It is forecast that the global insurance market will grow by about ************ U.S. dollars between 2024 and 2029, reaching almost ** trillion U.S. dollars. How have gross premiums written evolved? Gross premiums written signify the total premiums collected by an insurer before deducting reinsurance and other related expenses. Between 2000 and 2020, the value of gross premiums written worldwide had more than doubled. The value of premiums written hit its peak in 2017, at approximately **** billion U.S. dollars, after which it continued to decline for the following years until 2019. However, in 2020, this figure grew by nearly **** percent as compared to the previous year. Which companies dominate the insurance market? In 2022, the leading global insurance companies by revenue were Berkshire Hathaway, Ping An Insurance and China Life Insurance. Considering the market capitalization of the largest insurance companies, Allianz occupied the first position with a valuation of nearly *** billion U.S. dollars. These industry titans, along with others such as AXA, AIA, MetLife, Chubb, etc., collectively shape the global insurance narrative through their extensive reach, diverse offerings, and significant market influence.

BCC Research Market Analysis Report Says insurance was valued at $9.8 trillion in 2021 and is estimated to grow from $5.6 trillion in 2022 to $9.8 trillion 2027.

In 2024, insurance premiums written in the United States amounted to **** trillion U.S. dollars, which includes property/casualty premiums in addition to life/annuity premiums. This market has been steadily expanding since 2009; however, it saw a decline in 2020 owing to the economic effects of the coronavirus (COVID-19) pandemic. The amount of money charged to the organization or person for the insurance coverage is known as the premium. Between 2021 and 2022, the value of gross premiums written in all 38 OECD countries grew by *** billion U.S. dollars. Which country leads the global insurance market? The United States was the leading direct premium writing country worldwide in terms of the value of written premiums. The non-life insurance sector turned out to be larger than the life sector in the United States. In 2023, the value of both life and non-life insurance premiums in the United States was estimated to account for approximately ** percent of the global market share. China was ranked second with a ** percent share of the global market. Leading insurance companies globally by revenue The Berkshire Hathaway Corporation, which is owned by Warren Buffett and has its headquarters in the United States state of Nebraska, ranked as the largest insurance company globally in 2023, with revenues exceeding *** billion U.S. dollars. Nonetheless, the subsequent largest insurer was Ping An Insurance, which is situated in the rapidly expanding Chinese city of Shenzhen.

The global Insurance market size reached USD 4,523.88 Billion in 2021 and is expected to reach USD 10,300.96 Billion in 2030 registering a CAGR of 10.0%. Insurance industry report classifies global market by share, trend, growth and based on type, service providers, end-use, sales channel, and regio...

Between 2020 and 2022, the value of gross premiums written in all 38 OECD member countries grew by almost *** billion U.S. dollars. In 2022, this figure reached approximately *** trillion U.S. dollars, up from *** trillion U.S. dollars two years earlier. OECD member countries held the lion's share of the global insurance market over the past two decades. Which companies are the global leaders? The value of gross premiums generated by the insurance industry worldwide increased from **** trillion U.S. dollars in 2000 to *** trillion U.S. dollars in 2022. The whole insurance industry is divided into two broad categories – life insurance and non-life insurance (in the United States and Canada called property and casualty insurance). The leading global insurance companies in 2022 in terms of revenue were Berkshire Hathaway, Ping An Insurance, and China Life Insurance. Which country leads the global insurance market? The leading direct premium writing country worldwide was the United States, in terms of the value of written premiums. The non-life insurance sector was larger than the life sector in the United States. The value of both life and non-life insurance premiums in the United States accounted for approximately ** percent of the global market share in 2022. China was ranked second with **** percent of the global market share.

Forecast: Premium Income of Insurance Industry in Singapore 2022 - 2026 Discover more data with ReportLinker!

In 2022, the Brazilian insurance industry reported the highest financial result among Latin American countries. That year, a profit of approximately *** billion U.S. dollars was reached, followed by Chile with ***** billion U.S. dollars. The Mexican insurance industry registered the lowesttechnical result value of the region that year.

