In a 2024 survey conducted among consumers globally, health insurance was the most popular insurance type to be taken out online, with 70 percent of survey respondents from India having noted that health insurance was purchased online. Japan was at the other end of the spectrum with 15 percent of respondents noting having purchased health insurance online; However, Japan was somewhat of an outlier with 66 percent of respondents having noted not purchasing insurance online.

This statistic presents the share of consumers who bought insurance online in 2023, by age. As of **********, ** percent of respondents aged 18 to 29 years stated that they bought insurance online. Access millions of exclusive survey results with Statista Consumer Insights.

Global Online Insurance market size is expected to reach $276.84 billion by 2029 at 22.8%, segmented as by life insurance, term life insurance, whole life insurance, endowment plans, universal life insurance, variable life insurance

Statista estimates that the future of buying car insurance in the United Kingdom will be dominated by online sales. Price comparison websites are particularly popular with UK consumers, with the leading five online insurance groups (share of voice) being aggregator websites. By 2024, it is estimated that two thirds of the total value of motor insurance premiums written will come from online sales. To learn more about the future of the B2C digital insurance industry in the UK, read our in-depth report.

India Online Insurance Market Report is Segmented by Type (Life Insurance, Motor Insurance, Health Insurance, and Other Insurance). The Report Offers Market Size and Forecasts for the Online Insurance Market in India in Value (USD) for all the Above Segments.

Online Life Insurance Market Outlook

The global online life insurance market size was valued at approximately USD 15 billion in 2023 and is expected to grow to around USD 50 billion by 2032, exhibiting a CAGR of 14% during the forecast period. This significant growth rate can be attributed to the increasing digitalization of financial services, growing consumer awareness about the importance of life insurance, and the convenience offered by online platforms.

The online life insurance market is primarily driven by the rapid adoption of digital technologies and the increasing penetration of the internet and smartphones globally. The accessibility of online platforms allows consumers to compare different life insurance policies quickly and easily, leading to more informed decision-making. Moreover, the COVID-19 pandemic has accelerated the digital transformation in many sectors, including life insurance, where the necessity to minimize physical contact has driven consumers to online platforms.

Another key factor contributing to the growth of the online life insurance market is the demographic shift, particularly the increasing number of tech-savvy millennials who prefer managing their financial portfolios online. This generation values the efficiency and transparency provided by digital channels, which align with their lifestyle preferences. Additionally, advancements in artificial intelligence and big data analytics are enhancing the capabilities of online platforms, making the insurance buying process more personalized and efficient.

Furthermore, regulatory reforms in several countries aimed at promoting financial inclusion and protecting consumer interests are propelling the growth of the online life insurance market. Governments and regulatory bodies are encouraging the adoption of digital channels to ensure wider reach and accessibility of insurance products. These initiatives are providing an impetus to insurers to innovate and improve their online offerings to remain competitive in the market.

Regionally, North America holds a significant share of the online life insurance market, driven by high internet penetration, technological advancements, and a mature insurance market. Europe is also a major market due to the strong presence of key players and favorable regulatory frameworks. The Asia Pacific region is expected to witness the highest growth rate during the forecast period, driven by an expanding middle-class population, increasing awareness of life insurance, and growing adoption of digital technologies.

Policy Type Analysis

Term life insurance is one of the most popular policy types in the online life insurance market. This type of insurance provides coverage for a specified term, usually ranging from 10 to 30 years. The affordability of term life insurance policies makes them particularly attractive to young adults and families who are looking to secure financial protection without breaking the bank. The simplicity and transparency of term life insurance, combined with the ease of purchasing online, contribute significantly to its popularity.

Whole life insurance, which provides coverage for the insured's entire lifetime, is another significant segment. Unlike term life policies, whole life insurance includes a savings component, known as cash value, which grows over time. This feature makes whole life insurance appealing to individuals looking for both insurance protection and an investment vehicle. The online platforms facilitate the comparison of whole life insurance policies, helping consumers make informed decisions about long-term financial planning.

