Market Size of Global Life and Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Life and Non-Life Insurance Market Analysis
The global life and non-life insurance market is estimated at approximately USD 8100 billion during the current year and is poised to grow at a CAGR of greater than 4% during the forecast period. Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies. Reinsurance providers are businesses that assume all or part of the risk associated with an existing insurance policy or set of policies originally underwritten by another insurance carrier (direct insurance carrier). The main types of insurance are life insurance, property and casualty insurance, and health and medical insurance. Life insurance refers to the insurance that covers the package of lifetime critical benefits for the individual. The various mode is online and offline. The services are used by corporate and individual end users. The 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.
The COVID-19 crisis continues to have a significant impact on individuals, society, businesses, and the wider economy across the world. The insurance industry has not escaped its impact, but insurers have responded quickly to the crisis. As the broader economy recovers and responds to the pandemic, insurers will face several challenges but also see many new opportunities in the medium to long term. The pandemic significantly changed the claims experiences for several types of insurance. In some countries, there has been an increase in claims on the life insurance segment due to COVID-19. The crisis has affected the solvency, profitability, and profitability of the insurance sector. There was a strong recovery in global insurance premiums growth in 2021.
