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Life & Non-Life Insurance Market Trends

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

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Life & Non-Life Insurance Market Trends

Rapid growth in the insurtech industry is propelling demand for both the life and non-life insurance. Insurtech companies leverage technology to streamline processes, enhance customer experiences, and offer innovative insurance products. For instance, in September 2023, Ensuredit collaborated with Simson Software to launch Enfin, a pioneering joint venture set to transform the insurance sector. This strategic partnership represents a significant initiative focused on tackling enduring industry obstacles and heralding an era of revolutionary innovation. This proliferation promotes market competitiveness, encourages product diversification, and ultimately expands the overall insurance market by making services more accessible & tailored to evolving customer needs.

The increasing demand for motor insurance is driving growth in both the life and non-life insurance markets. With the rising number of vehicles on the roads, there is a heightened need for comprehensive coverage against accidents and damages. Motor insurance providers are offering innovative policies, thereby appealing to a broader customer base. This surge in popularity not only fuels the non-life insurance sector but also indirectly benefits the overall insurance market by attracting more individuals and businesses seeking diversified insurance solutions.

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.