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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 |
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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DUBLIN, March 26, 2025 /PRNewswire/ — Today, Canada Life Reinsurance announced the upcoming retirement of Gabriel Kelly, a cornerstone of the company’s success for over three decades. After 33 remarkable years, Gabriel leaves a legacy of resilience, leadership, and growth.
Mr. Kelly has served as the CEO of LLCBC in Barbados for the past 19 years, and before that was a senior officer in the company’s Dublin office. His determination and vision were instrumental in guiding the P&C business through difficult times in the early 2000s, contributing to the company’s robust catastrophe retro business and growing structured P&C portfolio. Known for his experience, candour, and humour, he will be deeply missed by colleagues and clients alike.
“We are immensely grateful for Gabriel’s unwavering commitment, dedication, and loyalty,” said Jeff Poulin, CEO of Canada Life Reinsurance. “His leadership has been a driving force behind our success, and we look forward to celebrating his extraordinary career as he approaches retirement.”
“It is an honour to have worked with Gabriel over the past 25 years. I could not be more excited about the prospects for the P&C business and team he has built,” said Derek Popkes, Global COO Reinsurance at Canada Life Reinsurance.
Succeeding Mr. Kelly as leader of the Global P&C Business Unit will be Eamon Loughnane. Mr. Loughnane brings a proven track record of excellence, having transformed the company’s Life reinsurance business in Europe. Known for his ability to deliver results, Mr. Loughnane has built a strong framework for developing, assessing, and executing new and innovative structures, positioning him as the ideal successor to Mr. Kelly.
“I couldn’t be more pleased to have Eamon take on this new role,” said Poulin. “I have every confidence he will continue to build on our success and capitalize on the opportunities we have before us.”
Mr. Kelly will continue to oversee the P&C business until March 30, 2025, and spend the following three months supporting a seamless transition.
About Canada Life Reinsurance
Canada Life Reinsurance offers a range of innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the U.S., Europe, Middle East and Asia. Canada Life Reinsurance is a division of The Canada Life Assurance Company and certain of its subsidiaries and affiliates. The Canada Life Assurance Company is a subsidiary of Great-West Lifeco Inc. To learn more, visit canadalifere.com.
About Great-West Lifeco Inc.
Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to our over 40 million customer relationships. As of December 31, 2024, Great-West Lifeco’s assets under administration exceeded $3.2 trillion. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit greatwestlifeco.com.
For more information, please contact: Jeff Poulin, CEO, Canada Life Reinsurance, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/canada-life-reinsurance-announces-new-leader-of-global-pc-business-unit-302412160.html
Fintech PR
GEP PLACED IN THE LEADERS QUADRANT IN GARTNER® 2025 MAGIC QUADRANT™ FOR SOURCE-TO-PAY SUITES
- Gartner recognizes GEP as a Leader based on its ‘Completeness of Vision’ and ‘Ability to Execute’
CLARK, N.J., March 26, 2025 /PRNewswire/ — GEP®, a leading provider of AI-powered procurement and supply chain software for Fortune 500 and Global 2000 enterprises worldwide, today announced that Gartner has positioned GEP SOFTWARE as a Leader in the 2025 Magic Quadrant for Source-to-Pay (S2P) Suites. This evaluation was based on specific criteria analyzing the company’s overall “Completeness of Vision” and “Ability to Execute.” Click HERE to download your complimentary copy of 2025 Gartner Magic Quadrant for S2P Suites and learn more about why GEP is named a Leader.
“We believe, Gartner recognizing us as a Leader in this year’s Magic Quadrant underscores the transformative impact of our AI solutions in simplifying our customers’ procurement and supply chain operations, since transactions are increasingly executed by non-procurement users,” said Santosh Nair, GEP’s chief product officer. “With GEP Quantum™ we are pushing the boundaries of AI-driven automation and intelligence, empowering enterprises to drive efficiency, resilience, and strategic value at scale.”