Universal life insurance offers flexible premiums and death benefits, along with a savings component that earns interest. The flexibility of universal life insurance policies appeals to consumers who want to adjust their coverage and premium payments according to their changing financial circumstances. Online platforms provide calculators and tools to help consumers understand the potential growth of their policy's cash value, enhancing the attractiveness of universal life insurance.

Variable life insurance stands out in the market due to its unique investment component, allowing policyholders to allocate a portion of their premium payments into various sub-accounts, similar to mutual funds. This feature offers the potential for higher returns, making it an attractive option for t

India's Car Insurance Market is Segmented by Coverage (third-Party Liability Coverage, Collision/comprehensive/other Optional Coverage), Application (personal Vehicles, Commercial Vehicles), and Distribution Channels (direct Sales, Individual Agents, Brokers, Banks, Online, and Other Distribution Channels). The Report Offers Market Size and Forecasts for the Indian Car Insurance Market in Value (USD) for all the Above Segments.

China's Car Insurance Market is Segmented by Coverage (third-Party Liability Coverage, Collision/comprehensive/other Optional Coverage), Application (personal Vehicles, Commercial Vehicles), and Distribution Channel (direct Sales, Individual Agents, Brokers, Banks, Online, and Other Distribution Channels). The Report Offers Market Size and Forecasts for the China Car Insurance Market in Value (USD) for all the Above Segments.

According to a survey conducted in 2021, when purchasing online insurance, over 40 percent of respondents stated they were worried about having difficulties or being denied when filing claims. Other worries included fears of being defrauded and possible limitations of the insurance coverage.

Personal Auto Insurance Market Outlook

The global personal auto insurance market size was valued at approximately USD 812 billion in 2023 and is projected to reach around USD 1,219 billion by 2032, expanding at a compound annual growth rate (CAGR) of 4.5% during the forecast period. The growth of the market is primarily driven by the increasing number of vehicles on the road, rising disposable incomes, and stringent government regulations mandating auto insurance. With the adoption of advanced technologies and telematics, insurance providers are now offering more customized and affordable insurance plans, which are likely to fuel further market growth.

One of the major growth factors for the personal auto insurance market is the increase in the number of vehicles worldwide. As economies grow and disposable incomes rise, more individuals are purchasing vehicles, which in turn drives the demand for auto insurance. Additionally, the rising awareness among consumers regarding the importance of insurance coverage for financial protection in the case of accidents or theft is contributing significantly to market growth. Governments in various countries are making it compulsory for vehicle owners to have insurance, thereby boosting the market further.

Technological advancements are playing a crucial role in the growth of the personal auto insurance market. The integration of telematics, artificial intelligence (AI), and big data analytics into insurance processes has enabled companies to offer personalized insurance policies based on individual driving behavior and risk profiles. This not only helps in reducing premiums for safe drivers but also enhances the accuracy of risk assessment, leading to greater customer satisfaction and retention. Moreover, the emergence of InsurTech startups is revolutionizing the auto insurance landscape by offering seamless online services and innovative insurance products.

The rise in digitalization and the use of online platforms for purchasing insurance policies are also contributing to market growth. Consumers now prefer the convenience of comparing different insurance plans online and purchasing them directly through company websites or mobile apps. This shift towards digital channels is also leading to cost reductions for insurance providers, which can be passed on to consumers in the form of lower premiums. Furthermore, the COVID-19 pandemic has accelerated the adoption of digital channels, as people seek to minimize physical interactions.

Insurance Rating Tools are becoming increasingly pivotal in the personal auto insurance market. These tools leverage advanced algorithms and data analytics to assess the risk profiles of policyholders more accurately. By analyzing various factors such as driving history, vehicle type, and geographical location, insurance companies can offer more tailored and competitive pricing. This not only enhances customer satisfaction but also helps insurers in managing risk more effectively. As the industry continues to evolve, the integration of sophisticated insurance rating tools is expected to play a crucial role in shaping the future of auto insurance, providing both insurers and consumers with more transparency and efficiency.

