Press release
Premium Finance Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Premium Finance
The expansion of non-banking financial companies (NBFCs) is expected to fuel the growth of the premium finance market. NBFCs are financial institutions that provide banking services without a banking license, and their growth is driven by regulatory changes and increased credit demand in underserved areas. These companies help facilitate premium finance by offering flexible loans, quicker approvals, and competitive rates, making insurance more accessible. For example, in June 2024, the Australian Bureau of Statistics reported that net claims on non-financial corporations were significant, illustrating the financial activity driving the market. Hence, the growth of NBFCs is contributing to the premium finance market's expansion.
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What Is the projected market size and growth rate for the premium finance market?
The premium finance market has expanded rapidly in recent years. It will grow from $51.37 billion in 2024 to $57.47 billion in 2025, at a CAGR of 11.9%. Growth is attributed to the rise in high-net-worth individuals, the expansion of luxury goods and services, increasing insurance premiums, growth in real estate investments, and a focus on asset protection.
The premium finance market is expected to grow to $88.88 billion by 2029, at a CAGR of 11.5%. Growth is driven by rising insurance premiums, expanding insurance products, increased credit availability, corporate financing, and wealth management services. Major trends include digital platform adoption, customized financing solutions, advancements in risk assessment, mobile payment solutions, and customer service technology.
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How are the latest trends influencing the growth of the premium finance market?
In the premium finance market, companies are developing comprehensive financial networks to streamline transactions. These networks improve financial service efficiency and accessibility. For instance, ePayPolicy, a US-based financial services company, introduced Finance Connect in April 2024. This feature streamlines premium financing by offering flexible payment options, automatic reminders, and integration with premium finance company partners, addressing the growing demand for digital solutions in the industry.
What major market segments define the scope and growth of the premium finance market?
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
Subsegments:
1) By Life Insurance: Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Life Insurance
2) By Non-Life Insurance: Property Insurance, Casualty Insurance, Auto Insurance, Health Insurance, Liability Insurance
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Which region dominates the premium finance market?
North America was the largest region in the premium finance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the premium finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the premium finance industry growth?
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
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What Is Covered In The Premium Finance Global Market Report?
•Market Size Forecast: Examine the premium finance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the premium finance market for a structured understanding.
•Key Players Overview: Analyze major players in the premium finance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the premium finance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the premium finance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the premium finance market.
•Industry Challenges: Identify potential risks and obstacles affecting the premium finance market.
•Competitive Landscape: Review strategic developments in the premium finance market, including expansions, agreements, and new product launches.
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