Premium Finance Global Market Report 2024

Description

Premium finance refers to a financial arrangement where a third party, such as a specialized finance company or bank, provides funds to individuals or businesses to cover insurance premiums. This arrangement enables policyholders to spread the cost of their insurance premiums over time, rather than paying the full amount upfront.

The main categories in the premium finance market include life insurance and non-life insurance. Life insurance provides a monetary benefit to the policyholder's beneficiaries upon their death. Premium financing options can involve various interest rates, including fixed and floating rates. Providers of premium finance include banks, non-banking financial companies (NBFCs), and other financial institutions.

The premium finance market research report is one of a series of new reports from The Business Research Company that provides premium finance market statistics, including the premium finance industry global market size, regional shares, competitors with premium finance market share, detailed premium finance market segments, market trends, and opportunities, and any further data you may need to thrive in the premium finance industry. These premium finance market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The premium finance market size has grown rapidly in recent years. It will grow from $46.08 billion in 2023 to $51.37 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth observed during the historic period can be attributed to several factors, including the rise in high net worth individuals (HNWIs), the expansion of luxury goods and services, increasing insurance premiums, growth in real estate investments, and a heightened focus on asset protection.

The premium finance market size is expected to see rapid growth in the next few years. It will grow to $79.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The projected growth during the forecast period can be attributed to several factors, including rising insurance premiums, the expansion of insurance products, increased availability of credit, a rise in corporate financing, and growth in wealth management services. Key trends expected during this period include the adoption of digital platforms, the development of customized financing solutions, advancements in risk assessment tools, the adoption of mobile payment solutions, and innovations in customer service technology.

The anticipated growth of non-banking financial companies (NBFCs) is expected to significantly drive the expansion of the premium finance market. NBFCs are financial institutions that offer various banking services without holding a banking license. Their growth is fueled by regulatory reforms and rising demand for credit in underserved markets. NBFCs facilitate premium finance by providing flexible loan structures, quicker approval processes, and competitive rates, thereby making insurance more accessible and affordable for policyholders. For example, in December 2022, the Financial Stability Board (FSB), a Switzerland-based non-profit association, reported that the NBFC sector grew by 8.9% in 2021, surpassing its five-year average growth rate of 6.6% and reaching $239.3 trillion. This growth in NBFCs is driving the premium finance market.

Leading companies in the premium finance sector are focusing on developing extensive financial networks to enhance their service offerings and streamline transactions. A financial network is a system of interconnected financial institutions and services that facilitate transactions, data exchange, and communication, thereby improving the efficiency, accuracy, and accessibility of financial services. For instance, in April 2024, ePayPolicy, a US-based insurance technology (Insurtech) and financial services company, introduced Finance Connect, an advanced feature designed to streamline premium financing for insurance companies. This feature integrates with existing premium finance company (PFC) partners, offers flexible payment options, and simplifies auto-payment and reminders, improving conversion rates and operational efficiency in response to the increasing demand for digital and automated financial solutions in the premium finance market.

In April 2024, InterPlanetary File System (IPFS) Corporation, a US-based financing company, acquired Stonemark Inc. for an undisclosed amount. This acquisition aims to expand IPFS's client base, enhance its premium finance capabilities, and leverage the combined expertise and experience of both organizations to deliver superior services to the insurance industry. Stonemark Inc., also based in the US, provides premium financing services to insurance brokers and managing general agents (MGAs).

Major companies operating in the premium finance market are JPMorgan Chase & Co., Wells Fargo & Company, Munich Re Group, The Hartford Financial Services Group Inc., Lincoln National Corporation, BNY Mellon Wealth Management, Sun Life Financial Inc., Symetra Life Insurance Company, Valley National Bancorp, Wintrust Financial Corporation, Byline Bancorp Inc., FMG Suite LLC, IPFS Corporation, AgentSync Inc., Parkway Bank & Trust Co., US Premium Finance, PayLink Direct, Succession Capital Inc., ARI Financial Group, ClassicPlan Premium Financing Inc., Agile Premium Finance, Colonnade Advisors LLC

