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Report
Global Life and Non-Life Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 140 Pages I Mordor Intelligence
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. 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. North America was the largest region in the insurance market in 2021. Asia Pacific was the second-largest region in the insurance market.
The COVID-19 crisis continues to have a significant impact on individuals, society, businesses and the wider economy across the globe. 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 is a strong recovery in global insurance premiums growth in 2021.
Life & Non-Life Insurance Market Trends
Cyber Insurance is Driving the Market
Cyber insurance solutions enable organizations to mitigate the risk of cyber threat activity such as data breaches and cyberattacks. It protects businesses from the cost of internet-based attacks affecting information governance, IT infrastructure, and information policy, which often are not covered by traditional insurance products and commercial liability policies. The increasing data breaches and cybersecurity risks drive businesses to implement cyber insurance policies. Also, many countries impose fines and mandate governing terms and conditions on companies for any data breach. Small and medium enterprises are also being targeted for cyberattacks. This fuels the demand for new insurance products for small businesses.
Significant Growth in Insurtech Adoption is Driving the Market
The increasing number of insurance claims worldwide is one of the major factors accentuating the market growth. Auto, life, and home are the most common insurance claims secured by people worldwide. The use of technology in insurance can make products more affordable, businesses more profitable, and provide access to new risk pools. Insurance companies have been integrating digital technologies into their traditional processes and everyday workflows, to reduce manual efforts, time, and costs. 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.
Life & Non-Life Insurance Market Competitor Analysis
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.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Shaping the Market
4.5 Insights on Impact of Technology in the Market
4.6 Industry Attractiveness - Porters' Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Life Insurance
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non-life Insurance
5.1.2.1 Home
5.1.2.2 Motor
5.1.2.3 Other Non-life Insurances
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.5 Middle East
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of the Middle East
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers and Acquisitions
6.3 Company Profiles
6.3.1 Ping An Insurance Group
6.3.2 UnitedHealth Group
6.3.3 Allianz
6.3.4 AXA Group
6.3.5 China Life
6.3.6 AIA Group
6.3.7 MetLife
6.3.8 Zurich Insurance
6.3.9 Cigna*
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