Between 2017 and 2024, the global life insurance market grew by around ** percent. It is forecasted to grow by a further approximately **** percent from 2024 to 2029, adding less than **** a trillion U.S. dollars and reaching a total gross written premium of **** trillion U.S. dollars.

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).

Life Insurance Market is projected to grow at a CAGR of 5.50% during forecast period 2018-2028.

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.

United States Life Insurance Market was valued at USD 784.13 billion in 2024 and is anticipated to grow USD 1,167.34 billion by 2030 with a CAGR of 6.92% during forecast period

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.

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.

The life and non-life insurance market in Switzerland size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 3% during the forecast period, 2023 – 2031. Growth of the market is attributed to rapid development in health insurance sector, rising adaptation of digitalization in insurance sector, and increasing customers buying power.

Life insurance is a type of insurance that pays out a certain sum to the insured or their designated beneficiaries in the case of a specified event, such as the insured's death. Non-life insurance is a type of coverage that protects a person from financial losses and damages. Mortality protection and annuity are two types of life insurance.



Accident and health, as well as property and casualty insurance, make up the non-life insurance industry. At the time of maturity or in the event of the policyholder's death, life insurance pays a lump sum amount of the sum promised. Non-life insurance plans provide financial protection for a person in the event of health problems or asset damage.



Premium revenue, which is made up of both monthly and one-time premiums, remained constant. Individual life insurance, such as conventional individual endowment and individual annuity insurance, has suffered a drop as a result of the low-interest environment. These premiums also include vested benefits transferred when contracts are taken over, as well as new enrolments under existing contracts, totalling about CHF 11 billion.



The Covid-19 pandemic affected the life and non-life insurance market in Switzerland. Meanwhile governments are restraining the loss by taking part as insures of last resort. The Switzerland insurance market estimates have suffered along with broader markets.



The covid-19 pandemic is still growing; people are presently attentive to preserving their health instead of filing claims. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

By 2034, the Life Insurance Market is expected to reach a valuation of USD 11 billion, expanding at a healthy CAGR of 12.5%.

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 India Life and Non-Life Insurance Market is Segmented by (Life Insurance, (endowment, Term-Life, Whole-Life, Unit-Linked and More), Non-Life Insurance (Motor, Health, Fire and Engineering, Marine and Cargo and More), Distribution Channel (Agency, Bancassurance, Direct and More), Customer Type (Individual and Group) and Region. The Market Forecasts are Provided in Terms of Value (USD).

In the fiscal year 2023, premium and other income of life insurance companies in Japan amounted to around 43 trillion Japanese yen. This represented an increase from about 38 trillion yen in the previous year. Premium income of life insurers Individual insurance was the largest source of premium income for the 42 private life insurance companies operating in Japan, followed by individual annuity insurance. The value of individual insurance policies in force, which describes the total amount of death benefits, has been on a steady decline in recent years, while the opposite is the case for the number of individual insurance policies in force. This trend can be attributed to an increasing share of health-related insurance products that do not include any or only small amounts of death benefits. Third-sector insurance Considering the aging population and high life expectancy in Japan, the need for third-sector insurance products has increased over the past decade. Third-sector insurance products, such as medical insurance, long-term care, and personal injury insurance, account for a growing share of new individual insurance policies taken out each year. Annualized premiums of third-sector insurance, which can be offered by both life and non-life insurers, have increased steadily in recent years.

Comprehensive dataset showing the market share, founding year, and promoter details of leading life insurance companies in India for FY 2024–25, based on IRDAI New Business Premium Report.

In 2023, the amount of direct gross written premiums on the European life insurance market amounted to nearly 678 billion euros. This an increase compared to the 669.6 billion euros recorded in 2022. The value of direct gross written premiums on the life insurance market in Europe peaked in 2021, when it reached approximately 723 billion euros. Leading life insurance markets France had the highest value of life insurance premiums among all European countries in 2023, followed by Germany and Italy. Together, the top three countries accounted for more than 68 percent of the European market. In terms of investment portfolio, the top three markets were France, the UK, and Germany, with a total value of over 5.1 billion euros. Insurance market concentration in Europe Market concentration is an easy way to illustrate how the market within an industry is distributed among companies of various sizes. In 2018, Germany, Sweden, and Italy were the countries with the least concentrated life insurance market in Europe. In all three countries, the combined market share of the three largest life insurance companies did not exceed 35 percent.

Guaranteed Issue Life Insurance Market Outlook

According to our latest research, the global guaranteed issue life insurance market size reached USD 4.2 billion in 2024, experiencing robust expansion with a CAGR of 6.7% over the past few years. This growth is primarily driven by increasing demand for accessible life insurance solutions among senior citizens and individuals with pre-existing health conditions. Based on the projected CAGR, the guaranteed issue life insurance market is forecasted to reach USD 7.7 billion by 2033, reflecting a strong trend towards inclusive financial protection products. As per our latest research, the combination of aging demographics, digital distribution advancements, and evolving regulatory frameworks are propelling the market forward.

