PUBLISHER: The Business Research Company | PRODUCT CODE: 1712794
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712794
Life and non-life insurance are forms of insurance that offer financial protection and assistance to beneficiaries, covering a wide range of risks and uncertainties related to life, health, and property. The primary goals are to provide a payout or death benefit in the case of life insurance and financial security against losses or damages to property, vehicles, businesses, and liabilities in non-life insurance.
The main types of insurance included in the life and non-life insurance market are life insurance and non-life insurance. Life insurance provides financial protection to named beneficiaries in the policy in the event of the policyholder's death. The coverage types include lifetime coverage and term coverage, and distribution channels encompass direct sales, brokers, individual agents, bankers, and others. The various end users of these insurance types are corporates, individuals, and others.
The life and non-life insurance market research report is one of a series of new reports from The Business Research Company that provides life and non-life insurance market statistics, including life and non-life insurance industry global market size, regional shares, competitors with a life and non-life insurance market share, detailed life and non-life insurance market segments, market trends and opportunities, and any further data you may need to thrive in the life and non-life insurance industry. This life and non-life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The life and non-life insurance market size has grown strongly in recent years. It will grow from $9344.18 billion in 2024 to $9834.56 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to demographic changes, economic stability, increased risk perception, product innovation.
The life and non-life insurance market size is expected to see steady growth in the next few years. It will grow to $11892.01 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to global economic trends, climate change concerns, regulatory changes, emerging risks, infrastructure development. Major trends in the forecast period include sustainable and esg integration, parametric insurance growth, blockchain applications, remote risk assessment tools.
The increasing insurance penetration is expected to stimulate the growth of the life and non-life insurance market in the future. Insurance penetration refers to the extent of insurance coverage, indicated by the percentage of the population or businesses holding insurance policies in relation to the total insurable market or population. A rise in insurance penetration offers substantial benefits for both life and non-life insurance, resulting in enhanced financial protection, improved risk mitigation, and greater market stability, which positively impacts individuals, businesses, and the broader economy. For example, a September 2023 report from the United States Census Bureau, a federal statistical agency, revealed that in 2022, 92.1% of individuals, equating to 304.0 million people, had health insurance at some point during the year. This marked an increase in both the insured rate and the number of insured individuals compared to 2021, when the figures were 91.7% or 300.9 million. Thus, the growing insurance penetration is set to drive the expansion of the life and non-life insurance market.
The growth of the life and non-life insurance market is set to receive a boost from the increasing global population. The global population encompasses the total number of people inhabiting the Earth at a specific point in time, spanning individuals from all countries, regions, and continents. The expanding global population not only diversifies the market for insurance products but also presents insurers with opportunities to tailor offerings to meet the evolving needs of a dynamic and growing population. In July 2022, a report by the United Nations projected the global population to reach approximately 8.5 billion by 2030, with a further increase to 9.7 billion by 2050. Subsequently, a peak population of around 10.4 billion individuals is anticipated during the 2080s. Thus, the rising global population is a key driver behind the growth of the life and non-life insurance market.
Technological advancements emerge as a prominent trend gaining traction in the life and non-life insurance market. Major companies operating in this market are actively developing new technological solutions to bolster their positions. For example, in March 2023, Sure Insurance LLC, a US-based digital insurance provider, introduced Retrace-an e-commerce solution. This innovative technology enables online retailers to seamlessly offer clients integrated one-click insurance and protection. Featuring a set of APIs (application programming interfaces), Retrace facilitates the integration of security and insurance for various use cases, including the groundbreaking Retrace Return Shipping Protection, which enhances the online purchasing experience for both consumers and retailers.
Major companies in the life and non-life insurance market are at the forefront of developing innovative products, such as indexed variable universal life (Indexed VUL) insurance, to cater to larger customer bases, drive sales, and increase revenue. Indexed VUL insurance combines features from both variable universal life (VUL) insurance and indexed universal life (IUL) insurance. In November 2022, Prudential Financial Inc., a US-based insurance company, launched Prudential FlexGuard Life. This insurance solution stands out with its buffered index strategies, offering robust cash value accumulation potential alongside downside protection during market volatility. FlexGuard Life not only provides death benefit protection with guaranteed duration options but also allows various avenues for growing cash values. Its unique features include the acceleration of death benefits in case of chronic or terminal illness, provided an additional rider is added. The flexibility of FlexGuard Life allows for adjustments based on evolving needs, empowering consumers to proactively manage their futures, leaving a legacy while gaining accessibility to living benefits.
In February 2022, Allianz SE, a Germany-based financial services company, completed the acquisition of European Reliance General Insurance Company S.A. for approximately €207 million ($223.8 million). This strategic move enhances Allianz's presence in the lucrative Greek insurance market. European Reliance General Insurance Co., based in Greece, offers diverse insurance products and services to individuals, businesses, and organizations.
Major companies operating in the life and non-life insurance market include Ping An Insurance Company of China Ltd., China Life Insurance Company Limited., Allianz SE, Axa SA, Prudential plc, MetLife Inc., Muenchener Rueck Ges in Mnhn AG, Zurich Insurance Group Ltd., Nippon Life Insurance Company, The Japan Post Holdings Company Ltd., Aviva plc, AIA Group Limited., UnitedHealth Group Incorporated, Life Insurance Corporation, New York Life Insurance Company, Northwestern Mutual Life Insurance Company, Metropolitan Group Mutual Life Insurance Company, Berkshire Hathaway Inc., Cigna Corporation, State Farm Mutual Automobile Insurance Company ., Progressive Insurance Group, Allstate Insurance Group, Liberty Mutual Insurance Company, Travelers Group Companies Inc., United Services Automobile Association, Chubb Ltd., Farmers Insurance Exchange, Nationwide Mutual Insurance Company, Prudential Financial Inc., Manulife Financial Corporation, Assicurazioni Generali S.p.A. ., Legal & General Group plc, Munich Reinsurance America Inc., Swiss Reinsurance Company Ltd ., Aflac Incorporated, Tokio Marine Holdings Inc.
North America was the largest region in the global life and non-life insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life and non-life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the life and non-life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The life and non-life insurance market includes revenues earned by entities by motor insurance, travel insurance, accident insurance, whole life insurance, and term life insurance. 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.
Life And Non-Life Insurance Global Market Report 2025 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 life and non-life insurance 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.
Where is the largest and fastest growing market for life and non-life insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The life and non-life insurance 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.