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Digital Insurance Market Size 2024-2028

The digital insurance market size is forecast to increase by USD 67.23 billion, at a CAGR of 12.8% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing number of insurance policies being sold digitally. This trend is fueled by the emergence and advancement of Low Code/No Code (LCNC) development in the digital insurance sector. LCNC technologies enable insurers to create and customize digital insurance products quickly and efficiently, meeting the evolving needs of consumers. However, this market also faces challenges, primarily regulatory compliance. As digital insurance offerings expand, insurers must navigate complex regulatory landscapes to ensure they are meeting all necessary requirements.
Compliance with data privacy and security regulations, for instance, is crucial in the digital insurance sector. Companies that effectively address these challenges and leverage LCNC technologies to streamline their digital offerings will be well-positioned to capitalize on the market's growth potential.

What will be the Size of the Digital Insurance Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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The market continues to evolve, with dynamic market activities unfolding across various sectors. Regulatory reporting, mobile apps, and customer churn are integral components shaping this industry's landscape. KYC/AML compliance, Payment Gateways, and Big Data are essential tools for insurers, enabling efficient policy administration and fraud detection. Cloud computing and data analytics facilitate real-time risk assessment and actuarial modeling, while IoT sensors and claims frequency data inform machine learning algorithms. Insurance broking, PPC marketing, and API integrations streamline the policy lifecycle management process. Catastrophe modeling and predictive modeling help insurers assess risk and manage claims processing more effectively.

Compliance regulations, such as GDPR, digital identity verification, and data privacy, ensure secure customer interactions. Insurtech solutions, including AI-powered chatbots, on-demand insurance, and policy renewals, enhance the customer experience. Usage-based insurance, embedded insurance, and investment strategies leverage data to offer personalized insurance products. Risk transfer, claims severity, and combined ratio are essential metrics for insurers, with solvency ratio and claims management systems ensuring financial stability. Wearable technology and open banking further expand the potential for innovation in the market.

How is this Digital Insurance Industry segmented?

The digital insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Distribution Channel

  Direct sales
  Brokers/agents
  Affiliated partners


End-user

  Individuals
  Businesses


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China


  Rest of World (ROW)

By Distribution Channel Insights

The direct sales segment is estimated to witness significant growth during the forecast period.

The market is experiencing a significant shift towards direct-to-consumer (DTC) models, eliminating the need for intermediaries such as brokers and agents. This model enables insurers to sell policies directly to consumers through digital platforms, fostering seamless interactions. The DTC approach offers numerous advantages, including cost efficiency. By removing intermediaries, insurers save on commission fees. Additionally, biometric authentication enhances security, while customer segmentation and predictive modeling provide personalized insurance solutions. Blockchain technology streamlines reinsurance treaties and policy administration systems, improving transparency and efficiency. Fraud detection and claims processing are optimized through ai-powered chatbots and claims management systems. On-demand insurance and usage-based models cater to evolving consumer needs.

Insurtech solutions, including api integrations, data analytics, and open banking, facilitate innovation and competition. Regulatory reporting, gdpr compliance, and kyc/aml compliance ensure data privacy and security. The market's evolution is further driven by digital identity verification, wearable technology, and investment strategies. Overall, the DTC model transforms the insurance industry, offering a more efficient, cost-effective, and personalized experience for consumers.

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The Direct sales segment was valued at USD 20.23 billion in 2018 and showed a gradual increase during the foreca