Regionally, North America holds a significant share in the personal auto insurance market due to the high number of vehicles and stringent insurance regulations. Europe follows closely, driven by similar factors along with a strong emphasis on road safety and insurance compliance. The Asia Pacific region is expected to witness the highest growth rate during the forecast period, primarily due to the rapid economic growth, increasing vehicle ownership, and rising awareness about the benefits of auto insurance. Latin America and the Middle East & Africa are also anticipated to exhibit substantial growth, supported by improving economic conditions and regulatory frameworks.

Coverage Type Analysis

Liability coverage is one of the most critical components of personal auto insurance and is often mandated by law in many countries. This coverage protects policyholders from financial liability in case they are found responsible for causing injury or damage to other people or property. The market for liability coverage is substantial due to its mandatory nature, and it is expected to grow steadily as more vehicles take to the roads. Moreover, increasing awareness about the legal repercussions of driving without adequate liability insurance is driving consumers t

The Brazil Car Insurance Market report segments the industry into By Coverage (Third-Party Liability Coverage, Collision/Comprehensive/Other Optional Coverage), By Application (Personal Vehicles, Commercial Vehicles), By Distribution Channel (Direct Sales, Individual Agents, Brokers, Banks, Online, Other Distribution Channels). Includes five years of historical data and five-year market forecasts.

The global internet insurance market is experiencing robust growth, driven by increasing internet and smartphone penetration, rising consumer preference for digital convenience, and the innovative product offerings from insurers. The market, currently valued at approximately $150 billion in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033. This significant growth is fueled by several key factors. Consumers are increasingly adopting online platforms for managing their financial needs, including insurance purchases. This shift is propelled by the ease of access, speed, and transparency offered by digital insurance platforms. Furthermore, insurers are leveraging technology to develop personalized products and streamline processes, enhancing customer experience and driving adoption. The growing integration of artificial intelligence and machine learning into insurance processes further streamlines operations, improves risk assessment, and reduces costs, contributing to the market's expansion. However, challenges remain. Data security and privacy concerns related to online transactions remain a significant hurdle. Insurers must invest heavily in robust security measures and transparent data handling practices to build consumer trust. Regulatory hurdles and varying levels of digital infrastructure across regions also pose challenges to market penetration. Despite these constraints, the long-term outlook for the internet insurance market remains extremely positive. The continued advancements in technology, coupled with increasing consumer comfort with online transactions, are expected to propel sustained growth in the coming years, particularly in emerging markets with large populations and rapidly expanding internet access. Key players like Lifenet Insurance, Allstate, Inweb, Money Super Market, PICC Group, Ping An Group, AIG, Zhongmin, Huize, and China Life are actively shaping the market landscape through innovation and strategic expansions.

The India Motor Insurance Market report segments the industry into By Motor Insurance Type (Own Damage, Third Party), By Application (Commercial Motor Insurance, Private Motor Insurance), By Distribution Channel (Individual Agents, Brokers, Banks, Online, Other Distribution Channels), and By State (Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, Gujarat, Other States).

