Global Insurance Market Outlook, Opportunities And Strategies
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 size is expected to grow from $5,376.92 billion in 2021 to $5,938.41 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The global insurance market size is expected to grow to $8,398.11 billion in 2026 at a CAGR of 9.1%.
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 and Casualty Insurance, Health and 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 and 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 in 2021.
Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets driven by the 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 the transparency of businesses.
TBRC’s insurance market report covers:
Major Market Players: Allianz Group, Ping An Insurance, Axa Group, Anthem Inc., China Life Insurance, Centene, People’s Insurance Company of China, Humana, Assicurazioni Generali S.p.A., and Japan Post Group
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 (2016-21) and ten years forecast (2022-2026-2031)
The Insurance Global Market Report 2022– Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides insurance market overviews, analyzes 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.
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