The financial protection market size has grown strongly in recent years, with an increase from $61.42 billion in 2023 to $65.29 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.3%. The historical growth can be linked to regulatory reforms, demographic shifts, economic downturns, technological advancements, healthcare reforms, and growing consumer awareness of financial risks. In the coming years, the financial protection market is anticipated to grow to $83.88 billion in 2028 at a CAGR of 6.5%. This growth will be driven by accelerated digital transformation, rising cyber threats, increased adoption of parametric insurance, expansion of ESG-focused products, integration of AI in insurance operations, and growth in microinsurance targeted at emerging markets. Key trends during this period will include the rise of personalized insurance solutions leveraging big data analytics, a focus on sustainable and ESG-aligned products, integration of blockchain for secure transactions, expansion of parametric insurance offerings, growth in cyber insurance to mitigate digital risks, and the adoption of AI for enhanced customer service.
Global Financial Protection Market Key Driver
The rising volume of digital financial transactions is expected to drive the growth of the financial protection market. Digital financial transactions, which include electronic monetary exchanges conducted through online platforms, mobile devices, and other digital channels, are increasing due to the growth of digital banking services, making transactions more convenient and efficient. Financial protection solutions are critical to safeguarding these transactions by utilizing advanced algorithms to prevent fraudulent activities. According to the International Monetary Fund, between 2019 and 2021, the value of mobile money transactions in low-income countries increased from 40% to 70% of GDP, while mobile and internet banking transactions in middle-income countries rose from 225% to 324% of GDP. This expansion in digital financial activity is expected to propel the financial protection market through 2023, continuing into 2024, with significant growth projected by 2028.
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Global Financial Protection Market Segments
The financial protection market covered in this report is segmented –
1) By Type: Long Term Financial Protection, Short Term Financial Protection
2) By Policy Coverage: Payment Protection, Mortgage Payment Protection
3) By End-Users: Men, Women
By Geography:The regions covered in the financial protection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the financial protection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Financial Protection Industry Players
Ping An Insurance (Group) Company of China Ltd., Cigna Corporation, Allianz SE, MetLife Inc., Dai-ichi Life Holdings Inc., China Pacific Insurance (Group) Co. Ltd., Nationwide Mutual Insurance Company, Prudential Financial Inc., American International Group, Tokio Marine Holdings Inc., Zurich Insurance Group, Sompo Holdings Inc., Mapfre S.A., Hartford Financial Services Group Inc., AIA Group Limited, Aflac Incorporated, Lincoln National Corporation, Sun Life Financial Inc., Principal Financial Group, Samsung Life Insurance, Manulife Financial Corporation, FWD Group, Great-West Lifeco Inc., Legal & General Group plc, Standard Life Aberdeen plc, Aviva plc
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Financial Protection Market Overview
Financial protection refers to the range of products and services designed to safeguard individuals, families, and businesses from financial risks and uncertainties. The goal of financial protection is to mitigate financial risks and ensure financial well-being in the face of adversity.
Financial Protection Global Market Report 2023 provides data on the global financial protection market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The financial protection market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