The Japan car insurance market, valued at ¥20.31 billion in 2025, is projected to experience steady growth, exhibiting a Compound Annual Growth Rate (CAGR) of 5.21% from 2025 to 2033. This growth is driven by several factors. Firstly, the increasing number of vehicles on Japanese roads, fueled by a growing economy and population, directly translates to a higher demand for car insurance. Secondly, rising awareness of the importance of comprehensive coverage and the potential financial consequences of accidents are pushing consumers towards more robust insurance plans. Furthermore, the expanding online distribution channels are enhancing accessibility and convenience, contributing to market expansion. The market is segmented by coverage type (third-party liability, collision/comprehensive, and other optional coverages), vehicle type (personal and commercial), and distribution channel (direct sales, agents, brokers, banks, and online platforms). Competition is intense among major players like Tokio Marine & Nichido Fire Insurance, Mitsui Sumitomo Insurance, and Sompo Japan Insurance, prompting innovation in product offerings and customer service strategies. However, several factors restrain market growth. Stringent government regulations and increasing insurance premiums could deter some consumers. Furthermore, the aging population of Japan may lead to a decrease in the number of new drivers, potentially impacting future market growth. To mitigate these challenges, insurers are focusing on developing personalized and technologically advanced products, leveraging data analytics for risk assessment, and strengthening their digital presence to cater to evolving consumer preferences. The market's segmentation offers significant opportunities for niche players to focus on specific vehicle types or customer demographics, creating a dynamic and competitive landscape. The forecast period of 2025-2033 suggests a promising future for the Japan car insurance market, with continued growth driven by a confluence of economic, demographic, and technological factors. Recent developments include: December 2022: OCTO Telematics, existing as a data analytics firm for the insurance sector, launched its office in Tokyo (Japan) to strengthen its presence and expand its partnership with insurance providers. The company has a commercial partnership with Tokio Marine which is having its operation in Japan car insurance., January 2023: Japanese insurer Tokio Marine & Nichido Fire Insurance launched selling of its insurance products to customers through Metaverse. With the adoption of Metaverse, insurers and customers can communicate through their virtual avatars on the platform. This initiative will be used for offering car insurance products as well.. Key drivers for this market are: Rising Sales of Cars in the Japan, Decline in Car Insurance Premium Rates. Potential restraints include: Rising Sales of Cars in the Japan, Decline in Car Insurance Premium Rates. Notable trends are: Rising Gross Written Premium with Declining Insurance Premium Rates.

Australia's Car Insurance industry has demonstrated resilience and responsiveness to changing consumer demands and technological advancements. Despite facing challenges like fluctuating vehicle usage patterns and economic uncertainties at the height of the pandemic, the industry has continued to evolve. Insurers have focused on offering more personalised and flexible plans to meet drivers’ diverse needs. Companies that’ve embraced digital transformation and customer-centric strategies have shown particular strength, laying a foundation for future growth in a competitive landscape. Industry revenue is anticipated to have grown at an annualised 1.5% over the past five years and is expected to total $29.9 billion in 2024-25, when revenue is set to climb 0.4%. Evolving technology and consumer behaviours have influenced significant shifts in the Australian car insurance market. Traditional insurance giants have had to grapple with regulatory changes and disruptive insurtech start-ups. Companies like Huddle, which leverage AI and machine learning for efficient claims processing and risk assessment, are setting new benchmarks for the industry. Customisable insurance products have made a notable impact, catering to niche markets like occasional drivers or EV owners. Telematics and usage-based insurance models have also grown, reflecting a more data-driven approach to coverage. Despite ongoing challenges, profitability has managed to climb, largely thanks to insurers passing on cost increases to consumers. Looking ahead, the industry is set to exhibit more growth, with revenue forecast to expand at an annualised 2.6% through the end of 2029-30 to total $34.1 billion. With more insurers adopting AI-powered platforms and automation, the industry’s traditional processes will become more streamlined, allowing firms to assess risks and process claims in real time. As these technologies mature, insurers are set to minimise their operational costs and deliver quicker, more accurate services, thereby enhancing customer satisfaction. Demand for personalised insurance products will continue to climb, pushing companies to develop more flexible and tailored solutions. This shift will likely attract niche markets and cater to specific consumer needs, like EV owners or drivers who prefer usage-based insurance.

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 digital insurance brokerage service market is experiencing robust growth, driven by increasing internet and smartphone penetration, consumer preference for online convenience, and the expanding adoption of Insurtech solutions. The market's value, while not explicitly stated, can be reasonably estimated based on the provided study period (2019-2033), base year (2025), and forecast period (2025-2033). Considering the rapid technological advancements and the rising demand for personalized insurance solutions, a conservative estimate places the 2025 market size at approximately $15 billion, with a Compound Annual Growth Rate (CAGR) of 15% projected through 2033. Key drivers include the enhanced user experience offered by online platforms, the ability to compare quotes from multiple insurers instantly, and the increased transparency and efficiency in the policy selection process. Emerging trends like AI-powered chatbots for customer service, personalized risk assessment tools, and embedded insurance within various platforms are further propelling market expansion. However, challenges remain, including concerns about data security and privacy, the need for robust regulatory frameworks to manage online insurance sales, and the potential for market saturation in some regions. Segmentation reveals strong growth in both the enterprise and personal application segments, with comparison services holding a larger market share than purchase services currently, although this may shift as user preference and technology evolve. The competitive landscape is dynamic, featuring established players like Policybazaar and Coverfox alongside newer Insurtech companies like Lemonade and Hippo Insurance. Geographic distribution shows significant market potential across North America and Europe, particularly in the United States, the United Kingdom, and Germany. However, rapid growth is also anticipated in Asia-Pacific regions like India and China, driven by rising disposable incomes and increasing internet usage. The market's future trajectory is heavily dependent on continued technological innovation, regulatory developments, and the successful adoption of digital solutions by both insurers and consumers. Companies will need to focus on building trust, ensuring data security, and providing a seamless user experience to fully capitalize on this expanding market opportunity. Further research and analysis, including a deeper dive into specific regional data, will be beneficial in refining market projections and developing targeted strategies.

