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Key Influencer in the Insurance Market 2025: Internet Penetration And Growing Risks Fuel The Demand For Cyber Insurance Driver
Insurance Market Size
The accelerating expansion of internet usage and the heightened risk linked to conducting high-stakes transactions online gives rise to the need for cyber insurance. Such insurance protects against the perils associated with the internet and IT infrastructure. It encompasses protection against theft of assets, disruption to business, software and data loss, cyber extortion and crimes, liability for network failure, and damage to physical assets. As a case in point, Meltwater, a software company based in the Netherlands, revealed in February 2023 that UK internet users increased by 224 thousand (+0.3 percent) from 2022 to 2023, bringing the total user population to 66.11 million. Consequently, the spiking internet usage and affiliated risks are propelling the insurance market forward.
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What is the future CAGR of the insurance market, and how will it impact industry expansion?
The size of the insurance market has seen robust growth in preceding years. It is projected to expand from a value of $7751.02 billion in 2024, attaining a size of $8307.01 billion in 2025, recording a compound annual growth rate (CAGR) of 7.2%. Factors contributing to the growth experienced in the historic period include the globalization of insurance services, demographic shifts, an aging population, occurrences of natural disasters, changes in customer habits, and widening of distribution channels.
In the forthcoming years, the insurance market is predicted to experience robust expansion, escalating to a value of $10832.92 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 6.9%. Various factors such as digital transformation, focus on cyber insurance, management of population health, environmental risks and climate change, and climate risk insurance are responsible for this growth in the forecasted period. The upcoming period will observe significant trends such as collaboration in Insurtech, AI-based personalization, implementation of blockchain for enhancing efficiency, digital experiences centered around customers, alliances within ecosystems, and regulatory technologies (regtech).
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What are the most significant trends transforming the insurance market today?
Leading firms within the insurance market are incorporating advanced technologies, like the AI-enabled tool PolicyGPT, to maintain their market standing. PolicyGPT is an AI-driven solution designed to provide customers with insightful details about their policies through interaction with a bot programmed with natural language. For example, Plum Benefits Private Limited, a health insurance company based in India, introduced the AI-enabled tool PolicyGPT in April 2023. Utilising the Open AI GPT-3 framework, they developed PolicyGPT, a chatbot meant to inform people about the specifics of their health insurance policy purchased through Plum. This bot is equipped with comprehensive knowledge of user policies and general health insurance, focusing on enlightening users about their coverage.
Which key market segments comprise the insurance market and drive its revenue growth?
The insurance market covered in this report is segmented -
1) By Type: Life Insurance, Property And Casualty Insurance, Health And Medical Insurance
2) By Mode: Online, Offline
3) By End User: Corporate, Individual
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Universal Life Insurance, Endowment Plans
2) By Property And Casualty Insurance: Homeowners Insurance, Auto Insurance, Commercial Property Insurance, Liability Insurance
3) By Health And Medical Insurance: Individual Health Insurance, Group Health Insurance, Medicare And Medicaid, Critical Illness Insurance
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What regions are at the forefront of insurance market expansion?
North America was the largest region in the insurance market in 2024. Asia-Pacific was the second largest region in the insurance market. The regions covered in the insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the insurance market?
Major companies operating in the insurance market include Berkshire Hathaway Inc., Centene, Anthem Inc., Allianz Group, Axa Group, Assicurazioni Generali S.p.A., Humana, State Farm Mutual Automobile Insurance Company, People's Insurance Company of China, Japan Post Group, Nationwide Mutual Insurance Company, Allstate Corporation, Liberty Mutual Holding Company Inc., Chubb Limited, The Travelers Companies Inc., Fairfax Financial Holdings Limited, The Hartford Financial Services Group Inc., American Family Insurance Group, CNA Financial Corporation, Markel Corporation, W. R. Berkley Corporation, Auto-Owners Insurance Company, The Cincinnati Insurance Companies, Erie Insurance Group, AmTrust Financial Services Inc., The Hanover Insurance Group Inc., Church Mutual Insurance Company, Brotherhood Mutual Insurance Company, Ping An Insurance, China Life Insurance, Tokio Marine & Nichido Fire Insurance Co. Ltd., Farmers Group Inc., Tata AIG General Insurance Company Limited, GNY Insurance Companies
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What Is Covered In The Insurance Global Market Report?
•Market Size Forecast: Examine the insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the insurance market.
•Competitive Landscape: Review strategic developments in the insurance market, including expansions, agreements, and new product launches.
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