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Life & Non-Life Insurance Market Size

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

Life & Non-Life Insurance Market Size

Life & Non-Life Insurance Market was valued at USD 8 trillion in 2022 and is estimated to register a CAGR of over 4.5% between 2023 and 2032. Driven by the increasing penetration of life insurance. As more individuals secure life coverage, it instills a sense of financial security, boosting consumer confidence. According to the Press Information Bureau, India, in 2021, life insurance penetration in India stood at 3.2%, nearly double that of emerging markets and slightly higher than the global average. In 2022, life insurance premiums experienced a year-on-year growth of 10.2% with new ventures accounting for 45.5% of the total premiums collected by life insurance companies.

 

Life & Non-Life Insurance Market

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Growing awareness about the significance of financial security and the role of insurance is a key factor driving expansion in both the life and non-life insurance markets. As people become more informed about the risks associated with life events, health issues, property damage, and other unforeseen circumstances, they are increasingly inclined to invest in insurance policies. This awareness is often bolstered by educational campaigns, financial literacy initiatives, and widespread access to information, encouraging individuals & businesses to protect their assets and well-being through insurance coverage.

 

Fraudulent activities pose a significant threat to the life & non-life insurance market by undermining trust, increasing operational costs, and impacting honest policyholders. Insurance fraud including false claims, staged accidents, and identity theft leads to substantial financial losses for insurers. To compensate, companies may raise premiums, making insurance less affordable for genuine customers. Moreover, fraud strains resources, diverting them from legitimate claims processing and customer service, ultimately hindering market efficiency and eroding confidence in the insurance system.

 

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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