(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) -- The "Premium Finance market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Premium finance industry is experiencing a significant upswing with projections indicating a growth from $46.08 billion in 2023 to $51.37 billion in 2024, marking an 11.5% compound annual growth rate. The continued evolution of the premium finance market is set to forge ahead with an anticipated rise to $79.72 billion by 2028, demonstrating a steady CAGR of 11.6%.
This expansion is underpinned by the increasing number of high net worth individuals, growth across luxury goods and services sectors, rising insurance premiums, and escalating interest in asset protection and real estate investments.
Forecast and Future Trends
Emerging trends expected to bolster this growth include technological advancements in digital platforms, innovative financing solutions, enhanced risk assessment, and customer service technologies, as well as growing participation in mobile payment solutions. The market is also expected to benefit from a heightened demand for insurance products and an increase in corporate financing opportunities.
NBFCs Driving Market Growth
A critical element contributing to the momentum of the premium finance market is the robust growth of non-banking financial companies. These entities complement traditional banking services by extending credit to under-represented markets with more agile loan structures, quicker approval times, and attractive rates, improving the accessibility of insurance products for consumers.
Industry Developments
Leading players within the sector are enhancing their offerings through the establishment of extensive financial networks aimed at increasing efficiency and transactional ease. Case in point, the introduction of Finance Connect by a notable insurance technology firm serves to optimize premium financing operations within insurance companies, promoting digital integration and improved financial management.
Furthermore, significant acquisition activities among market players suggest a strategic growth approach, with recent acquisitions aiming to diversify client bases, augment premium finance solutions, and merge organizational expertise-a strategy projected to deliver superior experiences within the insurance domain.
Regional Performance
In 2023, North America represented the dominant force in the premium finance market. However, the Asia-Pacific region is projected to experience the fastest growth rate in the upcoming period. The market analysis extends across various geographic regions, providing a comprehensive overview of performance and growth dynamics globally.
The Essence of Premium Finance
Premium finance facilitates a mechanism whereby third-party financers help individuals and businesses manage the payment of their insurance premiums, thereby offering a financial buffer by extending the premium payments over an agreed timeframe. The market caters to both life and non-life insurance categories, encompassing an array of services that include credit risk assessments and financial advising on top of insurance loan provisions.
In summary, the premium finance market is on the cusp of an impressive trajectory, driven by the convergence of technological innovation, increased access to credit, and strategic industry consolidation. With the market's consistent growth and the resultant economic implications, stakeholders across the sector maintain a vigilant outlook for opportunities that align with the evolving landscape of premium finance.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $51.37 Billion |
| Forecasted Market Value (USD) by 2028 | $79.72 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
Some of the major companies profiled in this Premium Finance market report include:
JPMorgan Chase & Co. Wells Fargo & Company Munich Re Group The Hartford Financial Services Group Inc. Lincoln National Corporation BNY Mellon Wealth Management Sun Life Financial Inc. Symetra Life Insurance Company Valley National Bancorp Wintrust Financial Corporation Byline Bancorp Inc. FMG Suite LLC IPFS Corporation AgentSync Inc. Parkway Bank & Trust Co. US Premium Finance PayLink Direct Succession Capital Inc. ARI Financial Group ClassicPlan Premium Financing Inc. Agile Premium Finance Colonnade Advisors LLC
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Premium Finance Market Report 2024
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