Learn about the global insurance market through The Business Research Company, which provides information on insurance market size, insurance market drivers and restraints, insurance market players, the COVID-19 impact on the insurance market, and more.

The global insurance market is expected to grow from $4474.49 billion in 2020 to $5050.31 billion in 2021 at a compound annual growth rate (CAGR) of 12.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The insurance market is expected to reach $6390.73 billion in 2025 at a CAGR of 6%.

The rapid growth in internet penetration and increased risks associated with internet use for critical transactions is driving the demand for cyber insurance.

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The insurance market consists of sales of insurance products by entities (organizations, sole traders and partnerships) that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. Insurance providers invest premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies. Reinsurance providers are businesses that assume all or part of the risk associated with an existing insurance policy or set of policies, originally underwritten by another insurance carrier (direct insurance carrier).

Global Insurance Market Segments Include:

By Type: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance

By End User: Corporate, Individual

By Mode: Online, Offline

Subsegments Covered: Term Life Insurance, Whole Life Insurance, Variable Life Insurance, Equity Indexed Life Insurance, Accidental Death Insurance, Other Life Insurance, Automobile Insurance Carriers, Malpractice/Indemnity Insurance Carriers, Fidelity Insurance Carriers, Mortgage Guaranty Insurance Carriers, Homeowners Insurance Carriers, Surety Insurance Carriers, Liability Insurance Carriers, Hospitalization Insurance, Hospital Daily Cash Benefit Insurance, Critical Illness Insurance, Domiciliary Insurance, Other Health & Medical Insurance

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global insurance market, accounting for 34% of the market in 2020.

Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets driven by reduced cost of premium in emerging countries resulting from improved internet penetration in those regions. Peer-to-peer insurance is based on pooling insurance premiums of participating individuals that can be used to compensate future uncertain losses and share the left-over amount among participants. It aims to reduce premium and overhead costs than traditional insurance providers, decrease inefficiencies and increase transparency of businesses.

TBRC’s insurance market report covers:

Major Market Players: Unitedhealth Group, AXA, Allianz, Generali, Ping An.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

The Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides insurance market overviews, analyses and forecasts market size, share, insurance market players, insurance market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Here Is A List Of Similar Reports From The Business Research Company:

Term Life Insurance Market

Insurance (Providers, Brokers And Re-Insurers) Global Market Report

Financial Services Global Market Report

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