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Report
Global Insurance Industry Market
Market Research Report I 2022-09-16 I 103 Pages I BCC Research
Description
Report Scope:
The current report offers a detailed picture of the insurance market.
This report further analyzes the market based on insurance type, providing an analysis of life and non-life insurance. In addition, the report also analyzes the distribution channels for the insurance industry. Furthermore, a complete regional analysis of the market is also in the report.
Report Includes:
- 39 data tables and 19 additional tables
- A comprehensive overview of the global markets for insurance products and services
- Analyses of the global market trends, with historic market revenue data for 2020 and 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027
- Coverage of the most important technological, economic, and environmental considerations in the insurance industry market
- Estimation of the actual market size and market forecast for insurance industry, and corresponding market share analysis based on the type of insurance, distribution channel, end user, and region
- Latest information on key market drivers and opportunities, industry shifts and regulations, and other demographic factors that will influence this market demand in the coming years (2022-2027)
- Insight into the major technology challenges, issues and risks, government regulations, recent developments, and COVID-19 impact on the global insurance industrymarket
- Updated information on the latest market developments, merger and acquisition deals, partnerships, collaborations and other strategic alliances within the global insurance industry
- Descriptive company profiles of the leading global players, including molina healthcare inc., ping an insurance, prudential plc and state farm.
Executive Summary
Summary:
Increasing awareness of the benefits offered by insurance is a key driving force for the insurance industry. An insurance policy is a lawful agreement between the insured and the insurer that sets out the situations and rules in which the insurance company is bound to reimburse a specified amount to the person insured or nominees of that person. Insurance is a means of safeguarding a person and their loved ones from financial damage. Usually, the larger the insurance plan, the smaller the premium in terms of money reimbursed.
Over the forecast period, insurers are expected to wrestle with numerous bottom line concerns, stemming from possible new strains of COVID-19 and derailed economies, to ensure growth in the global insurance industry.
Rising flat interest and inflation rates could obstruct further enhancing insurer results. The rapid rise in demand for materials and goods, and constant supply chain interruptions, have led to increased claims for commercial and personal property losses. Subsequent cost hikes for auto parts, such as computer chips for smart cars), rental vehicles and construction materials are expenses that is hampering the increase in insurer loss costs in 2022, rand are expected to push property and casualty (P&C) price hikes for buyers.
However, despite the trends of rising labor costs and price hike, loan rates have remained comparatively low. Governments around the world are focusing on averting destabilizing the recovery force and the risk of economies slipping into recession. In any case, this could subvert investment returns for businesses by restricting the profitability and growth of life and annuity (L&A) products that are sensitive to interest rates.
The hike in regulatory prices is also hindering the global growth of the insurance industry. For instance, carriers worldwide are participating to close arrangements to comply with International Financial Reporting Standards 17 (IFRS 17), which sets out how insurance agreement assets and liabilities are presented in a company balance sheet. Implementation of IFRS 17 will be in effect by January 2023, costing global insurers an estimate U.S. $REDACTED .
Table of Contents
Chapter 1 Introduction
1.1 Study Goals and Objectives
1.2 Reasons for Doing this Study
1.3 Scope of Report
1.4 Information Sources
1.5 Methodology
1.6 Geographic Breakdown
1.7 Analyst's Credentials
1.8 BCC Custom Research
1.9 Related BCC Research Reports
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
3.1 Key Data Points
3.1.1 Global Insurance Industry
3.1.2 India
3.2 Reimbursement Practices
3.2.1 United States
3.2.2 Europe
3.2.3 Japan
3.2.4 Rest of World
Chapter 4 Market Dynamics
4.1 Drivers
4.1.1 Demand for Additional Insurance Policies and Digitization across Asia-Pacific
4.1.2 Rising Incidence of Chronic Diseases
4.2 Challenges
4.2.1 Higher Inflation is an Increased Risk for Insurers
4.3 Restraints
4.3.1 Rise in Global Mortality Protection Gap
4.4 Opportunities
4.4.1 Increased Demand for Annuity and Pension Products
4.4.2 Increased Demand for Guaranteed Return Products and Term Insurance
4.4.3 On-line Platforms to Promote Sales
4.4.4 Untapped Potential in Emerging Markets
Chapter 5 Impact of COVID-19
5.1 Introduction
Chapter 6 Global Insurance Market by Insurance Type
6.1 Life Insurance
6.1.1 Market Size and Forecast
6.2 Non-life Insurance
6.2.1 Auto Insurance
6.2.2 Cyber Insurance
6.2.3 Market Size and Forecast
Chapter 7 Global Insurance Market by Distribution Channel
7.1 Agents
7.1.1 Market Size and Forecast
7.2 Banks
7.2.1 China
7.2.2 Market Size and Forecast
7.3 Direct
7.3.1 Market Size and Forecast
7.4 Other Distribution Channels
7.4.1 Market Size and Forecast
Chapter 8 Market Breakdown by Region
8.1 North America
8.1.1 United States
8.1.2 Canada
8.2 Europe
8.2.1 Germany
8.2.2 United Kingdom
8.2.3 France
8.2.4 Italy
8.2.5 Spain
8.2.6 Rest of Europe
8.3 Asia-Pacific
8.3.1 China
8.3.2 Japan
8.3.3 India
8.3.4 Rest of Asia-Pacific
8.4 Rest of the World
Chapter 9 Competitive Landscape
9.1 Overview
9.2 Company Revenues
9.3 Recent Developments and Initiatives
Chapter 10 Company Profiles
ALLIANZ GROUP
ANTHEM INC.