North America was the largest region in the premium finance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the premium finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the premium finance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The premium finance market includes revenues earned by entities by providing services such as insurance premium loans, premium funding arrangements, risk management consulting, financial advisory, credit risk assessment, and claims management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Premium Finance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on premium finance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for premium finance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The premium finance market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Life Insurance; Non-Life Insurance
2) By Interest Rate: Fixed Interest Rate; Floating Interest Rate
3) By Provider: Banks; Non Banking Financial Company (NBFCs); Other Providers
Companies Mentioned: JPMorgan Chase & Co.; Wells Fargo & Company; Munich Re Group; The Hartford Financial Services Group Inc.; Lincoln National Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r20003

1. Executive Summary

2. Premium Finance Market Characteristics

3. Premium Finance Market Trends And Strategies

4. Premium Finance Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Premium Finance Market Size and Growth

5.1. Global Premium Finance Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Premium Finance Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Premium Finance Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Premium Finance Market Segmentation

6.1. Global Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Life Insurance
Non-Life Insurance
6.2. Global Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Fixed Interest Rate
Floating Interest Rate
6.3. Global Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Banks
Non Banking Financial Company (NBFCs)
Other Providers

7. Premium Finance Market Regional And Country Analysis

7.1. Global Premium Finance Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Premium Finance Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Premium Finance Market

8.1. Asia-Pacific Premium Finance Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Premium Finance Market

9.1. China Premium Finance Market Overview
9.2. China Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Premium Finance Market

10.1. India Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Premium Finance Market

11.1. Japan Premium Finance Market Overview
11.2. Japan Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Premium Finance Market

12.1. Australia Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Premium Finance Market

13.1. Indonesia Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Premium Finance Market

14.1. South Korea Premium Finance Market Overview
14.2. South Korea Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Premium Finance Market

15.1. Western Europe Premium Finance Market Overview
15.2. Western Europe Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Premium Finance Market

16.1. UK Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Premium Finance Market

17.1. Germany Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Premium Finance Market

18.1. France Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Premium Finance Market

19.1. Italy Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Premium Finance Market

20.1. Spain Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Premium Finance Market

21.1. Eastern Europe Premium Finance Market Overview
21.2. Eastern Europe Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Premium Finance Market

22.1. Russia Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Premium Finance Market

23.1. North America Premium Finance Market Overview
23.2. North America Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Premium Finance Market

24.1. USA Premium Finance Market Overview
24.2. USA Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Premium Finance Market

25.1. Canada Premium Finance Market Overview
25.2. Canada Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Premium Finance Market

26.1. South America Premium Finance Market Overview
26.2. South America Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Premium Finance Market

27.1. Brazil Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Premium Finance Market

28.1. Middle East Premium Finance Market Overview
28.2. Middle East Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Premium Finance Market

29.1. Africa Premium Finance Market Overview
29.2. Africa Premium Finance Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Premium Finance Market, Segmentation By Interest Rate, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Premium Finance Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Premium Finance Market Competitive Landscape And Company Profiles

30.1. Premium Finance Market Competitive Landscape
30.2. Premium Finance Market Company Profiles
- 30.2.1. JPMorgan Chase & Co.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Wells Fargo & Company
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Munich Re Group
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. The Hartford Financial Services Group Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Lincoln National Corporation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Premium Finance Market Other Major And Innovative Companies

31.1. BNY Mellon Wealth Management
31.2. Sun Life Financial Inc.
31.3. Symetra Life Insurance Company
31.4. Valley National Bancorp
31.5. Wintrust Financial Corporation
31.6. Byline Bancorp Inc.
31.7. FMG Suite LLC
31.8. IPFS Corporation
31.9. AgentSync Inc.
31.10. Parkway Bank & Trust Co.
31.11. US Premium Finance
31.12. PayLink Direct
31.13. Succession Capital Inc.
31.14. ARI Financial Group
31.15. ClassicPlan Premium Financing Inc.

32. Global Premium Finance Market Competitive Benchmarking

33. Global Premium Finance Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Premium Finance Market

35. Premium Finance Market Future Outlook and Potential Analysis

35.1 Premium Finance Market In 2028 - Countries Offering Most New Opportunities
35.2 Premium Finance Market In 2028 - Segments Offering Most New Opportunities
35.3 Premium Finance Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer