Insurance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Insurance Type (Life Insurance, Property and Casualty Insurance, Health Insurance, Others (Medical Insurance, Travel, etc.), By Provider (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By Region, Competition
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationInsurance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Insurance Type (Life Insurance, Property and Casualty Insurance, Health Insurance, Others (Medical Insurance, Travel, etc.), By Provider (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By Region, Competition
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Insurance Market size is estimated to grow by USD 1461.5 billion from 2025 to 2029 at a CAGR of 4.3% with the lease having the largest market size.
The Global insurance market is anticipated to project robust growth in the forecast period. Due to the rising health concern across the world post COVID-19 scenario, the market witnessed a significant rise in demand for health and life insurance and has directly impacted the global insurance industry in a positive way.
By offering social benefits like compensation for work-related injuries, property reconstruction, and supply chain support, insurance can be seen as a social policy tool. They also serve as capital infusions.
A total of USD1.5 trillion (roughly USD125 billion per month) was paid by the insurance industry worldwide, in 2017, to assist claimants in rebuilding their homes, lives, and businesses. The following trends in the market's customer spectrum were highlighted in the report on the interest of consumers around the world in insurance products. For example, hospital expense reimbursement products attracted 77% of consumers' interest, life insurance with access to funds in an emergency attracted 74%, and income protection attracted 66%.
In 2021, the economy witnessed a significant improvement, which boosted demand for insurance products and supported premium growth in both the non-life and life insurance sectors. For instance, Colombia saw a higher demand for group health and life insurance as the employment rate began to rise following its decline in Q2 2020. Following an increase in employment rates, Costa Rica also noticed a rise in premiums for required insurance covering occupational risks.
The COVID-19 outbreak has influenced people's lives and businesses, all over the world. Because of the coronavirus outbreak, employers now see a greater need for insurance in order to provide better healthcare and medical facilities for their staff. In addition, hospitalization is rapidly increasing because of the COVID-19 outbreak. Additionally, one of the main reasons for the increase in health insurance premiums is the spread of COVID-19 health crisis around the world, which has put tremendous pressure on businesses, to ensure the safety of their employees.
However, the impact of COVID-19 on health insurance claim payments has varied. For instance, claim payments for medical expenses increased in Belgium, in 2020. In Costa Rica, claim payments for health insurance increased as well. Due to an exceptional payment made by health insurers to support the social security system, claims also increased in France (Insurance Europe, 2021). In countries such as Malaysia, claim payments decreased where medical insurance policies had a pandemic exclusion clause. This resulted in significant negative impact upon the market growth, in the post COVID-19 scenario.
Surging preference for Self-Service among consumers
The rising demand for self-service among consumers is among the biggest trends in insurance. Customers now expect to be able to do more for themselves without having to pick up the phone and speak to a customer service representative, because of the increasing number of digital channels like online portals and mobile apps.
Insurance companies are spending more money on digital self-service tools like chatbots and online quote generators in response to this trend. Customers can use these tools to get the information they require without having to place calls or go through lengthy procedures.
Additionally, by taking care of simple tasks themselves, customers give insurers more time to concentrate on more complicated problems. Now, as customer demand for self-service digital channels soars, more and more agents and brokers are switching to digital tools. According to a survey of European insurance executives conducted in late April 2020, about 89 percent of respondents predict that digitization will accelerate significantly and that the channel mix will continue to change.
Growing support from AI Algorithms
The market of insurance is witnessing a significant boost with the support of Artificial intelligence (AI). The Robotic Process Automation (RPA) and AI will occupy center stage in insurance, driven by newer data channels, better data processing capabilities and advancements in AI algorithms. For example, InsurTech company citrus drink's business model deploys AI and behavioral economics as its core elements. While AI eliminates brokers and paperwork, its behavioral economics capabilities minimize fraud - leading to reduced time, effort and costs.
