Life and Non-Life Insurance Market Scope, Analysis, and Trends by 2031
Life and Non-Life Insurance Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9561.30 Billion |
| Market Size by 2031 | US$ 15470.81 Billion |
| Global CAGR (2023 - 2031) | 6.2% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Insurance Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
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.
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