From 2017 to 2023, the global life insurance market grew by 17 percent. It is forecasted to grow by a further nine percent from 2023 to 2028, adding less than half a trillion U.S. dollars and reaching a total gross written premium of four trillion U.S. dollars.

The Life and Non-Life Insurance Market is segmented by Insurance type (Life, Non-Life and Others) by Distribution Channel (Direct, Agency, Banks, and Others).

Shifting claims costs have incited revenue volatility in the Life Insurance industry. Insurers have begun to bounce back after navigating difficult business interruption incidents during the pandemic. Slowing claims payouts as pandemic-related deaths decelerate have allowed many life insurers to regain their footing and claw back some revenue. Additionally, insurers' investment returns have recovered as equity markets have ticked upwards in recent years. Life insurance providers protect against financial hardships from death, disability, major illness or injury. Loss of income can cause significant financial problems. Following the findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, all four major banks sold their life insurance businesses. Over the past five years, higher cancellation rates and policy lapses have hammered premium income. Potential policyholders have faced climbing inflation and have had to make hard financial decisions. When choosing a life insurance policy, some households and businesses have decided that times are too tough, and have instead prioritised other areas of their budget. Consumers’ broad awareness of life insurance policy benefits has also taken a hit, as younger people are failing to provide premium revenue at the same rate as previous generations. Industry revenue is expected to have sunk at an annualised 5.9% over the five years through 2024-25, to $31.8 billion, as retail disability insurance policies have performed poorly and regulatory changes have weakened revenue streams. However, recent premium price hikes and decelerating claims payouts have helped buoy revenue in recent years, slightly offsetting overall industry declines. Demand-side inflationary concerns are currently weighing on the industry’s performance, with revenue anticipated to falter 2.4% in 2024-25. The industry’s profitability relies heavily on investment revenue. In the coming years, insurers will remain at the whim of market conditions. Stronger investment returns and the ongoing need for life insurance products will support a modest upturn in premium income and revenue. Additionally, recovering household discretionary incomes will support industry revenue, which is set to grow at an annualised 2.3% over the five years through 2029-30, to reach $35.6 billion.

Life Insurance Benefits Statistics (Monthly Report)

In 2023, the largest share of the U.S. life insurance market was held by Milwaukee-based Northwestern Mutual, which accounted for **** percent of the market. As a mutual society specializing in life insurance, Northwestern Mutual has attained a higher share of this market than diversified, publicly listed insurance giants like MetLife and Corebridge Financial (formerly AIG Life). In fact, many of the largest life insurance companies in the United States are not publicly listed, so do not factor into the list of the largest U.S. life insurance companies by market capitalization.

The US Life and Non-life Insurance industry is experiencing a period of robust growth, with a market size valued at 2.02 million in 2025 and projected to reach $3.12 million by 2033, exhibiting a CAGR of 6.95% during the forecast period. The industry is driven by factors such as rising awareness about financial security, increasing disposable income, and an expanding elderly population. Furthermore, the industry is constantly evolving with the emergence of new technologies and distribution channels, making it more accessible for consumers. Key trends shaping the US Life and Non-life Insurance industry include the adoption of digital technologies, personalized insurance products, and increased focus on customer experience. Insurance companies are leveraging data analytics and artificial intelligence to enhance their underwriting processes and provide tailored solutions to customers. Additionally, the industry is witnessing the rise of InsurTech startups, which are challenging traditional insurance models and offering innovative products and services. Despite these growth drivers, the industry also faces challenges such as regulatory changes, rising healthcare costs, and increasing competition from both traditional and non-traditional players. Recent developments include: In 2022, With a USD100 million investment in health worker diversity, United Health Group advanced health equity and fulfilling its objectives to increase access to care, make it more affordable, and produce better health outcomes., In 2021, Cigna introduced its Cigna ID card which clients can access from anywhere at any time. By which clients can find in-network doctors, care, and cost estimates.. Notable trends are: Growing Insurtech in the United States is Driving the Market.

Graph and download economic data for Life Insurance Companies; Total Financial Assets, Level (BOGZ1FL544090005A) from 1945 to 2024 about life, insurance, assets, and USA.

The Financial Services Commission provides information on the general status of life insurers, financial status of life insurers, major management indicators for life insurers, and major business activities of life insurers by inquiring the title base year and month.

Life Insurance Premiums: First Year: General Insurance: Industry data was reported at 425.092 THB mn in Sep 2018. This records an increase from the previous number of 284.877 THB mn for Jun 2018. Life Insurance Premiums: First Year: General Insurance: Industry data is updated quarterly, averaging 304.219 THB mn from Mar 2016 (Median) to Sep 2018, with 11 observations. The data reached an all-time high of 650.465 THB mn in Dec 2017 and a record low of 121.086 THB mn in Mar 2016. Life Insurance Premiums: First Year: General Insurance: Industry data remains active status in CEIC and is reported by Office of Insurance Commission. The data is categorized under Global Database’s Thailand – Table TH.Z030: Life Insurance Statistics.

