Overview and Scope
Life and non-life insurance refer to the insurance that provides financial protection and support to the beneficiaries and a wide range of risks and uncertainties related to life and the health and property of a proposer. It aims to provide a payout or death benefit, financial security, and potential losses or damages to property, vehicles, businesses, and liabilities.
Sizing and Forecast
The life and non-life insurance market size has grown strongly in recent years. It will grow from $8852.01 billion in 2023 to $9344.18 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to demographic changes, economic stability, increased risk perception, product innovation..
The life and non-life insurance market size is expected to see steady growth in the next few years. It will grow to $11246.74 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to global economic trends, climate change concerns, regulatory changes, emerging risks, infrastructure development.. Major trends in the forecast period include sustainable and esg integration, parametric insurance growth, blockchain applications, remote risk assessment tools..
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Segmentation & Regional Insights
The life and non-life insurance market covered in this report is segmented –
1) By Insurance Type: Life Insurance, Non-Life Insurance
2) By Coverage Type: Lifetime Coverage, Term Coverage
3) By Distribution Channels: Direct Sales, Brokers And Individual Agents, Bankers, Other Channels
4) By End Users: Corporates, Individuals, Other End Users
North America was the largest region in the global life and non-life insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life and non-life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in insurance penetration is expected to drive the growth of the life and non-life insurance market going forward. Insurance penetration refers to the level of insurance coverage or the percentage of the population or businesses with insurance policies relative to the total insurable market or population. The rise in insurance penetration provides significant advantages for both life and non-life insurance, as it leads to increased financial protection, risk mitigation, and market stability, benefiting individuals, businesses, and the overall economy. For instance, in 2021, according to the data published by Insurance Information Institute, a US-based association company, life insurance premiums in the US increased by 11.5% to $159.5 in 2021. Furthermore, according to Organization for Economic Co-operation and Development, a France-based intergovernmental organization that stimulates world trade, Sweden’s insurance penetration increased by 11.2% in 2021. Therefore, rising insurance penetration will drive the life and non-life insurance market growth.
Key Industry Players
Technological advancements are a key trend gaining popularity in the life and non-life insurance market. Major companies operating in the life and non-life insurance market are focused on developing new technological solutions to strengthen their position. For instance, in March 2023, Sure Insurance LLC, a US-based digital insurance provider, launched Retrace, an e-commerce solution. This unique technology enables online retailers to provide clients with inbuilt one-click insurance and protection. It includes a collection of APIs (application programming interfaces) that let online retailers integrate security and insurance for various use cases. The inbuilt Retrace Return Shipping Protection is a ground-breaking new technology that makes online purchasing less frustrating for consumers and retailers.
The life and non-life insurance market report table of contents includes:
1. Executive Summary
2. Life And Non-Life Insurance Market Characteristics
3. Life And Non-Life Insurance Market Trends And Strategies
4. Life And Non-Life Insurance Market – Macro Economic Scenario
5. Global Life And Non-Life Insurance Market Size and Growth
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31. Global Life And Non-Life Insurance Market Competitive Benchmarking
32. Global Life And Non-Life Insurance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Life And Non-Life Insurance Market
34. Life And Non-Life Insurance Market Future Outlook and Potential Analysis
35. Appendix
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