(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinkerannounces the release of the report "Life And Non-Life Insurance Global Market Report 2023" -
, Nippon Life Insurance Company, The Japan Post Holdings Company Ltd., Aviva plc, AIA Group Limited., Assicurazioni Generali SpA, UnitedHealth Group, and Life Insurance Corporation.
The global life and non-life insurance market is expected to grow from $8,361.05 billion in 2022 to $8,852.01 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The life and non-life insurance market is expected to reach $10,665.39 billion in 2027 at a CAGR of 4.8%.
The life and non-life insurance market includes revenues earned by entities by motor insurance, travel insurance, accident insurance, whole life insurance, and term life insurance.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Life and non-life insurance refer to the insurance that provides financial protection and support to the beneficiaries and a wide range of risks and uncertainties related to life and the health and property of a proposer. It aims to provide a payout or death benefit, financial security, and potential losses or damages to property, vehicles, businesses, and liabilities.
North America was the largest region in the life and non-life insurance market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in life and non-life insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main insurance types included in the life and non-life insurance market are life insurance, and non-life insurance.Life insurance is a type of insurance that provides financial protection to the beneficiaries named in the policy in the event of the policyholder's death.
The coverage types are lifetime coverage, and term coverage channeled through direct sales, brokers and individual agents, bankers, and others. The variend users are corporates, individuals, and others.
The rise in insurance penetration is expected to drive the growth of the life and non-life insurance market going forward.Insurance penetration refers to the level of insurance coverage or the percentage of the population or businesses with insurance policies relative to the total insurable market or population.
The rise in insurance penetration provides significant advantages for both life and non-life insurance, as it leads to increased financial protection, risk mitigation, and market stability, benefiting individuals, businesses, and the overall economy. For instance, in 2021, according to the data published by Insurance Information Institute, a US-based association company, life insurance premiums in theincreased by 11.5% from $143.1 in 2020 to $159.5 in 2021. Furthermore, according to Organization for Economic Co-operation and Development, a France-based intergovernmental organization that stimulates world trade, Sweden's insurance penetration increased from 9.8% in 2020 to 11.2% in 2021. Therefore, rising insurance penetration will drive the life and non-life insurance market growth.
Technological advancements are a key trend gaining popularity in the life and non-life insurance market.Major companies operating in the life and non-life insurance market are focused on developing new technological solutions to strengthen their position.
For instance, in March 2023, Sure Insurance LLC, a US-based digital insurance provider, launched Retrace, an e-commerce solution.This unique technology enables online retailers to provide clients with inbuilt one-click insurance and protection.
It includes a collection of APIs (application programming interfaces) that let online retailers integrate security and insurance for variuse cases. The inbuilt Retrace Return Shipping Protection is a ground-breaking new technology that makes online purchasing less frustrating for consumers and retailers.
In February 2022, Allianz SE, a Germany-based financial services company, acquired European Reliance General Insurance Company S.A. for approximately €207 million ($223.8 million). With this acquisition, Allianz strengthens its presence in the lucrative Greek insurance market. European Reliance General Insurance Co. is a Greece-based insurance company offering variinsurance products and services to individuals, businesses, and organizations.
The countries covered in the life and non-life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The life and non-life insurance market research report is one of a series of new reports that provides life and non-life insurance market statistics, including life and non-life insurance industry global market size, regional shares, competitors with a life and non-life insurance market share, detailed life and non-life insurance market segments, market trends and opportunities, and any further data you may need to thrive in the life and non-life insurance industry. This life and non-life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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