Another InsurTech firm Tyche has deployed an AI-infused claim likelihood model in underwriting to accurately determine the risks and achieve higher profitability. Bots will spread throughout the front and back offices to automate claims processing and policy servicing for quicker and more individualized customer service. For instance, the virtual assistant of a well-known auto insurer in the US responds to customer questions about policies and payments. Jim, a claims bot from citrus drink, evaluates and settles property claims in just three seconds. SPIXII, an automated insurance agent, communicates with clients via a mobile app and other messenger services to assist in the selection of the best policies.
Business outcomes in customer experience, cost optimization, operational efficiencies, market competitiveness, and newer business models will all be significantly impacted and improved by AI and automation.
Rising Launch of Digital Platform Aiding the Market Growth
The insurance industry is changing to "digital-first" business models that have the potential to create new value, worth billions of dollars. Insurance companies are using Internet of Things, advanced analytics, and machine learning to create more granular individual risk profiles as they place a greater emphasis on personalized premiums and usage-based coverage. Collaboration between companies offering traditional insurance and those in the Insurtech sector, will result in new business models and revenue streams, increased profitability, and decreased operating costs. Therefore, various companies are looking for a shift towards digital platform.
For instance, with the goal of focusing on health and wealth coverage, insurance broker “We Digital Insurance” has launched one-stop “We Care” platform in association with the financial advisory firm, KTBST Securities and the software developer AppMan. "We Care" has a variety of offerings, including life, fire, and motor insurance. The pilot phase of an avant-garde digital commercial insurance platform has also been launched by WTW, a top global advisory, broking, and solutions company, in partnership with insurers Liberty Specialty Markets (LSM) and Markel. In the foreseeable future, it is anticipated that this tendency will persist. Moreover, customers reliance towards digital platform has increased over the past few years.
Surge in Demand for Life Insurance Amid COVID-19 Fueled the Market
A significant factor affecting the market's growth is the accelerating demand for life insurance and continuously growing support from the government for a significant funding for insurance purpose. According to the American Council of Life Insurers, in 2020, beneficiaries of life insurance had received more than USD90 billion and these payments were up by 15.4% from 2019. , this is the highest amount that life insurance providers have availed to the borrower in a calendar year Furthermore, in 2020, Google searches for life insurance policies grew by 15–30% And this had a significant impact upon sales of life insurance policies as majority of big insurance companies witnessed increase by 15% in their insurance sales. This increase has been referred to, by some experts, as "panic buying" because COVID-19 made people confront their mortality. People's interest in life insurance increased as the pandemic spread.
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Market Segmentation
The global Insurance market is segmented based on insurance type, provider, premium type, region, and competitional landscape. Based on insurance type, the market is fragmented into Life Insurance, Property and Casualty Insurance, Health Insurance, Others (Medical Insurance, Travel, etc.). Based on Provider, the market is segmented into (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)). Based on Premium Type, the market is segmented into Regular Premium and Single Premium. The market analysis also studies the regional segmentation, which is divided among North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Company Profiles
Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China Ltd., China Life Insurance Company Limited, Allianz SE, AXA SA, Assicurazioni Generali SPA, Japan Post Holdings Co., Ltd., Life Insurance Corp. of India, People's Insurance Co. of China Limited, Munich Reinsurance Company are among the major market players in the global platform that lead the market growth of the global Insurance market.
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Attribute |
Details |
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Base Year |
2022 |
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Historical Years |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028 |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
· Insurance Type · Provider · Premium Type · Region · Company |
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Regional Scope |
North America, Europe, Asia-Pacific, Middle East & Africa and South America |
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Country Scope |
United States; Canada; Mexico; United Kingdom; Germany; France; Italy; Spain; Poland; Netherlands; China; India; Japan; South Korea; Australia; New Zealand; Malaysia; Brazil; Argentina; Colombia; Iran; South Africa; Turkey; Saudi Arabia; Israel; |
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Key Companies Profiled |
Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China Ltd., China Life Insurance Company Limited, Allianz SE, AXA SA, Assicurazioni Generali SPA, Japan Post Holdings Co.,Ltd., Life Insurance Corp. of India, People's Insurance Co. of China Limited, Munich Reinsurance Company |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and Purchase Options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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