GEP SOFTWARE encompasses GEP SMART™, named the world’s best procurement software for the second year in a row, GEP NEXXE™, the next-generation cloud-native supply chain unified platform, and GEP GREEN™ to measure and advance sustainability. GEP SOFTWARE is powered by GEP QUANTUM™, the industry’s leading AI-first, low-code platform.
A Gartner Magic Quadrant is a culmination of research in a specific market, giving you a wide-angle view of the relative positions of the market’s competitors. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries, and Niche Players. The research enables businesses to align market analysis with their unique business and technology needs.
About GEP SOFTWARE™
GEP SOFTWARE provides AI-powered digital procurement and supply chain platforms that help global enterprises become more agile, resilient, competitive and profitable. With beautifully rendered interfaces and flexible workflows, GEP provides users fresh, intuitive digital workspaces that yield extraordinary levels of user adoption and meaningful gains in team and personal productivity. GEP products capitalize on machine learning and cognitive computing, advanced data and semantic technologies, IoT, mobile and cloud technologies, and are designed to incorporate continual innovations in technology. GEP’s software integrates quickly and easily with third-party and legacy systems, such as SAP, Oracle and all other major ERP and F&A software. And with superb support and service, GEP is an industry leader in customer satisfaction and loyalty. GEP’s cloud-native software and digital business platforms consistently win awards and recognition from industry analysts, research firms and media outlets, including Forrester, IDC, Procurement Leaders and Spend Matters. GEP SOFTWARE is part of Clark, NJ-based GEP — the world’s leading provider of AI-powered procurement and supply chain software, strategy and managed services. To learn more, visit www.gepsoftware.com.
|
Gartner disclaimer Gartner Magic Quadrant for Source-to-Pay Suites, 24 March 2025
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. |
Media Contact
Derek Creevey
Director, Public Relations
GEP
Phone: +1 732-382-6565
Email: [email protected]
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“Riding the Regulatory Wave” Offers Strategic Insights and Practical Tools to Help Compliance Teams Navigate Evolving Global Mandates
ROCKVILLE, Md., March 26, 2025 /PRNewswire/ — StarCompliance (“Star”), a global leader in employee compliance technology, has released an updated edition of its flagship guide, Riding the Regulatory Wave: A Guide to Navigating the Currents of Employee Compliance. This updated resource underscores Star’s ongoing commitment to supporting the global compliance community with forward-looking insights and helping organizations build resilient, tech-driven compliance programs.
Managing the unrelenting pace and increasing complexity of regulations is the top concern among compliance professionals – but many compliance teams are stretched thin and struggle to keep up. According to a recent Compliance Week and Resolver survey, nearly a third of respondents (32%) said managing regulatory change effectively was their biggest challenge.
As enterprise firms expand globally and enforcement intensifies, understanding regulatory mandates and how they evolve in every region of the world is essential to staying compliant. However, according to the 2024 Thomson Reuters report, while 77% of compliance leaders expect the regulatory burden to grow, only 34% feel well-prepared to manage the changes.
“The shifting regulatory landscape demands smarter tools, deeper insights, and ongoing education,” said Jennifer Sun, CEO at StarCompliance. “Employee compliance teams need more than awareness—they need a plan. This updated guide is both a roadmap and a toolkit to help firms stay ahead of global regulatory demands with confidence.”
The guide explores five pivotal areas:
- Diverging global crypto regulations
- Heightened enforcement of insider and shadow trading
- Expansion of individual accountability regimes
- Emerging risks tied to remote and hybrid work models
- The growing need for technology-driven compliance solutions
Star remains deeply committed to listening to the needs of the global regulatory compliance community—developing best-in-class solutions that help firms adhere to regulatory obligations, uphold industry protocols, avoid costly fines, and protect brand reputation. By combining continuous feedback from clients, regulators, and industry leaders with world-class product innovation, Star delivers technology that empowers compliance teams to act with confidence in an increasingly high-stakes environment. This free resource is available for download at [LINK].
Visit www.starcompliance.com to discover the comprehensive security and unparalleled assurance you need to build a culture of compliance today.
Media Contact
+1 917-868-7791
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