The Global Life Insurance Sector is Fueling the Market Growth
Rise of
digital platforms for availing insurance, growing issue of insecurity among
users for their respective products, and a variety of insurance category are
the leading factors driving the global Insurance market during the projected
period.
According to TechSci
Research report, “Insurance Market – Global Industry Size, Share, Trends,
Competition, Opportunity, and Forecast, 2018-2028F”, The global insurance market is propelled to grow as it helps
the individual to mutilate or distribute large risks, provides financial
stability, helps in economic growth, and generates long-term wealth.
Insurance provides financial security to
both people and businesses, against a variety of Losses or damages. Providers
assess the risks of insuring someone or something and issue policies to clients,
in accordance with their evaluation. The insurance company and the policyholder
are parties to a legal contract known as the policy. At less than USD5 trillion
in value as of 2020, the global insurance market is expected to grow
significantly over the next few years. The ratio of annual total insurance
premiums to gross domestic product, or GDP, is known as insurance penetration
and it measures how developed an insurance industry is in a nation.
Despite not always being as extravagant
as investment banks or hedge funds, insurance companies are significant players
in the global financial system. The size and areas of specialized knowledge of
insurance companies vary, from category to category such as health, life ,
property & casualty. There are some insurance companies that are jointly
owned by the policyholders.
With the rising
issue of inflation, which reduces business margins and household
purchasing power and makes it difficult to pass on to insurance prices and the
rising costs of claims, premium growth slowed to about 1.2 percent in 2020
(compared to more than 4 percent per year between 2010 and 2020). Profits
decreased from 2019 by about 15% in the year 2020. Falling life insurance
profits were a major factor in the decline, which was particularly severe in
Asia-Pacific (down 36 percent). Initial studies indicate that premium
growth and profits recovered in 2021, particularly in areas where effective
vaccine rollouts have periodically made many activities possible again.
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The
global insurance market is segmented based on insurance type, provider, premium
type, region, and competitional landscape. Based on insurance type, the market is further
fragmented into Life Insurance, Property and Casualty Insurance, Health
Insurance, Others (Medical Insurance, Travel, etc.). Based on Provider, the
market is segmented into (Insurance Companies, Insurance Agents/Brokers, and
Others (Insurtech Companies, Third Party, etc.)). Based on Premium Type, the
market is segmented into Regular Premium and Single Premium. The market
analysis also studies the regional segmentation, which is divided among North
America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Among insurance type, the Life Insurance
category is the most general kind of insurance which commands a significant
market share. The life insurance is defined as a contract between an insurance
policy holder and an insurance company in which the insurer agrees to pay a sum
of money in exchange for a premium upon the demise of an insured person or
after a specific amount of time.. Furthermore, more than half of the world's
population, or 1.4 billion people, will be 60 years of age or older by 2030, up
from 900 million in 2015. Additionally, noncommunicable diseases, those
with a closer relationship to lifestyle and behavior, like diabetes, heart
disease, and lung cancer are majorly responsible for 71 percent of all annual
deaths globally and will pose an increasing mortality risk. Moreover, with the
rising concern for their respective family members, most of the people are more
supportive towards life insurance. These are the factors which are anticipated
to spur the market growth.
Other than Life insurance, Property and Casualty
Insurance falls second in the row. The property and casualty insurers create
policies that cover things like land, houses, automobiles, and other vehicles.
In order to cover the cost of lawsuits or medical expenses brought on by such
incidents, they also write policies that deal with liabilities that may be
incurred by negligence or carelessness in relation to those properties.
Key market players in the Global Insurance
market include:
- Berkshire
Hathaway Inc.
- Ping
An Insurance (Group) Company of China Ltd.
- China
Life Insurance Company Limited
- Allianz
SE
- AXA SA
- Assicurazioni
Generali SPA
- Japan
Post Holdings Co., Ltd.
- Life
Insurance Corp. of India
- People's
Insurance Co. of China Limited
- Munich
Reinsurance Company
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The North America region is a prominent
leader within the insurance market across the globe, with the large number of insurance
providers present in its market, it plays a significant role in the insurance
sector. In terms of premium availed North America has the world's largest
private health market and has been steadily driving the increase in health
premiums, with a growth of 5% in 2019. Whereas the developed markets in Western
Europe and the developed Asia-Pacific region expanded by 4%.
"Rising risk awareness is
generating demand for more insurance protection. The pandemic shock has brought
to light the crucial role that the insurance sector plays as a risk absorber in
emergencies by offering financial assistance to individuals, companies, and
governments. Therefore, the insurance industry is rapidly expanding and contributing
to the market growth in the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
Insurance Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028F Segmented By Insurance Type (Life Insurance,
Property and Casualty Insurance, Health Insurance, Others (Medical Insurance,
Travel, etc.), By Provider (Insurance Companies, Insurance Agents/Brokers, and
Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular
Premium, Single Premium), By Region, Competition”, has evaluated the future growth potential of global Insurance
market and provides statistics and information on market structure, size,
share, and future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in insurance market globally.
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