ASSICURAZIONI GENERALI S.P.A.
AXA
BERKSHIRE HATHAWAY INC.
CENTENE CORP.
CHINA LIFE INSURANCE CO. LTD.
CIGNA EUROPEAN SERVICES (UK) LTD.
CVS HEALTH
DAI-ICHI LIFE HOLDINGS INC.
HUMANA INC.
JAPAN POST HOLDING
LIFE INSURANCE CORP. OF INDIA
METLIFE INC.
MOLINA HEALTHCARE INC.
MUNICH REINSURANCE CO.
PEOPLE'S INSURANCE CO. (GROUP) OF CHINA LTD.
PING AN INSURANCE
PRUDENTIAL PLC
STATE FARM
List of Tables
Summary Table : Global Market for Insurance, by Region, Through 2027
Table 1 : Leading Causes of Deaths, Worldwide, 2004 and 2030
Table 2 : Cancer Statistics Across Emerging Asia-Pacific Countries, by Type, 2020
Table 3 : Global Market for Insurance, by Insurance Type, Through 2027
Table 4 : Global Market for Life Insurance, by Region, Through 2027
Table 5 : Average Expenditures for Auto Insurance in the U.S., 2010-2019
Table 6 : Top 10 Writers of Identity Theft Insurance, by Direct Premiums Written, 2021
Table 7 : Top 10 Writers of Cybersecurity Insurance, by Direct Premiums Written, 2021
Table 8 : Global Market for Non-life Insurance, by Region, Through 2027
Table 9 : Global Market for Insurance, by Distribution Channel, Through 2027
Table 10 : Global Market for Insurance through Agents, by Region, Through 2027
Table 11 : Global Market for Insurance through Banks, by Region, Through 2027
Table 12 : Global Market for Insurance through Direct Distribution, by Region, Through 2027
Table 13 : Global Market for Insurance through Other Distribution Channels, by Region, Through 2027
Table 14 : Global Market for Insurance, by Region, Through 2027
Table 15 : North American Market for Insurance, by Country, Through 2027
Table 16 : Net Premiums Written, Property/Casualty and Life/Annuity Insurance in the U.S., 2012-2021
Table 17 : Direct Premiums Written, Property/Casualty and Life/Annuity Insurance, in the U.S., 2012-2021
Table 18 : European Market for Insurance, by Country, Through 2027
Table 19 : Insurance Industry Participants in Switzerland, 2016-2020
Table 20 : Asia-Pacific Market for Insurance, by Country, Through 2027
Table 21 : New Cancer Cases in Japan by All Ages, 2020
Table 22 : Revenues for Global Insurance Companies, 2021
Table 23 : Recent Developments and Initiatives in Insurance Industry, 2020-2022
Table 24 : Allianz Group: Product Portfolio
Table 25 : Allianz Group: Company Financials, 2020 and 2021
Table 26 : Anthem Inc.: Product Portfolio
Table 27 : Anthem Inc.: Company Financials, 2020 and 2021
Table 28 : Assicurazioni Generali: Product Portfolio
Table 29 : Assicurazioni Generali: Company Financials, 2020 and 2021
Table 30 : AXA Group: Product Portfolio
Table 31 : AXA Group: Company Financials, 2020 and 2021
Table 32 : AXA Group: Financials, by Segment, 2020 and 2021
Table 33 : Berkshire Hathaway: Company Financials, 2020 and 2021
Table 34 : Centene Corp.: Product Portfolio
Table 35 : Centene Corp.: Company Financials, 2020 and 2021
Table 36 : China Life Insurance Co. Ltd: Company Financials, 2020 and 2021
Table 37 : China Life Insurance Co. Ltd.: Product Portfolio
Table 38 : Cigna European Services (UK) Ltd.: Product Portfolio
Table 39 : Cigna European Services (UK) Ltd.: Company Financials, 2020 and 2021
