Life & Non-Life Insurance Market Size - By Insurance Type (Life [Individual, Group], Non-Life [Home, Motor, Travel, Business]), By Distribution Channel (Direct, Agency, Bank), Forecast 2023 - 2032

Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

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Life & Non-Life Insurance Market Size - By Insurance Type (Life [Individual, Group], Non-Life [Home, Motor, Travel, Business]), By Distribution Channel (Direct, Agency, Bank), Forecast 2023 - 2032

Life & Non-Life Insurance Market Size

Life & Non-Life Insurance Market was valued at USD 8 trillion in the year 2022 and is projected to record a CAGR of more than 4.5% from 2023 to 2032. Based on the rising penetration of life insurance. With more people availing life cover, it provides a sense of financial stability, promoting consumer confidence. As per the Press Information Bureau, India, in 2021, life insurance penetration in India was 3.2%, almost twice that of emerging markets and slightly above the global average. In 2022, life insurance premiums grew year-on-year by 10.2% with new ventures contributing 45.5% of the total premiums received by life insurance companies.

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Increased consciousness regarding the importance of financial security and insurance is a central driver of growth in the life and non-life insurance sectors. As individuals are better informed regarding the risks inherent in life situations, health-related problems, loss of property, and other unanticipated events, they are becoming more willing to invest in insurance policies. This consciousness is usually supported by education campaigns, financial literacy programs, and general access to information, motivating people & companies to safeguard their wealth and health through insurance protection.

Life & Non-Life Insurance Market Report Attributes
Report Attribute Details
Base Year 2022
Life & Non-Life Insurance Market Size in 2022 USD 8.0 Trillion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 4.5%
2032 Value Projection USD 12.4 Trillion
Historical Data for 2018 to 2022
No. of Pages 250
Tables, Charts & Figures 231
Segments covered Insurance Type, Distribution Channel
Growth Drivers
  • Rising disposable incomes across the globe
  • Introduction of innovative insurance products
  • Rising awareness about financial security
  • The proliferation of insurtech industry
Pitfalls & Challenges
  • Stringent regulations and compliance requirements can pose challenges
  • raudulent activities

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Fraudulent practices are a major risk to the life & non-life insurance industry by destroying trust, adding operational expenses, and affecting genuine policyholders. Insurance fraud through false claims, faked accidents, and identity theft results in huge financial costs for insurers. In return, companies can increase premiums, and insurance becomes expensive for real customers. Additionally, fraud stretches resources, misallocating them away from genuine claims handling and customer service, finally impairing market efficiency and degrading confidence in the insurance framework.

COVID-19 Impact
The COVID-19 pandemic brought about rapid digitalization in the life and non-life insurance industry. Insurers quickly embraced web-based platforms, facilitating smooth policy buying and claim settlement. Furthermore, the crisis increased sensitivity about the significance of insurance, promoting demand for health and life insurance. Pandemic-associated risks-specific innovative products, e.g., health insurance and travel insurance, became dominant. Insurers were spurred by the pandemic to improve customer experiences, driving effective changes and setting the stage for a stronger industry.

Life & Non-Life Insurance Market Trends
Increases in the insurtech sector at a rapid pace are driving demand for both life and non-life insurance. Insurtech firms utilize technology to automate processes, improve customer experiences, and provide innovative insurance solutions. For example, Ensuredit, in September 2023, partnered with Simson Software to introduce Enfin, a trailblazing joint venture that promises to revolutionize the insurance industry. The strategic partnership is a landmark effort aimed at addressing lingering industry challenges and ushering in an era of game-changing innovation. This spread enhances market competition, fosters product differentiation, and eventually increases the overall insurance market by making the services more available & customized for changing consumer needs.

Growth in the life and non-life insurance markets is being led by the growing demand for motor insurance. As the number of vehicles on the roads increases, there is a greater requirement for fully covered protection against accidents and damages. Motor insurance companies are launching new policies, thus attracting a wider customer base. This increase in popularity not only generates revenue for the non-life insurance industry but also indirectly contributes to the overall insurance market through drawing more business and personal clients interested in diversified coverage.

Life & Non-Life Insurance Market Analysis
Discover more about the most significant segments influencing this market

On a segmental basis, the non-life segment accounted for over 42% of the market in 2022. Motor insurance with innovative features is leading to expansion in the non-life insurance segment. Innovative features such as real-time tracking, accident prevention technology, and customized coverage options are seeing increased popularity in policies. For example, in January 2023, New India Assurance (NIA) rolled out its "Pay as You Drive" (PAYD) policy, which provides a host of features like renewal discounts, extended coverage over distance limits, and additional benefits like zero depreciation, roadside assistance & return to invoice benefits.

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Agency segment captured the market share of 48% in 2022 on the strength of personalized service and trust relationship. Agents provide customized advice, comprehending unique customer requirements and establishing trust based on personalized connections. Agents inform clients about available insurance products and benefits, instilling awareness & confidence, hence driving increased customer satisfaction and retention. This human touch, together with the guarantee of a reliable relationship, not just increases market coverage into geographies with low access but also raises loyalty among customers, making the agency channel a central force in the insurance sector.

