NEW
YORK, July 10, 2024 /PRNewswire/ -- The global
insurance market size is estimated to grow by USD 1.40 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
4.25% during the forecast period. The increase in
life insurance premiums is primarily driven by several factors.
These include demographic shifts such as aging populations in
developed nations, rising healthcare costs necessitating greater
financial protection, and increasing awareness among individuals
about the importance of life insurance coverage. Additionally,
advancements in medical technology leading to longer life
expectancy also contribute to higher premiums. These trends align
with the broader growth trajectory of the global insurance market,
supported by regulatory mandates and technological innovations
integrating wearables for enhanced customer engagement in life
insurance software. However, stringent regulatory frameworks pose
challenges to market players. Key participants in this evolving
landscape include Aditya Birla Management Corp. Pvt. Ltd., Allianz
SE, American International Group Inc., and others mentioned
earlier.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Distribution Channel
(Sales personnel and Insurance agencies), Type (Life and Non-life),
and Geography (North America, APAC, Europe, South America, and
Middle East and Africa)
|
Region
Covered
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
Aditya Birla Management
Corp. Pvt. Ltd., Allianz SE, American International Group Inc., AXA
Group, Bank of America Corp., Berkshire Hathaway Inc., Canara Bank,
Citigroup Inc., Go Digit General Insurance Ltd., HDFC Ltd.,
JPMorgan Chase and Co., Kotak Mahindra Bank Ltd., Life Insurance
Corp. Of India, Microsoft Corp., State Bank of India, Tata Sons
Pvt. Ltd., THE PNC FINANCIAL SERVICES GROUP INC., Truist Financial
Corp., U.S. Bancorp, and Wells Fargo and Co.
|
Key Market Trends Fueling Growth
Wearable technology, such as sensor-based devices, is
revolutionizing the life insurance industry by enabling real-time
tracking of customer lifestyle habits, physical activity levels,
and food intake. This data provides insurers with valuable insights
to enhance their offerings and make informed business decisions. By
understanding a customer's lifestyle better, insurers can tailor
their products to suit individual needs and minimize risks,
ultimately maximizing profits. Integration of wearables into online
insurance software is essential to utilize their features
effectively. The collected data can be analyzed on a large scale to
redefine product portfolios and adjust claims and disbursal
clauses, fueling the growth of the life insurance market during the
forecast period.
Insurers and reinsurers are key players in the insurance market,
providing financial protection to policyholders against various
risks. Direct insurance providers offer policies directly to
consumers, while reinsurers assist insurers in managing large risks
and claims. Actuarial calculations determine premiums based on
policy limits, deductibles, and risks. Premiums are the amount paid
by policyholders for coverage. Non-Life Insurance covers damages
and compensation for property and health, while Life Insurance
provides financial assistance for individuals and seniors in the
event of death or chronic diseases like diabetes, cancer, or kidney
failure. Policyholders can opt for Home Life Cover, Term Life
Insurance, or Whole Life Insurance for individual needs, or General
Cover for large enterprises. Premium reductions may be available
for policyholders based on health assessments or safe driving
records. Insurance firms offer services online and offline,
processing claims for reimbursement or compensation. Contracts
between insurers and entities ensure financial security against
damages or losses.
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Market Challenges
- The Australian insurance market is governed by two regulatory
bodies: the Australian Prudential Regulation Authority (APRA) and
the Australian Securities and Investments Commission
(ASIC). Similarly, the US insurance industry is
regulated by the National Association of Insurance Commissioners
(NAIC). Regulatory bodies worldwide establish new laws and
regulations to meet industry needs. Recently, the NAIC introduced
the Own Risk and Solvency Assessment (ORSA), an internal process
for insurers to evaluate their risk management capabilities. ORSA
requires analysis of all predictable risks affecting insurers'
ability to meet customer obligations. Increasing regulations pose
challenges for insurance companies, potentially hindering the
global insurance market's growth due to increased industry
requirements. Continuous upgrades in service offerings are
necessary for insurance vendors to comply with changing laws and
regulations.
- In the dynamic insurance market, entities face various
challenges in providing financial protection to their clients.
These include contractual complexities, reimbursement and
compensation for damages, and ensuring coverage for different types
of risks. Insurance companies offer various services like Life
Insurance (Term, Whole, Variable), Accidental Death, Automobile,
Fidelity, Homeowners, Surety, Liability, Hospitalization, Critical
Illness, Domiciliary, and Annuities. Demographic changes such as an
aging population and natural disasters pose risks. Internet
penetration brings new challenges like cyber insurance for online
risks, property theft, business interruption, cyber extortion,
network failure liability, cyber-crime, and physical asset damage.
Medical check-ups and health insurance policies require
accessibility and AI-powered tools. Peer-to-peer insurance and
underwriting involve managing risks. Understanding these challenges
is crucial for corporate entities to make informed decisions.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This insurance market report extensively covers market
segmentation by
- Distribution Channel
- 1.1 Sales personnel
- 1.2 Insurance agencies
- Type
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Sales personnel- Sales personnel in the
insurance industry serve as the primary bridge between insurers and
their customers. They specialize in various insurance products,
including life, health, auto, and property insurance. Sales
personnel must have a deep understanding of these products'
features and benefits to effectively communicate their value to
customers. They not only sell directly to consumers but also work
with brokers and agents to expand their reach. Successful sales
personnel develop and execute sales strategies, identify new market
opportunities, and foster relationships with industry stakeholders.
Effective communication skills, both verbal and written, are
essential for persuasively conveying a company's vision, values,
and benefits to customers. Sales personnel collaborate with
professionals within the insurance company to offer comprehensive
and customized insurance solutions. Their role is crucial in the
competitive insurance market, driving the growth of the sales
personnel segment in the global insurance industry.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
An insurance market is a platform where entities buy and sell
various types of insurance contracts to secure financial protection
against risks. These contracts offer reimbursement or compensation
for damages or losses. An insurance company issues policies,
setting policy limits and premiums based on the level of risk and
coverage desired by the policyholder. Non-Life Insurance covers
damages to property and other tangible assets, while Life Insurance
offers financial security to the policyholder's beneficiaries upon
their death. Cyber Insurance protects against digital threats, and
Health Assistance policies cover medical expenses, including
Hospitalization. Premium reductions may be available based on
certain factors, such as age, health, or safety measures. Insurance
claims are processed by the insurer when the policyholder
experiences a covered loss. Other types of policies include Home
Life Cover, Pension Annuity Policies, and Survival Annuity
Policies.
Market Research Overview
The insurance market offers financial protection to entities
through various types of insurance policies. These include
Contracts for Life Insurance, such as Term, Whole, and Variable
Life, providing compensation in the event of death. Other types of
insurance include Accidental Death, Automobile, Fidelity,
Homeowners, Surety, Liability, Hospitalization, Critical Illness,
Domiciliary, and Annuities. Demographic changes, including an aging
population and natural disaster events, have influenced the
industry's growth. The digital age brings new risks like cyber
insurance for Internet-based threats, property theft, business
interruption, cyber extortion, network failure liability, and
cyber-crime. AI-powered tools and information accessibility have
transformed underwriting and risk assessment. Peer-to-peer
insurance and direct insurance providers also impact the market.
Premiums, policy limits, deductibles, and insurance claims are
essential components of the non-life insurance sector, serving
large enterprises and individuals alike. Policyholders seek
financial security against risks to their homes, factories, health,
and life.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Sales Personnel
- Insurance Agencies
- Type
-
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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