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Insurance Market to Reach $28.5 Trillion, Globally, by 2032 at 13.5% CAGR: Allied Market Research
The notable factors positively affecting the insurance market include a rise in adoption for life insurance services among individuals and an increase in development strategies by public and private companies which propel the market growth.
WILMINGTON, Del., Aug. 9, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Insurance Market by Type (Life Insurance and General Insurance), and Distribution Channel (Insurers, Insurance Brokers and Agencies, Banks and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the insurance market was valued at $9.0 trillion in 2023, and is estimated to reach $28.5 trillion by 2032, growing at a CAGR of 13.5% from 2024 to 2032.
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118 – Tables
54 – Charts
350 – Pages
Prime determinants of growth
Enforcement of strong rules by banks and financial institutions for providing insurance services can hinder market growth. Furthermore, technological advancements in life insurance services offer lucrative market opportunities for the market players.
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2024–2032 |
Base Year |
2023 |
Market Size in 2022 |
$9.0 trillion |
Market Size in 2032 |
$28.5 trillion |
CAGR |
13.5 % |
No. of Pages in Report |
350 |
Segments covered |
Type, Distribution Channel and Region. |
Drivers |
|
Opportunities |
Technological advancements in life insurance services |
Restraints |
Enforcement of strong rules by banks and financial institutions for providing insurance services |
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The life insurance segment held the highest market share in 2023.
Based on type, the life insurance segment held the highest market share in 2023. This dominance is often attributed to the fundamental role life insurance plays in providing peace of mind and long-term financial security. Life insurance policies offer various benefits, including death benefits that provide a financial cushion to beneficiaries in the event of the policyholder’s death, as well as living benefits such as cash value accumulation and supplemental income through annuities.
The insurance brokerage and agencies segment held the highest market share in 2023.
Based on the distribution channel, the large enterprise segment held the highest market share in 2023. The proliferation of digital technology has helped agencies to offer the products directly to consumers through online platforms, mobile apps, and digital marketing channels. Customers may easily investigate, evaluate, and purchase life insurance products from smartphones.
North America held the highest market share in 2023
Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed infrastructure is accelerating the adoption of the most recent technologies, including insurance in North America.
Players: –
- UnitedHealth Group Incorporated
- Centene Corporation
- Elevance Health, Inc.
- AXA S.A.
- Allianz SE
- State Farm Group
- Progressive Corporation
- HDI V.a.G.
- Zurich Ins Group
- MetLife Inc.
The report provides a detailed analysis of these key players in the global insurance 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 shares 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.
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Recent Industry Development:
- In May 2024, Transcarent launched an AI-driven solution, to simplify healthcare navigation. The newly introduced AI chatbot, developed on the ChatGPT framework, is designed to address common health insurance inquiries, including cost estimates for medical services, deductible queries, and provider recommendations.
- In May 2024, Everest Insurance unveiled its Australian Insurance operations following approval from the Australian Prudential Regulation Authority.
- In May 2023, the Insurance Regulatory and Development Authority of India (IRDAI) launched a bundled product which will provide life, health, casualty and property cover in a single insurance policy at an affordable price.
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- This report provides a quantitative analysis of the insurance market segments, current trends, estimations, and dynamics of the insurance market analysis from 2023 to 2032 to identify the prevailing insurance market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global insurance market statistics.
- 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 and global insurance market trends, key players, market segments, application areas, and market growth strategies.
By Type
- Life Insurance
- General Insurance
By Distribution Channel
- Insurers
- Insurance Brokers and Agencies
- Banks
- 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)
- Latin America (Argentina, Brazil, Colombia, Rest of Latin America)
- MEA (Saudi Arabia, South Africa, UAE, Rest of MEA)
Key Market Players : Zurich Ins Group, Allianz SE, State Farm Group, AXA S.A., Elevance Health, Inc., Progressive Corporation, Centene Corporation, MetLife Inc., UnitedHealth Group Incorporated, HDI V.a.G.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Vantage Markets Extends Deposit Bonus to Copy Trading Accounts
PORT VILA, Vanuatu, Jan. 13, 2025 /PRNewswire/ — Vantage Markets, a leader in online trading solutions, has expanded its popular Deposit Bonus promotion to include Copy Trading Accounts, enhancing opportunities for Signal Providers and Copiers to boost their trading potential. With a thriving community of over 69,000 copy traders as of December 2024, this initiative underscores Vantage’s dedication to empowering traders globally.
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Austin Law, Vantage Markets Copy Trading Project Manager, shared, “The growth in our Copy Traders is a testament to the strength of our app offerings. We are excited to give users even greater potential to trade their favorite products. This enhancement underscores our commitment to fostering a vibrant and rewarding trading community.”
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AIP Capital Expands Leadership Team
DUBLIN and STAMFORD, Conn., Jan. 13, 2025 /PRNewswire/ — AIP Capital, an alternative investment manager focused on opportunities in asset-based finance today announced that it has expanded its leadership team with several new hires, including Chris O’Scannlain, Chief Risk Officer based in AIP’s Stamford, CT office and Omar Mian, Managing Director, EMEA based in AIP’s Dublin, Ireland office. AIP is also announcing the promotion of Sinead O’Donnell to Chief Financial Officer.