The global life and non-life insurance market is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 4.00% from 2025 to 2033. This expansion is fueled by several key factors. Increasing awareness of financial security needs, particularly in developing economies, is driving demand for life insurance products, including individual and group plans. Simultaneously, rising urbanization, increased vehicle ownership, and growing property values are boosting the non-life insurance sector, with home and motor insurance segments leading the charge. Technological advancements, such as the proliferation of InsurTech companies and the adoption of digital distribution channels, are streamlining operations, improving customer experience, and expanding market reach. However, challenges remain, including regulatory complexities, economic uncertainties impacting consumer spending, and the potential for increased fraud. The market's segmentation, encompassing various insurance types (life and non-life) and distribution channels (direct, agency, banks, and others), presents opportunities for specialized players to cater to niche markets and gain a competitive edge. The geographic distribution of market share is expected to shift over the forecast period, with Asia-Pacific and potentially South America showing significant growth driven by expanding middle classes and rising disposable incomes. The competitive landscape is characterized by a mix of established global giants, such as Ping An Insurance Group, UnitedHealth Group, Allianz, AXA Group, and China Life, alongside regional players. These companies are strategically investing in digital transformation, product innovation, and mergers and acquisitions to consolidate their market positions and capitalize on emerging growth opportunities. The market's growth trajectory indicates a promising outlook for investors and stakeholders, although careful consideration of regional nuances, regulatory changes, and evolving consumer preferences will be crucial for long-term success. While precise market sizing data was not provided, assuming a 2025 market size of $5 trillion (a reasonable estimate for the global insurance market), a 4% CAGR would imply significant annual growth in the subsequent years, with various segments exhibiting different growth rates based on their underlying drivers. Recent developments include: June 2022: UnitedHealthcare announced the plans of acquiring EMIS Group. The EMIS Group is a leading health technology company based in the UK. The deal is expected to be an all-cash deal of GBP 1.24 billion (USD 1.5 billion)., February 2022: Allianz SE one of the leading insurance company globally announced that is entering into a Share Purchase Agreement (SPA), to acquire 72% of European Reliance General Insurance Company SA ('European Reliance'). European Reliance is one of the leader in the Greek insurance sector with a network of 5,667 agents and 110 retail offices.. Notable trends are: Cyber Insurance is Driving the Market.

Poland Life Insurance Industry Overview: The Polish life insurance market is projected to reach a value of PLN 21.93 million by 2033, growing at a CAGR of 7.19% during 2025-2033. Key drivers include a growing population, increasing disposable income, and rising awareness of financial planning. The market is segmented by type (individual, group), distribution channel (direct, agency, banks), and region (Poland). Powszechny Zaklad Ubezpieczen SA, Sopockie Towarzystwo Ubezpieczen Ergo Hestia SA, and Towarzystwo Ubezpieczen I Reasekuracji Warta SA are among the prominent players. Market Trends and Restraints: The Polish life insurance market is influenced by the aging population, increased competition, and technological advancements. The aging population leads to a growing demand for annuity and long-term care products, while increased competition drives insurers to innovate and offer competitive products. Technological advancements streamline distribution channels and enhance customer experience. However, economic uncertainty, regulatory changes, and low financial literacy remain challenges for the industry. The market is also facing increased competition from non-traditional financial products such as robo-advisors and peer-to-peer lending platforms. Recent developments include: March 2024: UNIQA Towarzystwo Ubezpieczeń SA, a Poland-based company, secured a contract from Park Śląski Spółka Akcyjna for a range of insurance services. The contract, valued at USD 11,910,396, includes damage or loss insurance, weather-related insurance, and liability insurance services.February 2024: Recent legislative updates in Poland, effective from late 2022 and throughout 2023, include new KNF Recommendations on bancassurance (June 2023) and life insurance (September 2023), an Act enhancing financial market operations (August 2023), amendments to the Commercial Companies Code (October 2022), and a Criminal Code revision (October 2023). These changes aim to boost transparency, consumer protection, and insurer accountability, requiring insurers to adjust their strategies.. Key drivers for this market are: Economic Stability and Growth Increase Disposable Incomes, Leading to Higher Investments in Life Insurance Products, Government Policies and Regulations, such as Mandatory Insurance Coverage or Tax Benefits, can Drive the Uptake of Life Insurance. Potential restraints include: Economic Stability and Growth Increase Disposable Incomes, Leading to Higher Investments in Life Insurance Products, Government Policies and Regulations, such as Mandatory Insurance Coverage or Tax Benefits, can Drive the Uptake of Life Insurance. Notable trends are: Digital Transformation is Reshaping the Insurance Landscape of Poland.

Forecast: Number of Enterprises in Life Insurance Sector in France 2022 - 2026 Discover more data with ReportLinker!

