The global Insurance market size is expected to reach USD 8,921.86 Billion at a steady revenue CAGR of 6.2% in 2028, according to latest analysis by Emergen Research. Rapid digitalization is enabling insurance providers to adapt to and adopt more advanced technologies, which is expected to drive market revenue growth in the coming years.
Another key factor driving market revenue growth is easy availability of insurance cover of varying types and policies for a vast array of needs and requirements across all types of end-user bases and increasing number of individuals, groups, entities, establishments (private, governmental, and commercial) and various sectors and industries opting to safeguard against potential health issues, and losses and damages. Increasing prevalence of various lifestyle and chronic diseases, as well as need to secure coverage in the event of accidents and to cover emergency accidental expenses etc., and the recent COVID-19 pandemic and ongoing spread of infection and need for treatment and care are other factors.
Factors influencing the growth of the Insurance market and impacting the growth of the industry are studied extensively in the report. The report considers the COVID-19 pandemic as one of the key influencing factors of the Insurance market. The report discusses in detail the positive and negative impact of the pandemic on the Insurance industry. The supply chain disruptions and economic volatility have altered the dynamics of the Insurance industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
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Some Key Highlights From the Report
- In July 2021, MetLife launched pet insurance product to boost its portfolio. The insurance will provide coverage for pets and cater to the diversified financial needs of pet parents. The insurance can be availed irrespective of the breed of cats and dogs and pet owners will also be able to use telehealth concierge services.
- Property insurance segment revenue is expected to increase at a significant rate during the forecast period. Property insurance includes financial reimbursement to the renter or owner for a structure or its content in case of theft or damage. Property insurance includes various policies such as renter’s insurance, homeowner’s insurance, earthquake insurance, and flood insurance.
- Public health insurance are plans provide by the government at an affordable cost and requires no deductibles or co-pays and has lower administrative costs than private health insurance. However, public insurance is often less flexible and most medical establishment refuse to accept government-sponsored plans.
The Insurance research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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The key companies studied in the Insurance report are:
Berkshire Hathaway, AXA SA, China Life Insurance Co. Ltd., Aviva PLC, Prudential PLC, United Health Group Incorporated, Anthem Inc., Kaiser Foundation Group of Health Plans, Munich Reinsurance Company, and Centene Corporation. \
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On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
Emergen Research has segmented the global Insurance market on the basis of insurance type, service providers, end-use, sales channel, and region:
- Insurance Type Outlook (Revenue, USD Billion; 2018–2028)
- Life Insurance
- Property Insurance
- Health Insurance
- Liability Insurance
- Fire Insurance
- Motor Insurance or Auto Insurance
- Social Insurance
- Others (Travel, Marine, Guarantee, Home)
- Service Providers Outlook (Revenue, USD Billion; 2018–2028)
- Public Insurance Providers
- Private Insurance Providers
- End-use Providers Outlook (Revenue, USD Billion; 2018–2028)
- Sales Channel Outlook (Revenue, USD Billion; 2018–2028)
- Direct Sales
- Insurance Agents
- Web Aggregators
- Insurance Marketing Firm
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The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Insurance market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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