Global Life and Non-Life Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Life and Non-life Insurance Market is segmented by Insurance Type (Life, Non-Life, and Other Insurance Types) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels).

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: <3 %

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Market Overview

The Global Life and Non-Life Insurance market are estimated to register a CAGR of approximately 3% during the forecast period.

  • Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6% of world gross domestic product, growth came generally from property/casualty insurance expansion in China and other emerging Asian markets. In terms of global insurance premiums, the Asia-Pacific region holds 32.4%, North America 30.8%, and Europe 31.6% in 2018. North America and Europe had the highest insurance penetration rates in 2017, measured by premiums as a percentage of GDP, with 7.1% and 6.5% of GDP, respectively. Asia, which includes the Middle East and Oceania, tied in third place with 5.6%. While Taiwan (21.3%), Hong Kong (17.9%), South Korea (11.6%), Japan (8.6%), and Singapore (8.2%) recorded rates above those seen in North America, about half of the countries in Asia have rates of less than 3% of GDP, with large populous economies, such as Pakistan and Bangladesh, registering rates under 1%. Latin America and the Caribbean, as well as Africa, hold the most potential for catch-up growth, with penetration rates of 3.06% and 2.96%, respectively.
  • InsurTech sector has seen much technological and investment development over the past few years. Traditional insurance business lines, such as health, auto, and commercial, are being revolutionized by new digital-centric startups. New technologies, such as AI and IoT, have been re-architecting insurance data, the foundation of the insurance industry.

Scope of the Report

This report aims to provide a detailed analysis of the global life and non-life insurance market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the global life and non-life Insurance market.

By Insurance Type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Other Non-life Insurances
By Distribution Channel
Direct
Agency
Banks
Other Distribution Channels
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
South America
Brazil
Argentina
Middle East
United Arab Emirates
Saudi Arabia
Rest of the Middle East

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Key Market Trends

Global M&A Activity in Insurance Industry:

There were 382 completed mergers and acquisitions (M&A) worldwide in the insurance sector in 2018, up by 9% (from 350) from the previous year. With 196 deals in the second half of the year, following 186 in the first six months, there have now been three consecutive six-month periods of M&A growth for the first time since 2009. While the Americas remained the most active region for insurance sector M&A with 189 deals in 2018, there was a minor drop off in deal activity in the Americas in the second half of the year with 92 transactions, down from 97 in the first six months. In 2018, there were 18 mega-deals valued in excess of USD 1 billion, including the year’s largest, AXA’s USD 15.1 billion acquisition of XL Catlin. APAC’s M&A activity in the insurance sector were up by 40% in 2018 compared to the previous year, the APAC region is an emerging market.

t1

Significant growth in insurtech adoption:

Insurtech adoption has seen significant growth from 8% in 2015 to almost 50% in 2019. The use of technology in insurance can make products more affordable, business more profitable, and provide access to new risk pools. The insurance companies have been integrating digital technologies into their traditional processes and everyday workflows, in order to reduce manual efforts, time, and costs. Insurance saw an increase in investment increase at 36.5% CAGR between 2014 and 2017. The insurance sector participants sometimes use the term more broadly to encompass the application of digital technology to all stages of the insurance supply chain. As the insurance sectors of developing and emerging markets become more sophisticated, it can be expected that digital solutions may filter down through the insurance supply chain, driving operational efficiency, and ultimately profitability, as is already being seen in more advanced markets.

t2

Competitive Landscape

The report covers the major players operating in the global life and non-life insurance market. The market is fragmented; technology adoption in insurance sector, government initiatives toward changes in insurance regulations, like MTPL (motor third party liability), and many other factors can drive the market during the forecast period.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Other Non-life Insurances

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

      5. 5.3.5 Middle East

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of the Middle East

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Massachusetts Mutual Life Insurance Company

      2. 6.3.2 Unitedhealth Group Incorporated

      3. 6.3.3 Berkshire Hathaway Inc.

      4. 6.3.4 Ping An Insurance (Group) Company of China Ltd

      5. 6.3.5 Cigna Corporation

      6. 6.3.6 CHINA LIFE INSURANCE COMPANY LIMITED

      7. 6.3.7 Anthem Inc.

      8. 6.3.8 AETNA HEALTH INSURANCE (THAILAND) PUBLIC COMPANY LIMITED

      9. 6.3.9 The People's Insurance Company (Group) of China Limited

      10. 6.3.10 NIPPON LIFE INSURANCE COMPANY

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Global Life and Non-Life Insurance Market market is studied from 2016 - 2026.

The Global Life and Non-Life Insurance Market is growing at a CAGR of <3% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Massachusetts Mutual Life Insurance Company, Unitedhealth Group Incorporated, Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China, Ltd., Cigna Corporation are the major companies operating in Global Life and Non-Life Insurance Market.

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