Need region-wise data?

North America led the worldwide life & non-life insurance marketplace with 45% of the revenue pie in 2022, driven by innovation and regulatory incentives. Technological advancements, particularly those in insurtech, have transformed the industry with digital platforms and data analytics that improve operational effectiveness & enhance customer experiences. These technologies appeal to a tech-conscious customer base as well as fuel market growth. At the same time, encouraging regulatory policies create a suitable climate for insurance firms, stimulating innovation as well as new entry, allowing them to ease into the market terrain. This regulatory support encourages healthy competition, generating diversified products and ensuring a dynamic & flourishing insurance market in the country.

Life & Non-Life Insurance Market Share

Major players operating in the life & non-life insurance industry are

Ping An Insurance Group & UnitedHealth Group held a significant market share. The major players operating in the market typically exhibit extensive market presence, diversified product portfolios, strong financial stability, and advanced technological capabilities. They leverage these strengths to maintain competitive advantages, attract customers, and drive innovation in policies & customer experiences.

Life & Non-Life Insurance Industry News

  • In August 2023, IndiaFirst, a life insurance company, introduced the Guarantee of Life Dreams (G.O.L.D.) Plan, a non-linked and non-participating insurance product. This plan provides policyholders with consistent long-term income. Policyholders can choose premium payment terms of 6, 8, or 10 years for policy durations of 30 and 40 years.

This life & non-life insurance market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

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By Insurance Type

  • Life
    • Individual
    • Group
  • Non-Life
    • Home
    • Motor
    • Travel
    • Business
    • Others

By Distribution Channel

  • Direct
  • Agency
  • Banks
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia

 

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Table of Content

Table of Contents

Life & Non-Life Insurance Market Report

  1. Executive Summary

    • Overview of the Life & Non-Life Insurance Market

    • Key Market Trends and Growth Drivers

    • Market Forecast and Future Outlook

  2. Introduction

    • Definition and Scope of Life & Non-Life Insurance

    • Role of Insurance in Risk Management and Financial Security

    • Research Methodology

  3. Market Overview

    • Market Size and Historical Growth Trends

    • Key Drivers, Challenges, and Opportunities

    • Regulatory and Compliance Landscape

  4. Market Segmentation

    • By Insurance Type

      • Life Insurance

        • Term Life Insurance

        • Whole Life Insurance

        • Universal Life Insurance

        • Endowment Plans

        • Pension and Annuity Plans

      • Non-Life (General) Insurance

        • Property Insurance

        • Motor Insurance

        • Health Insurance

        • Travel Insurance

        • Liability Insurance

        • Marine, Aviation & Transport Insurance

        • Cyber Insurance

    • By Distribution Channel

      • Direct Sales

      • Insurance Brokers and Agents

      • Bancassurance

      • Online & Insurtech Platforms

    • By End-User

      • Individuals

      • Small & Medium Enterprises (SMEs)

      • Large Enterprises

    • By Region

      • North America

      • Europe

      • Asia-Pacific

      • Latin America

      • Middle East & Africa

  5. Competitive Landscape

    • Major Life & Non-Life Insurance Providers

    • Market Share Analysis

    • Mergers, Acquisitions, and Strategic Partnerships

  6. Key Market Trends

    • Digital Transformation in the Insurance Sector

    • Growth of Embedded and On-Demand Insurance Models

    • Expansion of Cyber and Parametric Insurance Coverage

    • Increasing Adoption of AI & Big Data in Underwriting and Claims Processing

    • Rising Importance of ESG and Sustainable Insurance

  7. Technological Innovations in Insurance

    • AI and Machine Learning for Risk Assessment and Fraud Detection

    • Blockchain for Smart Contracts and Claims Processing

    • IoT and Telematics in Auto and Health Insurance

    • Insurtech Disruptions and Digital-Only Insurance Models

  8. Market Challenges and Risks

    • Regulatory and Compliance Hurdles in Different Markets

    • Rising Claims Costs and Catastrophic Event Losses

    • Data Privacy and Cybersecurity Challenges

    • Shifting Consumer Preferences and Trust Issues

  9. Future Outlook and Opportunities

    • Expansion of Microinsurance and Financial Inclusion Initiatives

    • Growth in Emerging Markets and Underinsured Segments

    • Innovations in AI-Driven Risk Prediction and Personalized Insurance

    • The Role of Blockchain and Smart Contracts in Claims Settlement

  10. Case Studies and Best Practices

  • Successful Digital Transformation in Life & Non-Life Insurance

  • Best Practices for Enhancing Customer Experience

  • Strategies for Effective Risk Management

  1. Conclusion and Recommendations

  • Summary of Key Findings

  • Strategic Recommendations for Insurers, Regulators, and Investors

  1. Appendices

  • Glossary of Insurance Terms

  • List of Figures and Tables

  • References and Data Sources

 

List Tables Figures

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