The premium finance global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Premium Finance Market, 2024The premium finance global market report 2024
Market Size –
The premium finance market size has grown rapidly in recent years. It will grow from $46.08 billion in 2023 to $51.37 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to growth in high net worth individuals (HNWIs), expansion of luxury goods and services, increasing insurance premiums, growth in real estate investments, increased focus on asset protection.
The premium finance market size is expected to see rapid growth in the next few years. It will grow to $79.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to rising insurance premiums, expansion of insurance products, increasing availability of credit, rise in corporate financing, growth in wealth management services. Major trends in the forecast period include adoption of digital platforms, development of customized financing solutions, advancements in risk assessment tools, adoption of mobile payment solutions, advancements in customer service technology.
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Scope Of Premium Finance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Premium Finance Market Overview
Market Drivers –
The expansion of non-banking financial companies (NBFCs) is anticipated to boost the premium finance market in the upcoming years. NBFCs refer to financial institutions that provide various banking services without holding a banking license, and their growth is driven by regulatory reforms and increasing demand for credit in underserved markets. These companies facilitate premium finance by offering flexible loan structures, quicker approval processes, and competitive rates, making insurance more accessible and affordable for policyholders. For instance, the Financial Stability Board (FSB), a Switzerland-based not-for-profit association, reported in December 2022 that the NBFC sector grew by 8.9% in 2021, exceeding its five-year average growth of 6.6%, and reaching a total of $239.3 trillion. Therefore, the growth of non-banking financial companies (NBFCs) is propelling the premium finance market forward.
Market Trends –
Major companies operating in premium finance are developing comprehensive financial networks to enhance their service offerings and streamline transactions. A financial network is a system of interconnected financial institutions and services that facilitate transactions, data exchange, and communication. It enhances financial operations by improving the efficiency, accuracy, and accessibility of financial services. For instance, in April 2024, ePayPolicy, a US-based insurance technology (Insurtech) and financial services company, launched Finance Connect, an advanced feature designed to streamline premium financing for insurance companies. This feature works seamlessly with existing premium finance company (PFC) partners, offers flexible payment options, and simplifies auto-payment and reminders. It improves conversion rates and operational efficiency, addressing the growing demand for digital and automated financial solutions in the premium finance market.
The premium finance market covered in this report is segmented –
1) By Type: Life Insurance, Non-Life Insurance
2) By Interest Rate: Fixed Interest Rate, Floating Interest Rate
3) By Provider: Banks, Non Banking Financial Company (NBFCs), Other Providers
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Regional Insights –
North America was the largest region in the premium finance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the premium finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are JPMorgan Chase & Co., Wells Fargo & Company, Munich Re Group, The Hartford Financial Services Group Inc., Lincoln National Corporation, BNY Mellon Wealth Management, Sun Life Financial Inc., Symetra Life Insurance Company, Valley National Bancorp, Wintrust Financial Corporation, Byline Bancorp Inc., FMG Suite LLC, IPFS Corporation, AgentSync Inc., Parkway Bank & Trust Co., US Premium Finance, PayLink Direct, Succession Capital Inc., ARI Financial Group, ClassicPlan Premium Financing Inc., Agile Premium Finance, Colonnade Advisors LLC
Table of Contents
1. Executive Summary
2. Premium Finance Market Characteristics
3. Premium Finance Market Trends And Strategies
4. Premium Finance Market – Macro Economic Scenario
5. Global Premium Finance Market Size and Growth
….
32. Global Premium Finance Market Competitive Benchmarking
33. Global Premium Finance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Premium Finance Market
35. Premium Finance Market Future Outlook and Potential Analysis
36. Appendix
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