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.

The statistic illustrates the amount of life insurance benefits paid on domestic market in the United Kingdom (UK) from 2004 to 2020. During the observation period, the amount of benefits fluctuated. The lowest value was reported in 2004 and amounted to approximately *** billion euros. 2018 was the year with highest value of life insurance benefits paid at over *** billion euros.

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

It is estimated that in the United Kingdom (UK), the number of new policies (B2C) in the life, annuities and payment protection insurance industry will have fallen by approximately ************ policies between 2018 and 2024.Although still decreasing, the overall share of life, annuities and payment protection insurance policies taken out online has been forecast to grow slightly during this period by *** percent. To learn more about the future of the B2C digital insurance industry in the UK, read our in-depth report.

UK Universal Life Insurance Market growth is driven by increasing consumer demand for flexible, long-term life insurance solutions, advancements in digital platforms for policy management, and the growing focus on wealth accumulation and financial security.

UK Group Life Insurance Market is experiencing significant growth driven by increasing awareness of employee benefits & more.

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 United Kingdom Life and Non-Life Insurance market is expected to surpass USD 562 Billion by 2029, driven by advancements in insurance products and services.

The global Life & Non-Life Insurance Market size is projected to rise from USD 8.66 trillion in 2024 to USD 13.71 trillion by 2034, representing a CAGR above 4.7% for the 2025–2034 forecast period. Dominant industry players include AIA Group Allianz AXA Group China Life Insurance Company Chubb Limited Cigna MetLife, Inc. New York Life Insurance Company Northwestern Mutual Ping An Insurance Group Progressive Prudential Financial State Farm Swiss Re UnitedHealth Group Zurich Insurance.

Forecast: Production in Non-Life Insurance Sector in the UK 2024 - 2028 Discover more data with ReportLinker!

From the first quarter of 2017 through to the third quarter of 2024, technical provisions (including index-linked and unit-linked) accounted for the largest portion of life insurance firm liabilities in the United Kingdom. As of 2024, insurance firms had roughly 1.58 trillion British pounds in technical provisions liabilities, an increase of approximately 332 billion British pounds since the first quarter of 2017. Technical provisions excluding index-linked and unit-linked were the second-largest liability category on the balance sheet, accounting for roughly 631 billion British pounds in the third quarter of 2024. The value of total liabilities plus equity was equal to that of total balance sheet assets.

Discover the booming European insurance market! Projected to reach €188 billion by 2033, this market analysis reveals key drivers, trends, and restraints impacting life and non-life insurance. Learn about top players like Allianz and AXA, and explore regional growth opportunities across Germany, France, the UK, and Italy. Recent developments include: In 2022-Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software as a Service (SaaS) for the insurance industry's entire ecosystem, In 2022-Allianz Direct and CHECK24 are launching a strategic partnership in Germany and Spain: in future, consumers in both countries will be able to access Allianz Direct products on CHECK24's comparison portals. The first joint product launch will be in motor insurance in Germany: Following a pilot phase in August, Allianz Direct will be fully integrated with car insurance on CHECK24's comparison portal from September 2022. Notable trends are: Covid-19 accelerated the Digital insurance.

Discover the booming global life and non-life insurance market! Explore its projected 4%+ CAGR, key drivers (rising middle class, technological advancements), regional breakdowns (North America, Europe, Asia-Pacific), and leading companies. Get insights into market trends and future growth potential from 2025-2033. 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.

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

Forecast: Number of Enterprises in Non-Life Insurance Sector in the UK 2024 - 2028 Discover more data with ReportLinker!

Forecast: Turnover in Non-Life Insurance Sector in the UK 2024 - 2028 Discover more data with ReportLinker!

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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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Total insurance premium refers to the amount of money paid for the insurance coverage of the policies issued by insurance companies over a period of time. The amount of life insurance premiums in the United Kingdom (UK) peaked at over 275 billion euros in 2007 after a year on year increase. In 2008, the value sharply decreased to approximately 156 billion euros. In 2020, after almost ten years of fluctuation, the life insurance premiums amounted to approximately 133 billion euros.

The United Kingdom Insurtech Market is Segmented by Product Line (Life Insurance, Health Insurance, Property & Casualty (P&C), and More), Distribution Channel (Direct-To-Consumer (D2C) Digital, Aggregators, Digital Brokers, and More), and End User (Retail, SME, Large Enterprise, and Government Sector). The Market Forecasts are Provided in Value (USD).

The United Kingdom Cyber Insurance Market Report is Segmented by Product Type (Packaged, Standalone), Enterprise Size (Large Enterprises, Medium Enterprises, Small and Micro Enterprises), Industry Vertical (BFSI, IT & Telecom, Retail & E-Commerce, Healthcare & Life Sciences, Manufacturing, Government & Public Sector, Education), and Geography (United Kingdom). The Market Forecasts are Provided in Terms of Value (USD).