The insurance market has experienced significant growth recently, increasing from $7265.22 billion in 2023 to $7793.45 billion in 2024, with a CAGR of 7.3%. The growth in the historic period is attributed to globalization of insurance services, demographic changes, natural disasters, shifts in consumer behavior, and expanded distribution channels. The market is projected to reach $10288.43 billion by 2028, with a CAGR of 7.2%. Key growth drivers include digital transformation, cyber insurance emphasis, population health management, climate change risks, and climate risk insurance. Trends to watch include insurtech collaborations, AI-driven personalization, blockchain for efficiency, customer-centric digital experiences, ecosystem partnerships, and regulatory technology (RegTech).
Major Driver In The Insurance Market
The surging internet penetration and the heightened risks associated with critical online transactions are fueling the demand for cyber insurance. This type of insurance covers risks related to internet use and information technology infrastructure, encompassing property theft, business interruption, software and data loss, cyber extortion, network failure liability, cyber-crime, and physical asset damage. In 2021, the National Health Authority of India reported 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India, with a quarterly increase of 25 million. Thus, the rapid expansion of internet penetration and the escalating risks associated with online activities drive the cyber insurance market. The market size for cyber insurance is projected to increase from its 2023 value of X to X in 2024 and X in 2028.
Request A Free Sample Of The Global Insurance Market Report
Insurance Market Competitive Landscape
Berkshire Hathaway Inc., Centene, Anthem Inc., Allianz Group, Axa Group, Assicurazioni Generali S.p.A., Humana, State Farm Mutual Automobile Insurance Company, People's Insurance Company of China, Japan Post Group, Nationwide Mutual Insurance Company, Allstate Corporation, Liberty Mutual Holding Company Inc., Chubb Limited, The Travelers Companies Inc., Fairfax Financial Holdings Limited, The Hartford Financial Services Group Inc., American Family Insurance Group, CNA Financial Corporation, Markel Corporation, W. R. Berkley Corporation, Auto-Owners Insurance Company, The Cincinnati Insurance Companies, Erie Insurance Group, AmTrust Financial Services Inc., The Hanover Insurance Group Inc., Church Mutual Insurance Company, Brotherhood Mutual Insurance Company, Ping An Insurance, China Life Insurance, Tokio Marine & Nichido Fire Insurance Co. Ltd., Farmers Group Inc., Tata AIG General Insurance Company Limited, GNY Insurance Companies
Key Insurance Market Trend
Major companies operating in the insurance market are adopting new technologies, such as the AI-powered tool PolicyGPT, to sustain their position in the market. PolicyGPT is an AI-powered solution that attempts to give clients enlightening information about their policies by interacting with a bot in natural language. For instance, in April 2023, Plum Benefits Private Limited, an India-based health insurance company, launched the AI-powered tool PolicyGPT. A chatbot named PolicyGPT was developed utilizing the Open AI GPT-3 architecture to give people details about the health insurance policy they bought from Plum. It has access to information on user policies and a general understanding of health insurance, with the main objective of informing users about their coverage.
Get The Full Global Insurance Market Report
Insurance Market Segmentation
The insurance market covered in this report is segmented –
1) By Type: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance
2) By Mode: Online, Offline
3) By End User: Corporate, Individual
Subsegments Covered: Term Life Insurance, Whole Life Insurance, Variable Life Insurance, Equity Indexed Life Insurance, Accidental Death Insurance, Other Life Insurance, Automobile Insurance Carriers, Malpractice/Indemnity Insurance Carriers, Fidelity Insurance Carriers, Mortgage Guaranty Insurance Carriers, Homeowners Insurance Carriers, Surety Insurance Carriers, Liability Insurance Carriers, Hospitalization Insurance, Hospital Daily Cash Benefit Insurance, Critical Illness Insurance, Domiciliary Insurance, Other Health & Medical Insurance
By Geography:The regions covered in the insurance market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
North America was the largest region in the insurance market in 2023.
The Insurance Global Market Report 2024 furnishes information about the global insurance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
