NEW
YORK, April 26, 2024 /PRNewswire/ -- The
global insurance market size is estimated to grow by
USD 1.42 billion from
2023-2027, according to Technavio. The market is estimated to grow
at a CAGR of 4.5% during the forecast period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Buy Report
Insurance Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2022
|
Historic
period
|
2017 - 2021
|
Forecast
period
|
2023-2027
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.5%
|
Market growth
2023-2027
|
USD 1429.64
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.23
|
Regional
analysis
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
46%
|
Key
countries
|
US, China, Japan, UK,
and France
|
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.
|
Market Driver
In many countries, you must have insurance for your car if you
drive on public roads. In places like India and Maine, US, it's a must. Health insurance is
also required in most developed nations. If you're traveling
abroad, you need travel insurance. Without it, you won't get a
visa. As developing countries grow, more people are buying cars,
which means more people need car insurance. And with more folks
traveling between countries, the demand for travel insurance is
going up fast. In places where people are learning more about
health insurance, like in developing countries, the market for it
is slowly getting bigger. Because insurance is becoming a
must-have, the global insurance market is expected to grow a lot in
the coming years.
Market Challenges
- Insurance and reinsurance companies are hesitant to offer
different coverage for things like hurricanes and windstorms. This
is because if there are big losses in the future, it'll really hurt
their finances. They can't charge enough in premiums to cover these
risks. Also, it costs a lot to run these companies, and they need
to make sure investors still make good money.
- After Hurricane Andrew in 1992, there were strict rules about
how much they could charge for insurance. So, companies in places
like the Bahamas and Florida started charging more. But this led to
complaints from customers and regulators, especially in areas at
high risk of hurricanes.
- If insurance prices go up, fewer people will want to buy
insurance. This means demand for insurance is pretty sensitive to
price changes. Insurance companies are competing hard with each
other, so they're always trying to offer better deals to attract
customers.
- Making sure insurance is priced right is really important for
these companies. If they can't figure out how to do that, it might
slow down the whole insurance industry.
Research report provides comprehensive data on
impact of trend, driver and challenges - Request
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
- 2.1 Life
- 2.2 Non-life
- 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 will see big
growth in the market soon. Because the industry is super
competitive, these folks are super important for a company's brand.
They gotta be good at talking up the company's vision, values, and
perks to customers. To nail this job, they need top-notch
communication skills, both speaking and writing. That's why this
segment will grow more in the future.
- In 2017, the sales personnel segment was worth $2.77 billion. These sales folks are usually the
first folks customers talk to when they're getting insurance.
They're the ones who keep those long-term relationships going. They
focus on all sorts of insurance like life, health, car, and home
insurance. They need to know all the ins and outs of these products
and explain them clearly to customers. That's why this segment will
keep growing.
For more information on market segmentation with
geographical analysis including forecast (2023-2027) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
In the dynamic and complex Insurance Market, entities seek
financial protection against various Risks through both Life and
Non-Life Insurance policies. An Insurance Policy is a contract
between the Policyholder and the Insurance Firm, offering
Compensation or Reimbursement for damages or losses. Premiums are
paid to the Insurer for the Policy limit, which covers specified
perils.
Cyber Insurance is a crucial aspect of the market, safeguarding
against digital threats. Home Life Cover, Pension Annuity Policies,
and Survival Annuity Policies are popular choices for individuals.
Premium Reductions can be achieved through Health Assistance and
Hospitalization add-ons. Insurance Claims are processed by the
Insurer upon occurrence of an insured event. Insurance Companies
provide Life Insurance Policies, offering peace of mind and
Financial Security.
Market Research Overview
In the dynamic and competitive Insurance Market, Companies and
brokers provide various policies to insure risks for individuals
and businesses. These include Property, Life, and Health insurance,
among others. Reinsurance companies play a crucial role in managing
risk for insurers. The process involves underwriting risks, setting
premiums, and providing coverage for potential losses.
The use of technology, such as predictive analytics and
artificial intelligence, enables insurers to assess risk more
accurately and offer personalized policies. Additionally, the
industry is subject to regulations, such as the Dodd-Frank Act and
the Affordable Care Act, which aim to protect consumers and ensure
fair business practices. Overall, the Insurance Market is essential
for risk management and financial security.
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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SOURCE Technavio