The primary growth factor for the guaranteed issue life insurance market is the rising global geriatric population, particularly in developed economies such as the United States, Japan, and Western Europe. As the proportion of individuals aged 60 and above continues to rise, there is a parallel increase in demand for life insurance products that do not require stringent medical underwriting or health checks. Guaranteed issue life insurance offers a critical solution for seniors and those with chronic illnesses who are often excluded from traditional life insurance policies due to health-related risks. The productÂ’s simplicity, coupled with the assurance of acceptance, has made it an attractive choice for individuals seeking peace of mind and financial security for their dependents, thereby fueling market growth.

Another significant driver for the guaranteed issue life insurance market is the increasing awareness and education about financial planning and insurance among adults of all age groups. With the proliferation of digital platforms and financial literacy campaigns, more individuals are recognizing the importance of life insurance as a tool for legacy planning and debt coverage. This trend is particularly evident among adults who may have been previously uninsured or underinsured due to health or lifestyle factors. The ability to obtain coverage without medical exams or health questions makes guaranteed issue policies especially appealing to this segment. Additionally, insurers are leveraging technology to streamline underwriting and policy issuance, further reducing barriers to entry and expanding the marketÂ’s reach.

Technological advancements and the digital transformation of the insurance industry have also played a pivotal role in the expansion of the guaranteed issue life insurance market. The emergence of online platforms, digital brokers, and insurtech startups has revolutionized the way life insurance is marketed, sold, and managed. Consumers can now compare policies, obtain quotes, and complete applications entirely online, often within minutes. This ease of access is particularly beneficial for individuals with mobility issues or those residing in remote areas. Moreover, the integration of artificial intelligence and data analytics enables insurers to optimize pricing, manage risk more effectively, and personalize product offerings, thereby enhancing the overall customer experience and supporting sustained market growth.

From a regional perspective, North America continues to dominate the guaranteed issue life insurance market, accounting for the largest share in 2024. This is attributable to a well-established insurance infrastructure, high consumer awareness, and favorable regulatory policies that support product innovation and distribution. Europe follows closely, with significant growth observed in countries with aging populations and comprehensive social welfare systems. The Asia Pacific region, while currently representing a smaller share, is expected to exhibit the fastest growth over the forecast period, driven by rapid urbanization, increasing disposable incomes, and the expansion of digital insurance channels. Latin America and the Middle East & Africa are also witnessing steady growth, albeit from a lower base, as insurers tap into underserved markets and adapt products to local needs.

Credit Life Insurance is another important aspect of the broader life insurance market, offering a specialized form of coverage that pays off a borrower's debt if they pass away. This type of insurance is particularly rel

Discover the latest trends and growth projections for the global life insurance market. This comprehensive analysis reveals key drivers, restraints, and regional insights, including market size, CAGR, and leading players like AXA, Bradesco, and Zurich. Explore the future of life insurance and its evolving landscape.

In 2023, the global Life Insurance Market reached a value of USD YY billion, and it is projected to surge to USD XY billion by 2030 with a CAGR of XX. YY%

The life insurance underwriting market is booming, projected to reach $900 billion by 2033 with a 7% CAGR. Learn about key drivers, trends, and challenges impacting top players like Prudential and MetLife. Explore regional market shares and future growth projections.

The Life & Non-Life Insurance market exhibits robust growth, driven by factors such as increasing awareness of financial security needs, rising disposable incomes globally, and the expanding middle class, particularly in developing economies. The period from 2019-2024 witnessed significant expansion, laying a strong foundation for continued growth in the forecast period (2025-2033). While specific market size figures for past years aren't provided, a reasonable assumption based on typical insurance market growth and considering a CAGR (Compound Annual Growth Rate) across the entire study period (2019-2033) necessitates a significant market size in 2025. Let's assume a 2025 market size of $5 trillion globally, a figure reflecting the substantial scale of the insurance industry. This large base creates ample opportunity for continued expansion in the coming years. The non-life segment, encompassing property, casualty, and health insurance, is expected to maintain a relatively faster growth rate compared to the life insurance sector due to increasing urbanization, property values, and demand for health coverage. Technological advancements, such as the adoption of Insurtech and digital platforms, will further influence market dynamics, boosting efficiency and customer reach. The forecast period (2025-2033) anticipates a sustained CAGR, influenced by factors such as evolving regulatory landscapes in various regions and the increasing penetration of insurance products. The market's growth will be regionally diverse, with faster expansion anticipated in emerging markets compared to mature economies. This disparity stems from varying levels of insurance penetration and economic growth. The insurance industry's continuous adaptation to evolving customer needs and technological innovations will be a key driver for future expansion. Factors like climate change and its associated risks, coupled with the growing demand for specialized insurance products (e.g., cyber insurance), are expected to significantly shape the market's trajectory during the forecast period. Strategic mergers and acquisitions will continue to influence market consolidation and shape competition among major players. Notable trends are: Global M&A Activity in Insurance Industry:.

The life insurance market share in terms of gross premium in the United Kingdom saw a decrease of roughly ***** percent in 2022 in comparison to the previous year 2021, resting at around **** percent. This marked the third consecutive decline of the market share. This measurement shows the value of life insurance premiums as a share of all insurance premiums. In other words, it indicates the weight of life insurance within the insurance industry.Find more key insights for the life insurance market share in terms of gross premium in countries like Greece, Italy, and Netherlands.