Insurance Market to Reach $28.5 Trillion, Globally, by 2032 at 13.5% CAGR

Allied Market Research published a report, titled, "Insurance Market by Type (Life Insurance and General Insurance), and Distribution Channel (Insurers, Insurance Brokers and Agencies, Banks and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the insurance market was valued at $9.0 trillion in 2023, and is estimated to reach $28.5 trillion by 2032, growing at a CAGR of 13.5% from 2024 to 2032.

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Prime determinants of growth

Enforcement of strong rules by banks and financial institutions for providing insurance services can hinder market growth. Furthermore, technological advancements in life insurance services offer lucrative market opportunities for the market players.

The life insurance segment held the highest market share in 2023.

Based on type, the life insurance segment held the highest market share in 2023. This dominance is often attributed to the fundamental role life insurance plays in providing peace of mind and long-term financial security. Life insurance policies offer various benefits, including death benefits that provide a financial cushion to beneficiaries in the event of the policyholder's death, as well as living benefits such as cash value accumulation and supplemental income through annuities.

The insurance brokerage and agencies segment held the highest market share in 2023.

Based on the distribution channel, the large enterprise segment held the highest market share in 2023. The proliferation of digital technology has helped agencies to offer the products directly to consumers through online platforms, mobile apps, and digital marketing channels. Customers may easily investigate, evaluate, and purchase life insurance products from smartphones.

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North America held the highest market share in 2023
Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed infrastructure is accelerating the adoption of the most recent technologies, including insurance in North America.

Players: -

UnitedHealth Group Incorporated
Centene Corporation
Elevance Health, Inc.
AXA S.A.
Allianz SE
State Farm Group
Progressive Corporation
HDI V.a.G.
Zurich Ins Group
MetLife Inc.
The report provides a detailed analysis of these key players in the global insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Recent Industry Development:

In May 2024, Transcarent launched an AI-driven solution, to simplify healthcare navigation. The newly introduced AI chatbot, developed on the ChatGPT framework, is designed to address common health insurance inquiries, including cost estimates for medical services, deductible queries, and provider recommendations.
In May 2024, Everest Insurance unveiled its Australian Insurance operations following approval from the Australian Prudential Regulation Authority.
In May 2023, the Insurance Regulatory and Development Authority of India (IRDAI) launched a bundled product which will provide life, health, casualty and property cover in a single insurance policy at an affordable price.

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