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Premium Finance Market to Reach $139.74 Billion, Globally, by 2032 at 11.5% CAGR: Allied Market Research
Increase in demand for insurance, rise in premium rates, and technological advancements drive the growth of the premium finance market.
WILMINGTON, Del., Nov. 13, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Premium Finance Market by Type (Life Insurance and Non-life Insurance), Interest Rate (Fixed Interest Rate and Floating Interest Rate), and Provider (Banks, NBFCs, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global premium finance industry generated $47.8 billion in 2022, and is anticipated to generate $139.7 billion by 2032, witnessing a CAGR of 11.5% from 2023 to 2032.
Prime determinants of growth
The premium finance market is expected to witness notable growth owing to increase in demand for insurance, increase in premium rates, and technological advancements. Moreover, the adoption of AI in insurance platforms is expected to provide a lucrative opportunity for the growth of the market during the forecast period.
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Report coverage & details:
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Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$47.8 billion |
|
Market Size in 2032 |
$139.7 billion |
|
CAGR |
11.5 % |
|
No. of Pages in Report |
235 |
|
Segments Covered |
Type, Interest Rate, Provider, and Region. |
|
Drivers |
Rise in demand for insurance Increase in premium rates Technological advancements |
|
Opportunities |
Adoption of AI in insurance platforms |
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Restraints |
Risk of default in premium payment Loan application process |
The life insurance segment to maintain its leadership status throughout the forecast period
Based on type, the life insurance segment held the highest market share in 2022, accounting for around three-fifths of the global premium finance market revenue, and is projected to manifest the highest CAGR of 12.8% from 2023 to 2032. This is attributed to the fact that more individuals are recognizing the importance of life insurance to safeguard their close ones, creating a greater demand for policies.
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The fixed interest rate segment to maintain its leadership status throughout the forecast period
Based on interest rate, the fixed interest rate segment held the highest market share in 2022, accounting for nearly three-fourths of the global premium finance market revenue, and is projected to manifest the highest CAGR of 12.6% from 2023 to 2032. The growth of fixed interest rates in the premium finance market is being driven by the desire for stability and predictability.
The banks segment to maintain its leadership status throughout the forecast period
Based on provider, the banks segment held the highest market share in 2022, accounting for more than two-thirds of the global premium finance market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth of the banks segment is propelled by their financial strength and expertise. Banks have the financial resources to offer competitive loan terms, making it attractive for individuals & businesses to choose them as their financing source. However, the NBFCs segment is projected to manifest the highest CAGR of 14.9% from 2023 to 2032, owing to their flexibility and ability to cater to a wide range of borrowers. NBFCs often have more lenient lending criteria compared to traditional banks, making it easier for individuals & businesses to secure premium financing.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global premium finance market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to rise in awareness of premium finance options and increase in the cost of insurance premiums. These factors have been significant drivers for the premium finance market growth in North America. However, Asia-Pacific is expected to witness the fastest CAGR of 14.7% from 2023 to 2032. This is attributed to rise in affluence and economic growth in many Asian countries that drive the demand for insurance. Furthermore, increase in awareness of financial solutions such as premium finance is contributing to the premium finance market growth in Asia-Pacific.
Leading Market Players: –
- IPFS Corporation
- JPMorgan Chase & Co.
- Lincoln National Corporation
- AFCO Credit Corporation
- Agile Premium Finance
- ARI Financial Group
- US Premium Finance
- Byline Bank
- Capital for Life
- Valley National Bank
The report provides a detailed analysis of these key players in the global premium finance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the premium finance market analysis from 2022 to 2032 to identify the prevailing premium finance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- The porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the premium finance market segmentation assists to determine the prevailing premium finance market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as premium finance market trends, key players, market segments, application areas, and market growth strategies.
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Premium Finance Market Report Highlights
Aspects Details
By Type
- Life Insurance
- Non-life Insurance
By Interest Rate
- Fixed Interest Rate
- Floating Interest Rate
By Provider
- Banks
- NBFCs
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
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Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
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- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
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- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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