“We are pleased and honored to welcome both Chris and Omar as members of our growing team,” said Jared Ailstock, Managing Partner at AIP Capital. “They will be instrumental as we grow the AIP platform and bolster our capabilities as a global full-service platform. We also recognize Sinead’s leadership and contributions to AIP, and we are excited to promote her to Chief Financial Officer.”
As Chief Risk Officer, Mr. O’Scannlain will be responsible for establishing and maintaining an independent risk function for identifying, monitoring and escalating risks to facilitate investment decision and active portfolio management. Mr. O’Scannlain brings over twenty years of global experience in aviation finance. Prior to joining AIP Capital, Mr. O’Scannlain worked at Apollo PK AirFinance, as Head of Credit Risk covering a global portfolio. Before joining Apollo PK, Mr. O’Scannlain spent ten years covering the Americas at SMBC Aviation Capital in New York and Dublin. Mr. O’Scannlain also served as an associate analyst on the Airlines and Aircraft Lessors equity research team at Citigroup Global Markets. He began his career on the corporate finance team at US Airways where he supported a comprehensive Chapter 11 restructuring and recapitalization. Mr. O’Scannlain has a MBA from the University of Michigan Ross School of Business and BA in History from the College of the Holy Cross.
As Managing Director, EMEA, Mr. Mian will be responsible for all commercial, marketing and origination efforts across the aviation platform throughout the EMEA region. Prior to joining AIP Capital, Mr. Mian was a Senior Director of Customer Finance in The Boeing Company’s Commercial Airplanes division responsible for airlines in Europe as well as global leasing companies and asset managers. Mr. Mian was also a Board Member of Boeing Ireland Ltd, having moved to Dublin in June 2023 after initially joining Boeing Capital Corporation in 2019 based out of Dubai, where he was responsible for airlines and financial institutions across Middle East & North Africa. Prior to Boeing, Mr. Mian worked at Citigroup, Standard Chartered Bank and First Abu Dhabi Bank in their respective corporate & investment banking divisions where he gained extensive experience in originating, structuring and executing a wide array of financing solutions across a variety of industry sectors, especially aviation, throughout the EMEA region. Mr. Mian holds a Master of Science in International Accounting and Finance from The London School of Economics and Political Science, and a Bachelor of Arts in Business Economics from the University of Durham.
As Chief Financial Officer, Ms. O’Donnell will continue her responsibly of leading AIP’s Finance and Operations team and will assume incremental responsibility and accountability across AIP’s equipment finance and asset management platforms. Prior to this role, Ms. O’Donnell was Chief Accounting Officer and has been with AIP since its founding in 2023.
About AIP Capital
AIP Capital (AIP) is a global alternative investment manager focused on opportunities in asset-based finance with approximately $3 billion of assets under management and over 30 employees globally. AIP believes its unique investment strategy, relationships, and hands-on approach enable AIP to execute its mission of generating attractive risk-adjusted returns for its clients across market cycles. With offices in Stamford, Dublin, New York and Singapore, AIP maintains a global footprint and is backed by a full platform of professionals across finance, technical, legal, risk management and underwriting.
For more information about AIP Capital or to speak with company executives, please contact [email protected].
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iM Global Partner mourns the passing of Philippe Uzan
PARIS, Jan. 13, 2025 /PRNewswire/ — It is with deep sadness that iM Global Partner (iMGP) announces the passing, one month ago, of our dear friend and colleague, Philippe Uzan.
Philippe’s exceptional career in asset management spanned more than 30 years and is marked by remarkable achievements in the organizations for which he worked and deep contributions to the industry as a whole. His passing is a tremendous loss to all who knew and worked with him.
Philippe joined iM Global Partner in February 2020 as Deputy CEO and CIO Global Asset Management, responsible for overseeing our financial strategies and products and designing value-added investment solutions for our clients across Europe and the United States.
His expertise spanned all asset classes, and he had a deep understanding of markets and their impact on investors and their investment needs. He was an eloquent man who contributed a number of papers and articles to the media, always with the intention of educating and making financial concepts more relatable. He has left an indelible mark on our organization and on the broader industry.
Prior to joining iM Global Partner, Philippe was latterly Chief Investment Officer at Edmond De Rothschild Asset Management, where he worked for 11 years and where he led the portfolio management teams, optimizing the synergies between analysis and portfolio management. He previously spent three years as Research and Global Asset Allocation Director, where he developed the portfolio management and research teams and modernized investment processes and the product range.
Philippe began his career as an Equity Derivatives Trader at Société Générale and held roles at AGF Asset Management (now part of Allianz Global Investors) and Natixis AM.
Throughout his career, Philippe’s outstanding intelligence, humility, and collaborative spirit earned him the respect and admiration of his peers.
Philippe Couvrecelle, Founder and CEO of iM Global Partner, expressed his heartfelt condolences: “It was with infinite sadness and pain that I learned of Philippe’s passing from a devastating illness. I had known Philippe closely for almost 20 years, as we worked together for Natixis, Edmond de Rothschild and iMGP. I pay immense tribute to his humanity, his sense of humor, his brilliant intelligence and his presence, which I will deeply miss. We had shared so much and still had so much to do together. In his memory, we will continue our path forward with strength, success and intensity, always preserving our values and our company culture to which he was so attached.
We will all miss Philippe enormously at iM Global Partner. He will be remembered not only for his professional achievements but also for his warmth, generosity, kindness and his unwavering dedication to his colleagues and community. Our thoughts are with his wife and three children, his family, friends and loved ones during this difficult time.”
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