Table 40 : CVS Health: Company Financials, 2020 and 2021
Table 41 : CVS Health: Product Portfolio
Table 42 : Dai-ichi Life Holdings: Company Financials, 2019 and 2020
Table 43 : Dai-ichi Life Holdings: Product Portfolio
Table 44 : Humana Inc.: Financial Performance, 2020 and 2021
Table 45 : Humana Inc.: Product Portfolio
Table 46 : Life Insurance Corp. of India: Product Portfolio
Table 47 : Life Insurance Corp. of India: Financial Performance, 2020 and 2021
Table 48 : MetLife Inc.: Company Financials, 2020 and 2021
Table 49 : MetLife Inc.: Product Portfolio
Table 50 : Molina Healthcare: Company Financials, 2020 and 2021
Table 51 : Munich Reinsurance Co.: Product Portfolio
Table 52 : Munich Reinsurance Co.: Company Financials, 2020 and 2021
Table 53 : People's Insurance Co. of China Ltd.: Financials, 2019 and 2020
Table 54 : People's Insurance Co. of China Ltd.: Product Portfolio
Table 55 : Ping An Insurance: Product Portfolio
Table 56 : Ping An Insurance: Company Financials, 2020 and 2021
Table 57 : Prudential: Company Financials, 2020 and 2021
Table 58 : State Farm: Company Financials, 2020 and 2021
List of Figures
Summary Figure A : Global Market Shares of Insurance, by Region, 2021
Summary Figure B : Global Market Outlook for Insurance, by Region, 2022-2027
Figure 1 : Global Insurance Market Snapshot
Figure 2 : Global Insurance Market Penetration Outlook
Figure 3 : Global Projections Market for Three Chronic Diseases, 2005-2030
Figure 4 : Global Deaths from CVD, 2015 and 2030
Figure 5 : Calculating the Mortality Protection Gap in Present Value Terms
Figure 6 : Shares of Global Market for Insurance, by Insurance Type, 2021
Figure 7 : Global Market for Life Insurance, 2020-2027
Figure 8 : Global Market for Non-life Insurance, 2020-2027
Figure 9 : Global Market Shares of Insurance, by Distribution Channel, 2021
Figure 10 : Global Market for Insurance through Agents, 2020-2027
Figure 11 : Global Market for Insurance through Banks, 2020-2027
Figure 12 : Global Market for Insurance through Direct Distribution, 2020-2027
Figure 13 : Global Market for Insurance through Other Distribution Channels, 2020-2027
Figure 14 : Global Market Shares of Insurance, by Region, 2021
Figure 15 : North American Market Shares of Insurance, by Country, 2021
Figure 16 : U.S. Market for Insurance, 2020-2027
Figure 17 : Canadian Market for Insurance, 2020-2027
Figure 18 : Rising Geriatric Population in Germany, 2000-2030
Figure 19 : German Market for Insurance, 2020-2027
Figure 20 : U.K. Market for Insurance, 2020-2027
Figure 21 : French Market for Insurance, 2020-2027
Figure 22 : Italian Market for Insurance, 2020-2027
Figure 23 : Spanish Market for Insurance, 2020-2027
Figure 24 : Rest of Europe Market for Insurance, 2020-2027
Figure 25 : Chinese Market for Insurance, 2020-2027
Figure 26 : Japanese Market for Insurance, 2020-2027
Figure 27 : Market Share of Major Companies in Terms of Gross Direct Premium Collected in India, 2021
Figure 28 : Indian Market for Insurance, 2020-2027
Figure 29 : Rest of Asia-Pacific Market for Insurance, 2020-2027
Figure 30 : RoW Market for Insurance, 2020-2027
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