PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1535983
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1535983
Premium Finance Market - By Type (Life Insurance, Non-life Insurance), By Interest Rate (Fixed Interest Rate, Floating Interest Rate), By Provider (Banks, NBFC) & Forecast, 2024 - 2032
Global premium finance market will grow at 10% CAGR from 2024 to 2032, attributed to the increasing insurance costs. According to recent data from the General Insurance Council, premiums for non-life insurance companies surged by 14.86% in the first half of the fiscal year 2023-24 compared to the same period in FY 2022-23.
Rising insurance costs are driving growth in the premium finance market as individuals and businesses seek financing solutions to manage higher premiums. With insurance rates climbing, many customers find it challenging to pay large premiums upfront, increasing the demand for premium financing options. This trend allows policyholders to spread costs over time, improving affordability and financial planning. Consequently, the growing need to manage escalating insurance expenses fuels the expansion of the premium finance market.
The overall premium finance market is categorized based on type, interest rate, provider, and region,
The non-life insurance segment will witness substantial growth over 2024-2032. Non-life insurance policies, including property, casualty, and liability insurance, are increasingly being financed through premium financing arrangements. This trend is driven by the rising costs of premiums and the need for businesses and individuals to manage cash flow effectively. Premium finance companies offer customized financing solutions that enable policyholders to spread out payments, reducing financial strain and ensuring continuous coverage. The growing adoption of premium finance in the non-life insurance sector will significantly contribute to market expansion.
Banks will capture a notable share of the premium finance market by 2032. As trusted financial institutions, banks offer premium finance services to their clients, leveraging their established customer base and extensive financial expertise. By providing competitive financing options, banks help policyholders manage premium payments efficiently. The integration of premium finance services into banks' product portfolios allows for seamless financial management and enhances customer satisfaction. Additionally, banks' stringent regulatory compliance and robust risk management practices ensure the reliability and security of premium finance solutions, fostering market growth.
Europe premium finance market will experience commendable gains from 2024 to 2032 due to its well-established financial infrastructure and high insurance penetration rates. The region's robust regulatory frameworks and supportive government policies promote the adoption of premium finance solutions. Additionally, the presence of leading insurance companies and financial institutions in Europe drives innovation and market expansion. The increasing demand for premium finance in managing non-life insurance premiums, coupled with Europe's strong economic environment, will contribute to the substantial growth of the premium finance market in the region.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360º synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Vendor matrix
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Patent analysis
- 3.6 Key news and initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Escalating insurance premiums increasing demand for financing solutions
- 3.8.1.2 Improved cash flow management for policyholders
- 3.8.1.3 Technological innovations enhancing service efficiency
- 3.8.1.4 Customization of insurance products driving specialized financing needs
- 3.8.1.5 Evolving regulatory landscape encouraging market adaptation and growth
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 Regulatory compliance and complexity
- 3.8.2.2 Intense market competition and need for differentiation
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Type, 2021 - 2032 (USD billion)
- 5.1 Key trends
- 5.2 Life insurance
- 5.3 Non-life insurance
Chapter 6 Market Estimates & Forecast, By Interest Rate, 2021 - 2032 (USD billion)
- 6.1 Key trends
- 6.2 Fixed interest rate
- 6.3 Floating interest rate
Chapter 7 Market Estimates & Forecast, By Provider, 2021 - 2032 (USD billion)
- 7.1 Key trends
- 7.2 Banks
- 7.3 NBFCs
- 7.4 Others
Chapter 8 Market Estimates & Forecast, By Region, 2021 - 2032 (USD billion)
- 8.1 Key trends
- 8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
- 8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 ANZ
- 8.4.6 Rest of Asia Pacific
- 8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Rest of Latin America
- 8.6 MEA
- 8.6.1 UAE
- 8.6.2 South Africa
- 8.6.3 Saudi Arabia
- 8.6.4 Rest of MEA
Chapter 9 Company Profiles
- 9.1 AFCO Credit Corporation
- 9.2 Agile Premium Finance
- 9.3 ARI Financial Group
- 9.4 Byline Bank
- 9.5 CAFO Acceptance Corporation
- 9.6 Cananwill Inc.
- 9.7 Capital for Life
- 9.8 Capital Premium Financing
- 9.9 ClassicPlan Premium Finance
- 9.10 Financial Pacific Leasing
- 9.11 FIRST Insurance Funding
- 9.12 Global Premium Finance
- 9.13 Imperial PFS
- 9.14 Insurance Finance Company (IFC)
- 9.15 IPFS Corporation
- 9.16 JPMorgan Chase & Co.
- 9.17 Lincoln National Corporation
- 9.18 Mepco Finance Corporation
- 9.19 Miller Finance Corporation
- 9.20 Pathward
- 9.21 PayLink Direct
- 9.22 Standard Premium Finance
- 9.23 The Bancorp
- 9.24 US Premium Finance
- 9.25 Valley National Bancorp