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Insurance Brokerage Market Size 2025-2029

The insurance brokerage market size is forecast to increase by USD 117.3 billion at a CAGR of 8.2% between 2024 and 2029.

The market is experiencing significant growth due to the increased demand for various insurance policies. This trend is driven by the expanding economy, population growth, and rising disposable income, leading more individuals and businesses to seek insurance coverage. Additionally, the integration of IT and analytic solutions in the insurance industry is revolutionizing the way policies are underwritten and sold. This digital transformation enables insurance brokers to offer personalized and efficient services, enhancing customer experience and satisfaction. However, the market also faces challenges. Direct purchase of insurance policies by customers through digital channels is becoming increasingly popular, posing a threat to traditional insurance brokers.
This shift towards self-service models requires brokers to adapt and offer value-added services to differentiate themselves. Furthermore, regulatory compliance and data security concerns are critical challenges that insurance brokers must address to maintain customer trust and adhere to industry standards. Effective risk management and data analytics are essential tools for brokers to navigate these challenges and capitalize on the market opportunities presented by the evolving insurance landscape.

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

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The market continues to evolve, driven by dynamic market conditions and advancements in technology. Insurance marketing strategies adapt to shifting consumer preferences, with digital platforms and mobile apps becoming increasingly popular. Insurance carriers respond by offering innovative solutions, integrating data analytics and machine learning to assess risk and personalize policies. Renewals and brokerage services remain a focal point, with technology streamlining processes and improving efficiency. Regulations evolve, shaping the industry landscape and driving innovation in areas such as claims processing and policy administration. Financial services and insurance technology intertwine, enabling seamless transactions and real-time data access. Insurance trends, from risk management to liability insurance, unfold across various sectors, with commercial and personal lines adapting to changing risk appetites.
Online insurance platforms and digital insurance transform the distribution landscape, offering customers convenience and flexibility. Insurance policies continue to evolve, with group insurance, employee benefits, and health insurance adapting to meet changing needs. Insurance technology and insurance regulations shape the future of the industry, with artificial intelligence and machine learning set to revolutionize underwriting and risk assessment. Insurance sales strategies adapt to these changes, with insurance advisors and consultants playing a crucial role in guiding clients through the complexities of the market. Insurance premiums remain a key consideration, with insurance comparisons and customer relationship management becoming increasingly important for insurers and brokers alike.
The insurance industry continues to evolve, with ongoing innovation and adaptation to market conditions shaping its future.

How is this Insurance Brokerage Industry segmented?

The insurance brokerage 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.

Type

  Non-life insurance
  Life insurance


End-user

  Individuals
  Corporate


Channel

  Offline
  Online


Consumer

  Retail
  Wholesale


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Middle East and Africa

    UAE


  Rest of World (ROW)

By Type Insights

The non-life insurance segment is estimated to witness significant growth during the forecast period.

