The global Insurance market size is expected to reach USD 8,921.86 Billion at a steady revenue CAGR of 6.2% in 2028, according to latest analysis by Emergen Research. Rapid digitalization is enabling insurance providers to adapt to and adopt more advanced technologies, which is expected to drive market revenue growth in the coming years.
Another key factor driving market revenue growth is easy availability of insurance cover of varying types and policies for a vast array of needs and requirements across all types of end-user bases and increasing number of individuals, groups, entities, establishments (private, governmental, and commercial) and various sectors and industries opting to safeguard against potential health issues, and losses and damages. Increasing prevalence of various lifestyle and chronic diseases, as well as need to secure coverage in the event of accidents and to cover emergency accidental expenses etc., and the recent COVID-19 pandemic and ongoing spread of infection and need for treatment and care are other factors.
The report considers the COVID-19 pandemic as one of the key influencing factors of the Insurance market. The report discusses in detail the positive and negative impact of the pandemic on the Insurance industry. The supply chain disruptions and economic volatility have altered the dynamics of the Insurance industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
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Some Key Highlights From the Report
- In July 2021, MetLife launched pet insurance product to boost its portfolio. The insurance will provide coverage for pets and cater to the diversified financial needs of pet parents. The insurance can be availed irrespective of the breed of cats and dogs and pet owners will also be able to use telehealth concierge services.
- Web aggregators are insurance portals and assist clients to compare insurance products by showing information of various products by different providers. When clients are willing to purchase a product, web aggregators direct the clients to the specific provider. Web aggregators receive rewards and numerations for the leads converted into insurance policies.
- Insurance market in Asia Pacific is expected to register a rapid revenue growth rate during the forecast period owing to untapped opportunities and high demand from Japan, China, Australia, South Korea, and India. Demand for cyber insurance and health insurance is growing in Asia Pacific due to increasing incidence of cyberattacks and rise in medical treatment costs.
The Insurance research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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The key companies studied in the Insurance report are:
Berkshire Hathaway, AXA SA, China Life Insurance Co. Ltd., Aviva PLC, Prudential PLC, United Health Group Incorporated, Anthem Inc., Kaiser Foundation Group of Health Plans, Munich Reinsurance Company, and Centene Corporation. \
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On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
Emergen Research has segmented the global Insurance market on the basis of insurance type, service providers, end-use, sales channel, and region:
- Insurance Type Outlook (Revenue, USD Billion; 2018–2028)
- Life Insurance
- Property Insurance
- Health Insurance
- Liability Insurance
- Fire Insurance
- Motor Insurance or Auto Insurance
- Social Insurance
- Others (Travel, Marine, Guarantee, Home)
- Service Providers Outlook (Revenue, USD Billion; 2018–2028)
- Public Insurance Providers
- Private Insurance Providers
- End-use Providers Outlook (Revenue, USD Billion; 2018–2028)
- Sales Channel Outlook (Revenue, USD Billion; 2018–2028)
- Direct Sales
- Insurance Agents
- Web Aggregators
- Insurance Marketing Firm
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The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Insurance market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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