of Payment (BoP) Position
3.7 Population Outlook
3.8 Urbanisation Trends
4 Country Risk Profiles
4.1 Country Risk
4.2 Business Climate
8 Global Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Insurance Historical Market (2018-2023) 
8.3 Global Insurance Market Forecast (2024-2032)
8.4 Global Insurance Market by Insurance Type
8.4.1 Life Insurance
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Non-Life Insurance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Breakup by Type
8.4.2.3.1 Property Insurance
8.4.2.3.2 Casualty Insurance
8.4.2.3.3 Others
8.5 Global Insurance Market by Distribution Channel
8.5.1 Direct Sales
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Agency Sales
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Bancassurance
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Insurance Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Insurance Market Analysis
9.1 United States of America 
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Insurance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Insurance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Insurance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Insurance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price  
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Berkshire Hathaway Specialty Insurance 
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Ping An Insurance (Group) Company of China, Ltd.  
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Allianz SE 
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Axa SA 
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 MetLife Services and Solutions, LLC. 
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 UNITEDHEALTH GROUP 
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Prudential Financial, Inc.  
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 American International Group, Inc. 
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 CNP ASSURANCES 
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Assicurazioni Generali S.p.A. 
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market

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