Life Insurance Industry Total Assets Statistics (Life Insurance Association of the Republic of China)

The Asia-Pacific Life and Non-Life Insurance Market is Segmented by Insurance Type (Life Insurance, Non-Life Insurance), Distribution Channel (Agency Force, Bancassurance, Brokers & IFAs, and More), Customer Segment (Retail / Mass Market, High-Net-Worth & Affluent, and More), and Region. The Market Forecasts are Provided in Value (USD).

Thailand Life Insurance Premiums: Single: General Insurance: Industry data was reported at 0.000 THB mn in Jun 2018. This stayed constant from the previous number of 0.000 THB mn for Mar 2018. Thailand Life Insurance Premiums: Single: General Insurance: Industry data is updated quarterly, averaging 0.000 THB mn from Mar 2016 (Median) to Jun 2018, with 10 observations. Thailand Life Insurance Premiums: Single: General Insurance: Industry data remains active status in CEIC and is reported by Office of Insurance Commission. The data is categorized under Global Database’s Thailand – Table TH.Z030: Life Insurance Statistics.

The report covers US Life and Non-life Insurance Market Share & Growth. The market is segmented by Insurance Type (Life Insurance and Non-life Insurance) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels).

The global life insurance market reached its all-time peak in 2021 before contracting in 2022. In 2022, total direct premiums in the life insurance industry amounted to approximately 2.8 trillion U.S. dollars, a decrease from the previous year. Nevertheless, total direct premiums written in the global life insurance industry more than doubled between 2006 and 2022.

This table contains 12 series, with data for years 1946 - 1982 (not all combinations necessarily have data for all years), and was last released on 2007-01-25. This table contains data described by the following dimensions (Not all combinations are available): Geography (11 items: Canada; Nova Scotia; Newfoundland and Labrador; Prince Edward Island ...), Life insurance sales (2 items: Total; life insurance sales; Total; group and wholesale insurance sales ...).

The French life and non-life insurance market presents a robust and growing landscape, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 2.50% from 2019 to 2033. This positive trajectory is fueled by several key drivers. Increasing awareness of financial security needs, particularly among younger demographics, is boosting demand for life insurance products, both individual and group plans. Simultaneously, the rising incidence of property damage and health issues is driving growth within the non-life segment, with motor and health insurance experiencing particularly strong uptake. Government regulations promoting financial inclusion and encouraging insurance penetration are also contributing to market expansion. However, the market faces challenges, including economic downturns that can impact consumer spending on non-essential insurance products and increasing competition among established players and Insurtech startups. Segmentation reveals a diverse market with various distribution channels – agency, direct, banks, and online – each playing a significant role in shaping the overall market dynamics. The dominance of large players like Societe Generale, AXA, Allianz, and Covea reflects a consolidated market structure, though smaller insurers and digital platforms continue to innovate and carve out market share. The forecast for 2025-2033 suggests continued, albeit moderate, growth, driven by sustained demand for financial protection and evolving consumer preferences. Product innovation, particularly in digital offerings and personalized insurance solutions, will be crucial for sustained success. Furthermore, effective risk management and adaptation to evolving regulatory frameworks are essential for insurers to navigate potential challenges and capitalize on the market's growth potential. The ongoing digital transformation within the industry and the increasing sophistication of customer expectations necessitate strategic investments in technology and customer experience enhancement to maintain competitiveness. Future growth might be moderated by macroeconomic conditions and the ongoing evolution of customer preferences, especially the integration of AI and data analytics in assessing and managing risk. This comprehensive report provides a detailed analysis of the French life and non-life insurance market, covering the period from 2019 to 2033. With a base year of 2025 and an estimated year of 2025, the report offers invaluable insights for industry stakeholders, investors, and strategists. The report leverages extensive data analysis to forecast market growth from 2025 to 2033, offering a thorough understanding of market trends, challenges, and opportunities within the French insurance sector. Search terms like French insurance market, French life insurance, French non-life insurance, French insurance industry trends, and French insurance market size will help maximize the report's visibility. Recent developments include: On June 15, 2022, Berkshire Hathaway Specialty Insurance launched a Directors and Officers Liability policy insurance in France to serve local and multinational companies. This new coverage enhances BHSI's ability to provide multinational programs and services to companies with exposure in France and throughout the company's global network, which spans 170 countries., On December 6, 2021, Allianz Partners and Uber partnered to provide benefits and protection insurance for independent drivers and couriers in France and other European countries. The coverage includes on-trip benefits in cases of accidents, injury, or hospitalizations and off-trip benefits such as sick pay and maternity/paternity payments.. Notable trends are: Significant Growth Contributed by the Non-Life Insurance Sector.

