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.

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.

The United States Life and Non-Life Insurance Market Report is Segmented by Insurance Type (Life Insurance, Non-Life Insurance), Customer Segment (Retail, Corporate), Distribution Channel (Brokers, Agents, Banks, Direct Sales, Other Channels), and Geography (Northeast, Midwest, South, West). The Market Forecasts are Provided in Terms of Value (USD).

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Insurance Market Size 2025-2029

The insurance market size is valued to increase USD 1461.5 billion, at a CAGR of 4.3% from 2024 to 2029. Increasing government regulations on mandatory insurance coverage in developing countries will drive the insurance market.

Major Market Trends & Insights

North America dominated the market and accounted for a 40% growth during the forecast period.
By Distribution Channel - Sales personnel segment was valued at USD 2995.10 billion in 2023
By Type - Life segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 50.22 billion
Market Future Opportunities: USD 1461.50 billion
CAGR : 4.3%
North America: Largest market in 2023

Market Summary

The market continues to evolve, shaped by advancements in core technologies and applications, shifting service types and product categories, and a tightening regulatory environment. For instance, the integration of wearables into customer engagement metrics for life insurance software is revolutionizing underwriting processes, offering personalized policies based on real-time health data. Meanwhile, the regulatory landscape is becoming more stringent, with increasing government regulations on mandatory insurance coverage in developing countries.
According to a recent study, the global wearable technology market in the insurance sector is projected to reach a 30% adoption rate by 2025. Amidst these changes, insurance providers must adapt to remain competitive and meet evolving customer expectations.

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

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How is the Insurance Market Segmented and what are the key trends of market segmentation?

The insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Distribution Channel

  Sales personnel
  Insurance agencies


Type

  Life
  Non-life


Mode

  Offline
  Online


End-user

  Corporate
  Individual


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Distribution Channel Insights

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

In the dynamic and evolving the market, sales personnel serve as the primary bridge between insurers and their clients, fostering long-term relationships. Specializing in various insurance products like life, health, auto, and property, these professionals must possess a deep understanding of their offerings' intricacies. They are tasked with effectively communicating policy features and benefits to customers, ensuring clear and concise explanations. Sales personnel collaborate not only with direct clients but also with brokers and agents to expand their reach. Reinsurance pricing, catastrophe modeling, and risk transfer mechanisms are integral aspects of their work. Leveraging advanced tools such as AI-powered underwriting, customer relationship management, and predictive modeling, sales personnel optimize their strategies for success.

Moreover, they employ risk assessment models, fraud detection algorithms, and insurtech solutions to enhance efficiency and mitigate risks. Compliance frameworks and regulatory requirements are strictly adhered to, with a focus on premium calculation methods, asset-liability management, and underwriting guidelines. The market exhibits continuous growth, with customer segmentation, capital management, and loss reserving methods gaining increasing importance. Machine learning models and claims processing software streamline operations, while investment strategies and solvency regulations ensure financial stability. Blockchain technology and digital insurance platforms further revolutionize the industry. According to recent studies, sales in the market have experienced a significant increase, with a 17.6% rise in 2020.

Furthermore, industry experts anticipate a 15.2% expansion in market size by 2025. These figures underscore the market's robustness and the potential for continued growth and innovation.

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The Sales personnel segment was valued at USD 2995.10 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

North America is estimated to contribute 40% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In 2028, the value of gross written premiums of the GCC insurance industry is forecasted to grow to around **** billion U.S. dollars. The forecasted compound annual growth rate in the GCC region between 2023 and 2028 for the life insurance segment was four percent and for the non-life insurance segment was *** percent.

The Global Car Insurance Market is Segmented by Policy Coverage (Third Party, Comprehensive, Collision and More), Vehicle Type (Passenger Cars, Light Commercial Vehicles and More), Distribution Channel (Direct To Customer, Intermediated, and Embedded), and Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

The global health insurance market size was valued at USD 2.6 trillion in 2023, The broker/agents segment was the highest contributor to the market.
Report Scope:

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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 forecast perio

Insurance Market size was valued at USD 6.9 Trillion in 2024 and is projected to reach USD 13.9 Trillion by 2032, growing at a CAGR of 9.21% from 2026 to 2032.Regulatory Reforms & Government Initiatives: Government initiatives and ongoing regulatory reforms are powerful forces in the insurance market. From solvency requirements like Solvency II in Europe to market conduct regulations and consumer protection laws, these frameworks directly influence how insurers operate, manage capital, and interact with policyholders. Changes in these regulations can lead to significant shifts in product offerings, pricing strategies, and even the competitive landscape. For instance, new data privacy laws often necessitate substantial adjustments in data handling and analytics, impacting everything from underwriting to claims processing.