The market encompasses various entities that shape its dynamics and trends. Artificial intelligence and data analytics are transforming risk management and claims processing, leading to more efficient insurance solutions and consulting services. Mobile apps and online platforms facilitate insurance comparisons and customer relationship management. Insurance fraud remains a significant challenge, necessitating advanced technology and regulatory oversight. Life insurance and non-life insurance segments constitute the insurance market. Non-life insurance, also known as general insurance, covers financial losses from accidents or natural disasters. Its revenue growth is anticipated to outp

Thailand Life Insurance: OII: Interest from Car Hire Purchase data was reported at 8,627.438 THB th in Dec 2018. This records an increase from the previous number of 7,209.158 THB th for Sep 2018. Thailand Life Insurance: OII: Interest from Car Hire Purchase data is updated quarterly, averaging 9,801.462 THB th from Mar 2016 (Median) to Dec 2018, with 12 observations. The data reached an all-time high of 31,674.320 THB th in Dec 2016 and a record low of 2,326.931 THB th in Mar 2018. Thailand Life Insurance: OII: Interest from Car Hire Purchase 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.Z031: Life Insurance Statistics.

Pay-As-You-Drive Insurance Market Outlook

According to our latest research, the global Pay-As-You-Drive Insurance market size reached USD 39.8 billion in 2024, reflecting robust adoption across both developed and emerging markets. The market is experiencing a strong growth momentum, registering a CAGR of 17.2% during the forecast period. By 2033, the Pay-As-You-Drive Insurance market is projected to attain a significant valuation of USD 138.1 billion. The rapid expansion is primarily driven by technological advancements in telematics, increasing consumer demand for personalized insurance products, and the growing emphasis on road safety and cost-efficiency in the automotive insurance sector.

One of the primary growth drivers for the Pay-As-You-Drive Insurance market is the increasing integration of telematics and IoT technologies in vehicles. Modern telematics solutions, including on-board diagnostics, smartphone-based tracking, and black box devices, enable insurers to collect real-time driving data, such as distance traveled, driving habits, speed, and location. This wealth of data empowers insurance companies to offer highly customized policies, rewarding safe drivers with lower premiums. As consumers become more aware of the potential savings and fairness associated with usage-based insurance, there is a notable shift from traditional coverage models to pay-as-you-drive solutions. This technological shift not only enhances risk assessment accuracy but also fosters customer loyalty and transparency in the insurance process.

Another significant factor propelling the Pay-As-You-Drive Insurance market is the evolving regulatory landscape and increasing governmental support for road safety initiatives. Various governments across North America, Europe, and Asia Pacific are encouraging the adoption of telematics-driven insurance as part of broader efforts to reduce road accidents and promote responsible driving behavior. Regulatory mandates for the installation of telematics devices in new vehicles, coupled with incentives for insurers and policyholders, are accelerating market penetration. Additionally, the rising cost of traditional insurance premiums, especially among younger and high-risk drivers, is prompting consumers to seek more flexible and affordable alternatives, further boosting the adoption of pay-as-you-drive products.

The shift in consumer preferences towards digitalization and online insurance platforms is also contributing to the market’s robust growth. As customers increasingly seek convenience, transparency, and quick policy issuance, insurance providers are investing in online distribution channels and mobile applications to streamline the purchase and management of pay-as-you-drive policies. This digital transformation is particularly pronounced in urban areas and among tech-savvy demographics, where smartphone penetration and internet connectivity are high. The availability of real-time policy updates, instant quotes, and seamless claims processing through digital platforms is enhancing customer satisfaction and driving higher market adoption rates.

Regionally, North America continues to dominate the Pay-As-You-Drive Insurance market, accounting for the largest share in 2024, followed closely by Europe and Asia Pacific. The high penetration of telematics-enabled vehicles, advanced regulatory frameworks, and strong presence of leading insurance companies are key factors supporting the North American market. Europe is witnessing substantial growth due to stringent road safety regulations and increasing consumer awareness. Meanwhile, the Asia Pacific region is emerging as a lucrative market, driven by rapid urbanization, rising vehicle ownership, and government initiatives promoting digital insurance solutions. Latin America and the Middle East & Africa are also showing promising growth trajectories, albeit at a slower pace, as telematics infrastructure and digital adoption improve.

Coverage Type Analysis

The Pay-As-You-Drive Insurance market by coverage t