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.

The number of life insurance companies in the United States rose significantly in the first few years of the time period under observation, before decreasing year-on-year until the present day. In 2023, there were a total of *** life insurance companies in the United States, down from *** in the previous year. The number of life insurers peaked in 1990, with well over ***** life insurance companies in the United States that year. Life and annuities in the United StatesBeing home to one of the largest insurance markets in the world, the life/annuity insurance industry in the United States generated a total revenue of over one trillion U.S. dollars in 2022. Generally, life insurance provides the insured individual's family with financial protection in the event that they die before meeting that individual's financial obligations. On the other hand, an annuity is a contract whereby the insured individual agrees to pay the insurer a certain amount of money, which then entitles them to receive a series of payments from the insurer in the future. Insurers dominate different areas of the industryThe U.S. insurance market is quite competitive, with different insurers leading the industry by varying factors. For instance, the largest life insurer on the U.S. market in 2021 was Northwestern Mutual when considering company market share. However, Prudential Financial was the largest life insurer in the U.S. in 2021 by the total value of assets held.

Graph and download economic data for Life Insurance Companies; Total Financial Assets, Level (BOGZ1FL544090005Q) from Q4 1945 to Q1 2025 about life, insurance, assets, and USA.

Snapshot img

Insurance Market Size 2025-2029

The insurance market size is forecast to increase by USD 1461.5 billion, at a CAGR of 4.3% between 2024 and 2029.

The Insurance Market is segmented by distribution channel (Sales Personnel, Insurance Agencies), type (Life, Non-life), mode (Offline, Online), end-user (Corporate, Individual), and geography (North America: US, Canada; Europe: France, Germany, UK; APAC: Australia, China, India, Japan, South Korea; Rest of World). This segmentation reflects the market's diversity, driven by growing demand for Online Non-life insurance among Individual consumers in APAC regions like India and China, increasing Corporate adoption of Life insurance through Sales Personnel in North America and Europe, and a strong Offline presence via Insurance Agencies to cater to varied financial protection needs across global markets.

The market is experiencing significant shifts driven by increasing government regulations on mandatory insurance coverage in developing countries and the integration of wearables into customer engagement metrics for life insurance software. These trends reflect a growing emphasis on risk mitigation and personalized customer experiences. Simultaneously, the regulatory environment for insurance players tightens, necessitating robust compliance strategies. Government initiatives mandating insurance coverage in emerging economies represent a substantial growth opportunity, particularly in sectors like health and motor insurance. Meanwhile, the integration of wearable technology into life insurance software enables insurers to offer customized policies based on individual health data, fostering a more proactive approach to risk management.
However, this trend also introduces challenges, as insurers must navigate privacy concerns and ensure secure data handling. The tightening regulatory environment adds another layer of complexity, with stricter guidelines around product offerings, pricing, and customer protection. To thrive in this landscape, insurers must invest in robust compliance frameworks, ensuring they stay ahead of regulatory changes and maintain customer trust. By embracing these trends and addressing associated challenges, insurance providers can capitalize on market opportunities and differentiate themselves in a competitive landscape.

What will be the Size of the Insurance 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 Sample

The market continues to evolve, with dynamic market dynamics shaping various sectors. Travel insurance policies adapt to accommodate changing travel patterns and destinations, while pet insurance providers expand coverage options for veterinary care. Insurance brokers play a crucial role in facilitating customized solutions for clients, bridging the gap between insurers and policyholders. Fraud Detection And Prevention technologies, such as predictive modeling and advanced analytics, are increasingly integral to the industry. These tools help insurers mitigate risks and identify potential fraudulent activities, ensuring accurate claim settlements and maintaining trust with policyholders. Catastrophe modeling and risk assessment are essential components of property and casualty insurance, enabling insurers to assess potential losses and adjust premiums accordingly.

Variable life insurance and retirement planning solutions adapt to fluctuating market conditions and individual financial goals. Premium payments are streamlined through various channels, including digital platforms and insurance technology (insurtech) innovations. Policy administration and claims processing are further optimized through automation and data-driven insights. Insurance agents and independent adjusters facilitate settlement negotiations, providing expert guidance to policyholders during the claims process. Disability insurance and long-term care insurance offer essential protection for individuals facing extended periods of incapacity. Actuarial science and risk management strategies underpin the industry, ensuring that insurers can accurately assess risks and provide competitive pricing. Universal life insurance and estate planning solutions offer flexible, customizable options for policyholders.

How is this Insurance Industry segmented?

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

    Australi