Life and Non-Life Insurance Market to Witness Huge Growth by 2028 | Massachusetts Mutual Life Insurance Company, Unitedhealth Group Incorporated, Berkshire Hathaway Inc

The life and non-life insurance market in India is estimated to register a CAGR of approximately 6%, during the forecast period.

life and non-life insurance market. It focuses on the market dynamics, emerging trends in the segments, regional markets, and insights on various product and application types. Additionally, it analyses the key players and the competitive landscape in the market studied.

Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. The policyholder receives the benefits of the insurance coverage.

The report is updated with the impact of the currently ongoing COVID-19 pandemic. The pandemic has dynamically affected key market segments and changed the growth pattern and demands in the Life and Non-Life Insurance market. The report covers an in-depth analysis of these changes and provides an accurate estimate of the market growth forecast after the impact of the pandemic.

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Some of the key players operating in the Life and Non-Life Insurance market are Massachusetts Mutual Life Insurance Company, Unitedhealth Group Incorporated, Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China, Ltd., Cigna Corporation

Non-life insurance is, the losses that are incurred from a specific financial event are compensated to the insured this is called non-life insurance. General insurance, property insurance and casualty insurance are other names of non-life insurance. It can be defined as any insurance that is not related to life insurance. People, legal liabilities and properties are covered under a non-life insurance policy.

Market segmentation:
This report segments the market on the basis of by type are:

Life Insurance and Non-life Insurance

On the basis by application, the market is segmented into:

Pharmacies
Hospitals

Key Market Trends

Insurance Industry is Growing Rapidly

India’s share in the global insurance market was 1.92%, in 2018. During the same year, the total insurance premium in the country increased by 9.3%, whereas the global total insurance premium increased by 1.5%. Globally, the share of life insurance business in total premium was 54.30% and the share of non-life insurance premium was 45.70%, in 2018. However, the share of life insurance business for India was very high at 73.85%, while the share of non-life insurance business was at 26.15%.
In life insurance business, India is at rank 10 among the 88 countries, as published by Swiss Re. India’s share in the global life insurance market was 2.61%, in 2018. Nevertheless, the life insurance premium in India increased by 7.7% when global life insurance premium increased by just 0.2%, and the Indian non-life insurance sector witnessed a growth of 14%, in 2018.
During the same period, the growth in global non-life insurance premium was 3%. However, the share of Indian non-life insurance premium in global non-life insurance premium was at 1.1% and India ranked 15th in the global non-life insurance market.

The report is mainly segmented into several key regions, with sales, revenue, market share, and growth rate in these regions, covering:

North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Table of Contents: -

1. Global Life and Non-Life Insurance Market Overview
2. Global Life and Non-Life Insurance Market Competitions by Manufacturers
3. Global Life and Non-Life Insurance Capacities, Production, Revenue (Value) by Region
4. Global Life and Non-Life Insurance Supply (Production), Consumption, Export, Import by Region
5. Global Life and Non-Life Insurance Productions, Revenue (Value), Price Trend by Type
6. Global Life and Non-Life Insurance Market Analyses by Application
7. Global Life and Non-Life Insurance Manufacturers Profiles/Analysis
8. Life and Non-Life Insurance Manufacturing Cost Analysis
9. Industrial Chain, Sourcing Strategy and Downstream Buyers
10. Marketing Strategy Analyses, Distributors/Traders
11. Market Effect Factors Analysis
12. Global Life and Non-Life Insurance Market Forecast
13. Research Findings and Conclusion
14. Appendixes

The research includes historic data from 2015 to 2021 and forecasts until 2028 which makes the report's an invaluable resource for industry executives, Marketing, Sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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