To understand key trends
Download Free Sample
Based on insurance type, the non-life segment held a market share of over 42% in 2022. Motor insurance with advanced features is driving growth in the non-life insurance segment. Policies incorporating innovative elements such as real-time tracking, accident prevention technologies, and personalized coverage options are gaining popularity. For instance, in January 2023, New India Assurance (NIA) launched its "Pay as You Drive" (PAYD) policy, which offers various features including discounts upon renewals, extended coverage beyond distance limits, and added protections such as zero depreciation, roadside assistance & return to invoice benefits.
To understand key market trends
Download Free Sample
Based on distribution channel, the agency segment acquired the market share of 48% in 2022, propelled by personalized services and trust-based relationships. Agents offer tailored guidance, understanding individual customer needs and fostering trust through personalized interactions. By educating clients about insurance options and benefits, agents build awareness & confidence, leading to higher customer satisfaction and retention rates. This personal touch, coupled with the assurance of a trustworthy relationship, not only expands market penetration into areas with limited access but also enhances customer loyalty, making the agency channel a pivotal force in the insurance industry.
To understand regional trends  Download Free Sample
North America dominated the global life & non-life insurance market with 45% of the revenue share in 2022, propelled by technological advancements and regulatory support. Technological innovations, especially in insurtech, have revolutionized the industry, introducing digital platforms and data analytics that enhance operational efficiency & improve customer experiences. These advancements attract a tech-savvy customer base and drive market expansion. Simultaneously, favorable regulatory policies provide a conducive environment for insurance companies, encouraging innovation and enabling new entrants to navigate the market landscape with ease. This regulatory support fosters healthy competition, leading to diverse product offerings and ensuring a dynamic & thriving insurance market in the region.