Health and medical insurance companies experienced significant fluctuations in performance in recent years. The onset of COVID-19 led to a substantial increase in healthcare spending in 2020 and 2021, as demand for medical services surged. Consequently, investment in health insurance witnessed a dramatic rise, contributing to robust revenue growth during these years. However, with inflation peaking in 2022, consumer purchasing power diminished, causing households to reduce their spending on health insurance. This factor, coupled with a slowdown in health expenditure growth as the immediate pandemic effects waned, resulted in meager revenue growth for insurers in 2022, a notable deceleration compared to prior years. The industry performed better in 2023 as low inflation enabled consumers to more easily afford health insurance, with revenue then rising significantly in 2024 due to soaring investment income. More broadly, providers have been influenced by slowing healthcare inflation, despite a historically rapid rise in prior decades. For example, from 1970 to 2010, health expenditures skyrocketed, buoyed by substantial innovations. However, recent years have seen this growth plateau. This is attributed to a shift toward less costly innovation, focusing more on pharmaceutical advancements rather than costly healthcare system overhauls. Consequently, providers have faced slower revenue growth. Consolidation has risen as the industry’s largest players have used economies of scale, acquisitions and advertising to take over more of the market. Regardless, internal competition has soared as more providers have entered the industry to capture new revenue streams due to rising short-term health spending and the aging of the US population, constraining profit. Overall, revenue for health and medical insurance companies has swelled at a CAGR of 3.8% over the past five years, reaching $1.5 trillion in 2025. This includes a 2.5% rise in revenue in that year. The industry's landscape is set for further evolution over the next five years. Anticipated steady economic growth, with GDP projected to rise and unemployment to remain low, is likely to bolster health insurance revenue streams, primarily through heightened spending on employer-sponsored and private health plans. However, the potential for economic disruptions, such as the implementation of tariffs, could affect providers’ stability. As the population ages and healthcare demand grows, insurers will seek to tailor their policies to address the needs of an older demographic, necessitating comprehensive services. Overall, revenue for health and medical insurance providers is forecast to expand at a CAGR of 2.7% over the next five years, reaching $1.8 trillion in 2030.

In 2022, the value of gross written premiums for the non-life insurance segment of the GCC insurance industry totaled around 29 billion U.S. dollars. The value of gross written premiums for the live insurance segment in the GCC region was worth 3.7 billion U.S. dollars.

China Insurance Industry: Liability: Life Insurance Policy Reserve data was reported at 13,532,928.030 RMB mn in 2022. This records an increase from the previous number of 12,231,546.600 RMB mn for 2021. China Insurance Industry: Liability: Life Insurance Policy Reserve data is updated yearly, averaging 4,495,707.400 RMB mn from Dec 2001 (Median) to 2022, with 19 observations. The data reached an all-time high of 13,532,928.030 RMB mn in 2022 and a record low of 346,513.000 RMB mn in 2001. China Insurance Industry: Liability: Life Insurance Policy Reserve data remains active status in CEIC and is reported by National Financial Regulatory Administration. The data is categorized under China Premium Database’s Insurance Sector – Table CN.RGH: Insurance Industry Balance Sheet.

China Insurance Industry: Operating Expense: Claim data was reported at 1,672,121.740 RMB mn in 2022. This records a decrease from the previous number of 1,699,495.810 RMB mn for 2021. China Insurance Industry: Operating Expense: Claim data is updated yearly, averaging 450,551.695 RMB mn from Dec 2001 (Median) to 2022, with 22 observations. The data reached an all-time high of 1,699,495.810 RMB mn in 2021 and a record low of 35,729.676 RMB mn in 2001. China Insurance Industry: Operating Expense: Claim data remains active status in CEIC and is reported by National Financial Regulatory Administration. The data is categorized under China Premium Database’s Insurance Sector – Table CN.RGH: Insurance Industry Operating Income and Expense.

Forecast: Turnover in Life Insurance Sector in the Netherlands 2022 - 2026 Discover more data with ReportLinker!

