The notable factors positively affecting the insurance market
include a rise in adoption for life insurance services among
individuals and an increase in development strategies by public and
private companies which propel the market growth.
WILMINGTON, Del., Aug. 9, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Insurance
Market by Type (Life Insurance and General Insurance),
and Distribution Channel (Insurers, Insurance Brokers and Agencies,
Banks and Others): Global Opportunity Analysis and Industry
Forecast, 2024-2032". According to the report, the insurance
market was valued at $9.0 trillion in
2023, and is estimated to reach $28.5
trillion by 2032, growing at a CAGR of 13.5% from 2024 to
2032.
Get Your Sample Report & TOC Today:
https://www.alliedmarketresearch.com/request-sample/A17037
(We are providing report as per your research requirement,
including the Latest Industry Insight's Evolution, Potential and
COVID-19 Impact Analysis)
118 – Tables
54 – Charts
350 – Pages
Prime determinants of growth
Enforcement of strong rules by banks and financial institutions
for providing insurance services can hinder market growth.
Furthermore, technological advancements in life insurance services
offer lucrative market opportunities for the market
players.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2022
|
$9.0
trillion
|
Market Size in
2032
|
$28.5
trillion
|
CAGR
|
13.5 %
|
No. of Pages in
Report
|
350
|
Segments
covered
|
Type, Distribution
Channel and Region.
|
Drivers
|
- Rise in adoption for life insurance services
among individuals
- Increase in development strategies by public
and private companies
|
Opportunities
|
Technological
advancements in life insurance services
|
Restraints
|
Enforcement of strong
rules by banks and financial institutions for providing insurance
services
|
Purchase This Comprehensive 188-Page Report (PDF with
Insights, Charts, Tables, and Figures) @
https://bit.ly/4fynIhR
The life insurance segment held the highest market share in
2023.
Based on type, the life insurance segment held the highest
market share in 2023. This dominance is often attributed to the
fundamental role life insurance plays in providing peace of mind
and long-term financial security. Life insurance policies offer
various benefits, including death benefits that provide a financial
cushion to beneficiaries in the event of the policyholder's death,
as well as living benefits such as cash value accumulation and
supplemental income through annuities.
The insurance brokerage and agencies segment held the highest
market share in 2023.
Based on the distribution channel, the large enterprise segment
held the highest market share in 2023. The proliferation of digital
technology has helped agencies to offer the products directly to
consumers through online platforms, mobile apps, and digital
marketing channels. Customers may easily investigate, evaluate, and
purchase life insurance products from smartphones.
North America held the
highest market share in 2023
Based on region, North America
held the highest market share in terms of revenue in 2023 and is
expected to boost in terms of revenue throughout the forecast
timeframe. Well-developed infrastructure is accelerating the
adoption of the most recent technologies, including insurance in
North America.
Players: -
- UnitedHealth Group Incorporated
- Centene Corporation
- Elevance Health, Inc.
- AXA S.A.
- Allianz SE
- State Farm Group
- Progressive Corporation
- HDI V.a.G.
- Zurich Ins Group
- MetLife Inc.
The report provides a detailed analysis of these key players in
the global insurance market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Access Your Customized Sample Report & TOC Now:
https://www.alliedmarketresearch.com/request-for-customization/A17037
Recent Industry Development:
- In May 2024, Transcarent launched
an AI-driven solution, to simplify healthcare navigation. The newly
introduced AI chatbot, developed on the ChatGPT framework, is
designed to address common health insurance inquiries, including
cost estimates for medical services, deductible queries, and
provider recommendations.
- In May 2024, Everest Insurance
unveiled its Australian Insurance operations following approval
from the Australian Prudential Regulation Authority.
- In May 2023, the Insurance
Regulatory and Development Authority of India (IRDAI) launched a bundled product which
will provide life, health, casualty and property cover in a single
insurance policy at an affordable price.
Get More Information Before Buying:
https://www.alliedmarketresearch.com/purchase-enquiry/A17037
Trending Reports in BFSI Industry (Book Now with 10% Discount
+ Covid-19 scenario):
Cargo Insurance Market Size, Share, Competitive Landscape
and Trend Analysis Report, by Insurance Type, by Distribution
Channel, by End User : Global Opportunity Analysis and Industry
Forecast, 2023-2032
Critical Illness Insurance Market Size, Share, Competitive
Landscape and Trend Analysis Report, by Application, by Premium
Mode, by End User: Global Opportunity Analysis and Industry
Forecast, 2021-2031
Reinsurance Market Size, Share, Competitive Landscape and
Trend Analysis Report, by Type, by Application, by Distribution
Channel, by Mode: Global Opportunity Analysis and Industry
Forecast, 2021-2031
Medical Professional Liability Insurance Market Size, Share,
Competitive Landscape and Trend Analysis Report, by Type, by Claim
Type, by Coverage, by Application, by Distribution Channel: Global
Opportunity Analysis and Industry Forecast, 2021-2031
Key Benefits for
Stakeholders
- This report provides a quantitative analysis of the insurance
market segments, current trends, estimations, and dynamics of the
insurance market analysis from 2023 to 2032 to identify the
prevailing insurance market opportunities.
- Market research is offered along with information related to
key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders make profit-oriented business
decisions and strengthen their supplier-buyer network.
- In-depth analysis of the insurance market segmentation assists
to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the global insurance market
statistics.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional and global
insurance market trends, key players, market segments, application
areas, and market growth strategies.
Insurance Market Report
Highlights
By Type
- Life Insurance
- General Insurance
By Distribution Channel
- Insurers
- Insurance Brokers and Agencies
- Banks
- Others
By Region
- North America (U.S.,
Canada)
- Europe (UK,
Germany, France, Italy, Spain,
Rest of Europe)
- Asia-Pacific
(China, Japan, India,
Australia, South Korea, Rest of Asia-Pacific)
- Latin America
(Argentina, Brazil, Colombia, Rest of Latin America)
- MEA (Saudi Arabia,
South Africa, UAE, Rest of
MEA)
Key Market Players : Zurich Ins Group, Allianz SE, State
Farm Group, AXA S.A., Elevance Health, Inc., Progressive
Corporation, Centene Corporation, MetLife Inc., UnitedHealth Group
Incorporated, HDI V.a.G.
About Us:
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Wilmington, Delaware. Allied
Market Research provides global enterprises as well as
medium and small businesses with unmatched quality of "Market
Research Reports Insights" and "Business Intelligence Solutions."
AMR has a targeted view to provide business insights and consulting
to assist its clients to make strategic business decisions and
achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps
us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Allied Market Research CEO
Pawan Kumar is instrumental in
inspiring and encouraging everyone associated with the company to
maintain high quality of data and help clients in every way
possible to achieve success. Each and every data presented in the
reports published by us is extracted through primary interviews
with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals
and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Logo:
https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/insurance-market-to-reach-28-5-trillion-globally-by-2032-at-13-5-cagr-allied-market-research-302217806.html