The United States Property and Casualty Insurance Market is Segmented by Insurance Line (Homeowner, Private Passenger Auto, Commercial Auto, General Liability, and More), Distribution Channel (Direct, Agents, Brokers, Bancassurance, and More), Customer Segment (Personal Lines, Small Commercial, Mid-Market Commercial and More), and Region (California, Texas and More). The Market Forecasts are Provided in Terms of Value (USD)

Snapshot img { margin: 10px !important; } Telematics In Insurance Industry Market Size 2025-2029

The telematics in insurance industry market size is forecast to increase by USD 5.3 billion, at a CAGR of 21.2% between 2024 and 2029.

The global telematics market in insurance industry is expanding, driven by the adoption of telematics-enabled UBI which offers significant cost savings. This is reshaping insurance analytics by allowing insurers to create precise risk profiles from real-time driving behavior tracked by onboard units. This shift is supported by increasing smartphone penetration and government initiatives promoting telematics use. The on-board diagnostics telematics market, a key part of this ecosystem, facilitates easy data collection. The evolution toward proactive risk management and improved operational efficiency is transforming the traditional insurance model, creating a more data-centric paradigm that benefits both insurers and policyholders.Optimized customer communication is a key trend, with insurers using mobile apps and aggregated data for better engagement. This strategy enhances customer retention and improves sales targeting. However, the market growth is constrained by safety and security concerns. The risk of hacking wireless communication systems and the potential for malware to infiltrate a vehicle's controller area network (CAN) bus pose significant threats. The automotive aftermarket telematics market must address these vulnerabilities to maintain consumer trust. Protecting personal information is critical as these systems handle sensitive user data, influencing the trajectory of both commercial telematics and the broader automotive telematics market.

What will be the Size of the Telematics In Insurance Industry Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019 - 2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market is defined by a strategic shift from basic usage-based insurance to holistic, data-centric models focused on proactive risk management and operational efficiency. This evolution in the automotive telematics market is driven by sophisticated data analytics, leveraging AI for a more nuanced understanding of risk that goes beyond simple metrics. The integration of contextual information and video data allows for deeper insights into driving behavior. This ongoing development is reshaping the relationship between insurers and the insured, fostering a continuous partnership in risk mitigation through advanced insurance analytics and personalized feedback mechanisms.The technological landscape is advancing from aftermarket hardware toward more integrated solutions. The on-board diagnostics telematics market is seeing increased competition from smartphone applications and embedded telematics control units in connected vehicles. This transition reduces customer friction and improves data reliability. The deepening integration between automotive OEMs and insurers reflects a broader trend within the digital insurance market toward seamless data acquisition. This dynamic is creating new opportunities for value-added services, enhancing both risk assessment accuracy and the overall customer experience in the passenger vehicle telematics market.

How is this Telematics In Insurance Industry Industry segmented?

The telematics in insurance industry industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019 - 2023 for the following segments. DeploymentOn-premisesCloudUsagePAYDPHYDMHYDTechnologyEmbedded OEM moduleOBD-II dongleSmartphone-centricHardwiredGeographyNorth AmericaUSCanadaMexicoAPACChinaIndiaJapanSouth KoreaAustraliaIndonesiaEuropeGermanyUKFranceItalySpainThe NetherlandsSouth AmericaBrazilArgentinaChileMiddle East and AfricaUAESouth AfricaEgyptRest of World (ROW)

By Deployment Insights

The on-premises segment is estimated to witness significant growth during the forecast period.The on-premises deployment segment is experiencing notable growth within the global telematics market in insurance industry. This model is often chosen by customers who prioritize maintaining their data on-site, using their own servers for management and setup. The use of telematics and UBI has become fundamental to the vehicle insurance sector, and on-premises solutions provide the necessary real-time insights into driver activities. This deployment method offers direct control over data security and infrastructure.As the volume of connected cars increases, on-premises deployment is expected to adequately manage connectivity requirements, including software updates and system turnaround times. This approach ensures that data processing and storage remain within the organization's control, a critical factor for many

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Insurance Analytics Market Size 2025-2029

The insurance analytics market size is valued to increase by USD 16.12 billion, at a CAGR of 16.7% from 2024 to 2029. Increasing government regulations on mandatory insurance coverage in developing countries will drive the insurance analytics market.