China Insurance Industry: Financial Rate of Return Annualized data was reported at 3.431 % in Dec 2024. This records an increase from the previous number of 3.120 % for Sep 2024. China Insurance Industry: Financial Rate of Return Annualized data is updated quarterly, averaging 3.220 % from Jun 2022 (Median) to Dec 2024, with 11 observations. The data reached an all-time high of 3.760 % in Dec 2022 and a record low of 2.235 % in Dec 2023. China Insurance Industry: Financial Rate of Return Annualized data remains active status in CEIC and is reported by National Financial Regulatory Administration. The data is categorized under China Premium Database’s Insurance Sector – Table CN.RGH: Insurance Industry Use of Fund(Included Non Independent Account and Independent Account).

According to Cognitive Market Research, The Global Mortgage Insurance market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.20% from 2024 to 2031.

North America Mortgage Insurance held the major market of more than 40% of the global revenue and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Europe Mortgage Insurance held the major market of more than 30% of the global revenue and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Asia Pacific Mortgage Insurance held the market of around 23% of the global revenue and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031
South America Mortgage Insurance market of more than 5% of the global revenue and will grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Middle East and Africa Mortgage Insurance held the major market of around 2% of the global revenue and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
The borrower-paid mortgage insurance segment is set to rise due to the growing consumer preference for seamless online experiences, accelerating the adoption of digital and direct channels and enhancing accessibility, transparency, and efficiency in the mortgage insurance market.
Expansion of the real estate sector, risk mitigation strategies by financial institutions, and regulatory compliance, ensuring lenders' protection against borrower defaults.

Various Strategies Adopted by Key Players to Provide Viable Market Output

The expanding real estate sector and the imperative for risk mitigation among financial institutions fuels the mortgage insurance market. With rising homeownership, mortgage insurance becomes pivotal, safeguarding lenders from borrower defaults. Key players employ diverse strategies, including technological advancements for efficient risk assessment, partnerships with financial entities, and product innovation. Enhanced customer-centric solutions, compliance with regulatory changes, and strategic alliances contribute to market growth, ensuring robust risk management and sustained industry competitiveness.

For instance, in September 2022, The National Association of Minority Mortgage Bankers of America and Enact Holdings, Inc., a major provider of private mortgage insurance via its insurance subsidiaries, announced two new programs to help borrowers achieve the dream of homeownership.

(Source: https://content.enactmi.com/2022-09/NAMMBA%20and%20Enact%20Mortgage%20Insurance%20Launch%20Innovative%20Programs%20to%20Aid%20Lenders%20and%20Borrowers.pdf )

Technological Innovations in Data Analytics to Propel Market Growth

Technological innovations in data analytics are revolutionizing the mortgage insurance market by providing advanced risk assessment tools. With sophisticated analytics, insurers can analyze vast datasets, assess borrower creditworthiness more accurately, and tailor insurance products accordingly. This innovation enhances underwriting processes, improves risk management strategies, and fosters more precise pricing models. As a result, the mortgage insurance industry benefits from increased efficiency, reduced risk exposure, and a more responsive approach to market dynamics, ensuring sustainable growth and stability.

For instance, in June 2021, Prima Solutions announced the avoidance of version 9.19 of its cloud-based medium for life and health, Prima L&H. This new version differs from traditional solutions by covering mortgage, health, and life insurance, all in the same system.

(Source: https://www.prima-solutions.com/en/news/prima-solutions-launches-mortgage-insurance-with-the-new-version-of-prima-lh/ )

Market Restraints of the Mortgage Insurance

Changes in Regulatory Frameworks to Restrict Market Growth

The mortgage insurance market experiences shifts due to changes in regulatory frameworks, impacting its dynamics. Evolving regulations, such as alterations in underwriting standards or capital requirements, influence the market's structure and operational practices. While regulatory changes aim to enhance financial stability, they can also impose constraints on insurers, limiting flexibility and potentially increasing compliance costs. These restraints may lead to adjustments in premium rates or coverage terms, affecting mortgage insurance providers'...

Forecast: Production in Non-Life Insurance Sector in Portugal 2022 - 2026 Discover more data with ReportLinker!

The Global B2B2C Insurance Market Size Was Worth $11 Billion in 2022 and Is Expected To Reach $13 Billion by the end of 2030, CAGR of 7.02%.