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Life & Non-Life Insurance Market Analysis

  • Report ID: GMI7098
  • Published Date: Oct 2023
  • Report Format: PDF

Life & Non-Life Insurance Market Analysis

Life & Non-Life Insurance Market Size, By Insurance Type, 2021 – 2032, (USD Trillion)

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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.
 

Global Life & Non-Life Insurance Market Share, By Distribution Channel, 2022

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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.
 

 U.S. Life & Non-Life Insurance Market Size, 2021 -2032, (USD Trillion)

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of life & non-life insurance was worth USD 8 trillion in 2022 and is estimated to register a CAGR of over 4.5% between 2023 and 2032.

In 2022, the non-life segment held a market share of over 42% in 2022 and is expected grow at highest CAGR through 2032, backed by the rising popularity of motor insurance with advanced features such as real-time tracking, accident prevention technologies, and personalized coverage options.

North America life & non-life insurance market held a major share of over 45% in 2022, propelled by technological advancements in insurtech, such as digital platforms and data analytics that enhance operational efficiency & improve customer experiences, along with regulatory support.

AXA Group, China Life Insurance Company, Chubb Limited, Cigna, MetLife, Inc., New York Life Insurance Company, Northwestern Mutual, Ping An Insurance Group, Prudential Financial, and UnitedHealth Group.

Life & Non-Life Insurance Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 231
  • Countries covered: 21
  • Pages: 250
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