Press release
Premium Finance Market Report, Size, Share, Growth, Trends, Industry Analysis, Forecast to 2033
Premium Finance Market
The new report published by The Business Research Company, titled Premium Finance Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the premium finance market size has grown rapidly in recent years. It will grow from $46.08 billion in 2023 to $51.37 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The premium finance market size is expected to see rapid growth in the next few years. It will grow to $79.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
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What Is Driving The Growth Of The Global Premium Finance Market?
Expansion Of Non Banking Financial Companies (NBFCs) Drives Growth In Premium Finance Market
The growth of non-banking financial companies (NBFCs) is expected to propel the growth of the premium finance market going forward. Non-banking financial companies (NBFCs) refer to financial institutions that provide various banking services without holding a banking license. The growth of non-banking financial companies is driven by factors such as regulatory reforms and increasing demand for credit in underserved markets. Non-banking financial companies (NBFCs) assist with premium finance by offering flexible loan structures, quicker approval processes, and competitive rates, making insurance more accessible and affordable for policyholders. For instance, in December 2022, the Financial Stability Board (FSB), a Switzerland-based not-for-profit association, reported that the non-banking financial companies (NBFCs) sector grew by 8.9% in 2021, surpassing its five-year average growth of 6.6%, and reaching $239.3 trillion. Therefore, non-banking financial companies (NBFCs) growth is driving the premium finance market.
What Is The Key Trend In The Global Premium Finance Market?
ePayPolicy Enhances Premium Financing With New Finance Connect Integration
Major companies operating in premium finance are developing comprehensive financial networks to enhance their service offerings and streamline transactions. A financial network is a system of interconnected financial institutions and services that facilitate transactions, data exchange, and communication. It enhances financial operations by improving the efficiency, accuracy, and accessibility of financial services. For instance, in April 2024, ePayPolicy, a US-based insurance technology (Insurtech) and financial services company, launched Finance Connect, an advanced feature designed to streamline premium financing for insurance companies. This feature works seamlessly with existing premium finance company (PFC) partners, offers flexible payment options, and simplifies auto-payment and reminders. It improves conversion rates and operational efficiency, addressing the growing demand for digital and automated financial solutions in the premium finance market.
How Is The Global Premium Finance Market Segmented?
The premium finance market covered in this report is segmented -
1) By Type: Life Insurance, Non-Life Insurance
2) By Interest Rate: Fixed Interest Rate, Floating Interest Rate
3) By Provider: Banks, Non Banking Financial Company (NBFCs), Other Providers
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How Is The Competitive Landscape Of The Global Premium Finance Market?
Major companies operating in the premium finance market are 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
Contents Of The Global Premium Finance Market
1. Executive Summary
2. Premium Finance Market Report Structure
3. Premium Finance Market Trends And Strategies
4. Premium Finance Market - Macro Economic Scenario
5. Premium Finance Market Size And Growth
…..
27. Premium Finance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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