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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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(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)
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 |
Purchase This Comprehensive 188-Page Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/4fynIhR
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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Delaware 19801 USA.
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
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#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
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This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
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#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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