Life and Non-Life Insurance Market - Growth, Size, Share 2031

The life and non-life insurance market size is expected to grow from US$ 9561.30 billion in 2023 to US$ 15470.81 billion by 2031; it is anticipated to expand at a CAGR of 6.2% from 2023 to 2031. Currently, the global market has been experiencing volatility, which can be attributed to ever-changing geo-political conditions, climate change, technology shifts, and customer behavior. This has pushed enterprises across the globe to revisit company strategies and revise their business models, organizational culture, and tech infrastructure, among others. In the wake of these developments, the insurance industry has also been evolving to support the risks entailing such changes in enterprises and consumer behavior.

Life and Non-Life Insurance Market Analysis

The life and non-life insurance market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Economic growth, an expanding middle class, innovation, and regulatory assistance are propelling the insurance business forward. The revenue of the global life and non-life insurance market is a function of the economic conditions of developed and developing economies. The insurance industry is an important part of the economy because of the number of premiums it collects, the size of its investments, and, more importantly, the critical social and economic function it plays in covering personal and company risks. Globalization has evolved in recent decades as a result of the expansion of commercial and financial networks that cross national borders, making businesses and workers from other economies increasingly interconnected. Greater globalization creates more chances for international investments, resulting in more investment-linked programs. Globalization has also led to an increase in immigrant numbers. There will be more people in the population eager to sign up for insurance products, creating greater prospects for a company.

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Life and Non-Life Insurance Market: Strategic Insights

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Life and Non-Life Insurance

Industry Overview

• Insurance businesses are also beginning to suffer centralization processes as a result of collaborations with banks and reinsurance companies, as well as mergers with smaller and larger competitors.
• The number and variety of insurance services and products are also expanding. For example, we're seeing insurance solutions for newer risks, including informational risk, political risk, security risk, and even military risk.
• InsurTech, like FinTech, is disrupting the financial business. As the insurance business embraces technology innovation and eCommerce, we expect to see more insurance products sold online.
• Urbanization is another factor that has a major influence on the state of the global life and non-life insurance market globally. Urbanization entails massive infrastructure investments, high pace industrialization, and growing population density. This has major risk management and insurance implications. Urbanization brings socio-economic developments, including increased social mobility, education possibilities, and formal employment, which will benefit the life and non-life insurance market growth.

Life and Non-Life Insurance Market Driver

Developments in the InsurTech Industry to Drive the Life and Non-Life Insurance Market

• The insurance industry is undergoing a fundamental transformation fueled by technology and the adoption of innovative InsurTech solutions. As the industry evolves, insurers' ability to fully leverage these disruptive technologies will be critical to keeping ahead of the curve.
• InsurTech visionaries are pioneering innovative insurance technology solutions to address policyholders' increasing needs while streamlining their existing processes. The sector, formerly known for its conventional traditions and paper-intensive processes, is now embracing technology in new ways. For instance, in February 2024, Wipro, a prominent IT business located in Bengaluru, paid $66 million for Aggne, a consultancy and managed services firm that serves the insurance and InsurTech industries. With this, the company aimed at strengthening its P&C insurance sector capabilities. Also, according to a 2023 survey by Delloite, over 86 percent of CE insurers believe that cooperation with InsurTechs can boost their technical development. This has been driving the life and non-life insurance market growth.
• Moreover, the integration of AI and ML technologies into the InsurTech platforms is expected to bring new life and non-life insurance market trends.

Life and Non-Life Insurance

Market Report Segmentation Analysis

• Based on insurance type, the life and non-life insurance market is segmented into life and non-life. The non-life segment is expected to hold a substantial life and non-life insurance market share in 2023.
• Non-life insurance, often known as general insurance, covers assets such as a car, home, travel, accidents, etc. Health insurance in the segment driving the growth in the non-life insurance sector. This can be attributed to the rapid urbanization and rise in disposable income in the hands of the urban workforce. Also, in many countries, investing in health insurance also offers tax benefits, thus driving the non-life insurance market.

Life and Non-Life Insurance

Market Analysis by Geography

The scope of the life and non-life insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific (APAC) is experiencing rapid growth and is anticipated to hold a significant life and non-life insurance market share. The region's significant economic development, growing population, and increasing focus on risk management and insurance have contributed to this growth. APAC is home to many developing countries like India and China, driving the growth of the market.

Life and Non-Life Insurance

Life and Non-Life Insurance Market Regional Insights

The regional trends and factors influencing the Life and Non-Life Insurance Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Life and Non-Life Insurance Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Life and Non-Life Insurance Market Report Scope

Life and Non-Life Insurance Market Players Density: Understanding Its Impact on Business Dynamics

The Life and Non-Life Insurance Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Life and Non-Life Insurance Market are:

1. Allianz
2. Ping An Insurance
3. Axa
4. China Life Insurance
5. MetLife

Disclaimer: The companies listed above are not ranked in any particular order.

The "Life and Non-Life Insurance Market Analysis" was carried out based on insurance type, distribution channel, and geography. In terms of insurance type, the market is segmented into life and non-life. Based on distribution channels, the life and non-life insurance market is segmented into direct, agency, banks, and other distribution channels. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Life and Non-Life Insurance

Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the life and non-life insurance market. A few recent key market developments are listed below:

 

• In January 2024, Generali, Italy's largest insurer, announced that it would take full control of a non-life insurance joint venture in China by buying out local partner CNPC Capital for approximately 99 million euros (US$108 million). Generali announced plans to expand its distribution network in China, focusing on green business insurance to capitalize on the country's goal of becoming carbon neutral by 2060. The acquisition of a 51% holding in Generali China Insurance (GCI) comes after CNPC Capital announced in November that it will run a public sale for its stake in its collaboration with the Italian insurer. According to Generali, this is the first time a foreign insurer has acquired a controlling position in a Chinese property and casualty insurer from a single state-owned business through a public auction.

[Source: Assicurazioni Generali S.p.A., Company Website]

• In October 2022, Berkshire Hathaway Inc. and Alleghany Corporation announced the completion of Berkshire Hathaway's acquisition of Alleghany. Holders of Alleghany common stock, as of immediately prior to the closing of the transaction, were entitled to receive $848.02 per share in cash, representing a total equity value of approximately $11.6 billion. Upon the closing of the transaction, Alleghany became a wholly-owned subsidiary of Berkshire Hathaway. Alleghany continues to be led by Joe Brandon. Goldman Sachs & Co. LLC served as a financial advisor, and Willkie Farr & Gallagher LLP served as a legal advisor to Alleghany. Munger, Tolles & Olson LLP served as legal advisor to Berkshire Hathaway.

[Source: Berkshire Hathaway Inc., Company Website]

Life and Non-Life Insurance

Market Report Coverage & Deliverables

The market report "Life and Non-Life Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.