Market Insights

North America dominated the market and accounted for a 36% growth during the 2025-2029.
By Deployment - Cloud segment was valued at USD 4.41 billion in 2023
By Component - Tools segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 328.64 million 
Market Future Opportunities 2024: USD 16123.20 million
CAGR from 2024 to 2029 : 16.7%

Market Summary

The market is experiencing significant growth due to the increasing adoption of data-driven decision-making in the insurance industry and the expanding regulatory landscape. In developing countries, mandatory insurance coverage is becoming more prevalent, leading to an influx of data and the need for advanced analytics to manage risk and optimize operations. Furthermore, the integration of diverse data sources, including social media, IoT, and satellite imagery, is adding complexity to the analytics process. For instance, a global logistics company uses insurance analytics to optimize its supply chain by identifying potential risks and implementing preventative measures. By analyzing historical data on weather patterns, traffic, and other external factors, the company can proactively reroute shipments and minimize disruptions.
Additionally, compliance with regulations such as the European Union's General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA) requires insurers to invest in advanced analytics solutions to ensure data security and privacy. Despite these opportunities, challenges remain. The complexity of integrating and managing vast amounts of data from various sources can be a significant barrier to entry for smaller insurers. Additionally, the need for real-time analytics and the ability to make accurate predictions requires significant computational power and expertise. As the market continues to evolve, insurers that can effectively harness the power of data analytics will gain a competitive edge.

What will be the size of the Insurance Analytics Market during the forecast period?

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The market is a dynamic and ever-evolving landscape, driven by advancements in technology and the growing demand for data-driven insights. According to recent studies, the market is projected to grow by over 15% annually, underscoring its significance in the insurance industry. This growth can be attributed to the increasing adoption of advanced analytics techniques such as machine learning, artificial intelligence, and predictive modeling. One trend that is gaining traction is the use of analytics for solvency II compliance. With the implementation of this regulation, insurers are under pressure to ensure adequate capital and manage risk more effectively.
Analytics tools enable them to do just that, by providing real-time risk assessments, predictive modeling, and capital adequacy modeling. This not only helps insurers meet regulatory requirements but also enhances their risk management capabilities. Another area where analytics is making a significant impact is in customer churn prediction. By analyzing customer data, insurers can identify patterns and trends that indicate potential churn. This enables them to proactively engage with customers and offer personalized solutions, thereby reducing churn and improving customer satisfaction. In conclusion, the market is a critical driver of innovation and growth in the insurance industry.
Its ability to provide actionable insights and enable data-driven decision-making is transforming the way insurers operate, from risk management and compliance to product strategy and customer engagement.

Unpacking the Insurance Analytics Market Landscape

In the dynamic and competitive insurance industry, analytics plays a pivotal role in driving business success. Actuarial data science, with its advanced pricing optimization techniques, enables insurers to set premiums that align with risk profiles, resulting in a 15% increase in underwriting profitability. Risk assessment algorithms, fueled by data mining techniques and real-time risk assessment, improve loss reserving models by 20%, ensuring accurate claim payouts and enhancing customer trust. Data security protocols safeguard sensitive information, reducing the risk of fraud by 30%, as detected by fraud detection systems and claims processing automation. Insurance technology, including business intelligence tools and data visualization dashboards, facilitates data governance frameworks and policy lifecycle management, enab

The Global Life and Non-Life Insurance Market Report is Segmented by Insurance Type (Life Insurance, Non-Life Insurance), Customer Segment (Retail, Corporate), Distribution Channel (Brokers, Agents, Banks, Direct Sales, Other Channels), and Geography (North America, South America, Europe, Middle East and Africa, Asia-Pacific). The Market Forecasts are Provided in Terms of Value (USD).

The Global Usage-Based Insurance Market is Segmented by Package (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD)), Technology (OBD-II Dongle, Smartphone-Based, Black-Box/After-market Device, and Embedded Telematics (OEM)), Vehicle Type (Passenger Vehicles and Commercial Vehicles), and Geography (North America, South America, Europe, and More). The Market Forecasts are Provided in Value (USD).

The Life and Non-Life Insurance Market will grow from USD 8633.96 Billion in 2025 to USD 11643.25 Billion by 2031 at a 5.11% CAGR.

Insurance Analytics Market size was valued at USD 13.12 Billion in 2024 and is projected to reach USD 30.82 Billion by 2031, growing at a CAGR of 12.43% from 2024 to 2031.

Global Insurance Analytics Market Drivers

Increased Data Availability: The evolution of digital technology has resulted in an explosion of data in the insurance industry. Insurers may now access huge volumes of data from a variety of sources including client interactions, social media, and IoT devices. This plethora of data enables businesses to do in-depth analysis allowing them to better understand client behavior, identify risks, and develop personalized insurance solutions.

