Press release
Online Insurance Market Set to Reach $276.84 Billion by 2029 with 22.8% Yearly Growth
Online Insurance Market
The size of the online insurance market has witnessed a massive surge recently. It is projected to increase from $98.76 billion in 2024 to $121.68 billion in 2025, with a compound annual growth rate (CAGR) of 23.2%. The significant growth during the historic period can be credited to factors like increased digitalization, lower operational and administrative expenses, substantial discounts on insurance premiums, high internet penetration, and a shift from traditional to online insurance services.
In the coming years, the online insurance market size is set to experience significant growth, expecting to reach a size of $276.84 billion by 2029, with an annual compound growth rate (CAGR) of 22.8%. The potential growth during the forecast years can be attributed to a few factors including the rise in mobile and internet usage, the growing popularity of buying insurance, the increase in the number of people opting for online insurance, the improved convenience, and accessibility of procuring insurance, and the increasing awareness about the advantages of maintaining health coverage. The primary trends during the anticipated period consist of a surge in acceptance of Internet of Things technology, a high demand for personalized insurance products, the emergence of mobile applications and AI technologies, the shift of insurance providers from a product-centric to a consumer-centric approach, and the incorporation of InsurTech.
What Are the Key Drivers Behind the Growth of the Online Insurance Market?
The rise in health insurance uptake is anticipated to spur the online insurance market's expansion in the future. Health insurance essentially entails a contract obligating an insurer to bear either all or a part of an individual's healthcare expenses in return for a premium. The proliferation of health insurance plans stems from broader government programs, grants, and elevated awareness about healthcare necessity, particularly in light of recent health emergencies. Deploying online insurance providers for health coverage facilitates rapid policy comparison, smooth application progression, and improved user-friendliness. For instance, the Bureau of the Census, an American government organization, reported in September 2023 that about 92.1% of the populace, amounting to 304.0 million individuals, possessed health insurance at some point during 2022. This was a rise in both the proportion and the total count of insured individuals from 2021, wherein 91.7%, translating into 300.9 million persons, held insurance coverage. Therefore, the augmentation in health insurance coverage is a driving force behind the online insurance market's growth.
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Who Are the Dominant Companies Influencing Online Insurance Market Trends?
Major companies operating in the online insurance market are China Ping An Insurance (Group) Co. Ltd., Allianz SE, China Life Insurance Company, Axa S.A., Reliance Nippon Life Insurance Company Limited, The Dai-ichi Life Insurance Company Limited, MetLife Services and Solutions LLC, Assicurazioni Generali SpA, China Pacific Insurance Co. Ltd., Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Sumitomo Life Insurance Company, Aviva PLC, Aegon Life Insurance Company, SBI Life Insurance Co. Ltd., Pacific Life Insurance Company, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Symetra Life Insurance Company, Protective Insurance Corporation, Colonial Penn Life Insurance Company, Bestow Inc., Gerber Life Insurance Company, HDFC Standard Life Insurance Company Limited
How Is the Online Insurance Market Evolving?
Leading firms in the online insurance market are concentrating on the formulation of innovative solutions in order to get a competitive advantage. An AI-powered chatbot for insurance settlement is one such solution that is an advanced software application, powered by artificial intelligence, designed to aid policyholders and claimants throughout the insurance claims settlement process. Take, for example, in February 2022, Policybazaar, an insurance aggregator business based out of India, unveiled an AI-automated WhatsApp chatbot, aiming to accelerate and automate the claim settlement process for its corporate clients. The function is geared towards enabling efficient claim notification and settlement, via WhatsApp, to all staff members and their families insured under the scheme. For utilizing the claims support bot, users are required to opt into the service via WhatsApp.
What Are the Different Segmentations in the Online Insurance Market?
The online insurance market covered in this report is segmented -
1) By Type: Life Insurance, Non-Life Insurance
2) By Tenure: Less Than 1 Year, 10 Years, 10-20 Years, 20-30 Years, More Than 30 Years
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Individual, Institution, Other Applications
5) By End User: Insurance Companies, Aggregators, Third Party Administrators And Brokers
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Endowment Plans, Universal Life Insurance, Variable Life Insurance, Health Insurance, Critical Illness Insurance, Accidental Death And Dismemberment (AD And D) Insurance, Retirement And Pension Plans
2) By Non-Life Insurance: Auto Insurance, Property Insurance (Home, Renters), Travel Insurance, Liability Insurance, Marine Insurance, Business Insurance, Health Insurance (Under Non-Life), Pet Insurance, Crop Insurance, Commercial Insurance, Fire Insurance
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Which Region Is at the Forefront of the Online Insurance Market?
North America was the largest region in the online insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Online Insurance Global Market Report?
- Market Size Analysis: Analyze the Online Insurance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Online Insurance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Online Insurance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Online Insurance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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