Improved Risk Assessment: Insurance analytics greatly enhances risk assessment processes. Using new analytical methods, insurers may more efficiently evaluate risk factors resulting in improved insurance product pricing. This means insurance corporations can offer competitive premiums while being profitable. Accurate risk assessment also helps to reduce fraudulent claims which are a major concern for insurers.

Regulatory Compliance: The insurance sector is highly regulated with stringent reporting and compliance standards. Analytics enables insurers to manage these restrictions more efficiently. By automating data analysis and reporting procedures, businesses can maintain compliance while eliminating the possibility of human error. This not only saves time and resources but also reduces the possibility of penalties connected with noncompliance.

Discover the booming global life and non-life insurance market! This in-depth analysis reveals a CAGR exceeding 4%, driven by key trends and fueled by technological advancements. Explore market segmentation, regional growth, and top players like Ping An, UnitedHealth, and Allianz. Learn more about future projections and investment opportunities in this dynamic sector. 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.

General insurers can provide industry services at a fraction of the potential loss by pooling premiums to pay for losses some policyholders incur. The industry is an indispensable part of risk management in the domestic economy. General insurers derive income from insurance premiums and investing in bonds, stocks and other assets. Most property and casualty premiums are obtained through renewing policies relating to existing risks. Changes in risk exposure and pricing conditions affect remaining premiums. Many consumers view policies as inelastic, although some may choose to decrease consumption of insurance policies should premium prices increase too much. Policy pricing fluctuates between cycles of price-cutting (softening) and price raising (hardening). Over the past five years, revenue has grown at a CAGR of 3.4% to $1,021.1 billion, including an expected 2.1% increase in 2025 alone. Industry profit is also set to climb to 14.2% of revenue in the current year as insurance premiums have climbed and interest income has grown. Industry revenue has benefited from a hardening price cycle during the majority of the current period. Even though volatility at the onset of the period and a high inflationary environment in the latter part of the period hindered the broader economy, demand for industry services was not severely damaged. Net premiums increased for insurers, primarily because of the growth in the house price index and the rise of new car sales have led to higher insurance premiums to protect against potential liabilities. As economic conditions will continue to improve into the outlook period, employment and business activity in the broader economy are expected to increase and promote spending and the need for industry services. The Federal Reserve is anticipated to cut rates further following the recent rate cuts in the latter part of the period which will decrease investment income for P&C insurers, limiting industry revenue growth. Overall, revenue is forecast to grow at a CAGR of 2.0% to $1,126.8 billion over the five years to 2030.

The global insurance third party administration market size is projected to grow from USD 468.33 billion in 2025 to USD 886.31 billion by 2033, exhibiting a CAGR of 8.3%.
Report Scope:

Shifting claims costs have incited revenue volatility in the Life Insurance industry. Insurers began to bounce back after navigating difficult business interruption incidents during the pandemic. Slowing claims payouts as pandemic-related deaths decelerated allowed many life insurers to regain their footing and claw back some revenue through their lagged premium price hikes. Additionally, insurers' investment returns have been extremely volatile on the back of international trade and geopolitical uncertainty. Life insurance providers protect against financial hardships from death, disability, major illness or injury. Loss of income can cause significant financial problems. A couple of recent demographic trends have raised questions about the viability of the life insurance industry in its current state. The first is that cost of living concerns, coupled with a lack of awareness from the general public, have caused higher cancellation rates and policy lapses. This has hammered premium income. Potential policyholders have had to make hard financial decisions. Additionally, financial hardship insurance is often the most lucrative to those with mortgages or dependents and with younger Australians landing in these categories at lesser proportions to previous generations, insurers are losing out on a profitable market share. From an expenses standpoint, Australia's ageing population is resulting in claims of higher frequency and magnitude per policy. Industry revenue is expected to have sunk at 4.9% over the five years through 2024-25, to $23.6 billion. Despite recent year premium price hikes providing some respite, demand-side inflationary concerns have weighed on the industry’s performance, with revenue anticipated to falter 2.7% in 2024-25. The industry’s profitability continues to rely heavily on investment revenue. In the coming years, insurers will remain at the whim of market conditions. Stronger investment returns and a renewed awareness of the benefits of life insurance coverage could support a modest upturn in premium income and revenue. Nevertheless, households and businesses are likely to be stretched budget-wise over the coming years, opting for short-term relief by avoiding life insurance premiums. This faltering demand is set to drop revenue at 1.5% over the five years through 2029-30, to reach $21.9 billion.