Overview:

The global insurance market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. Insurance is referred as a contract represented by an insurance policy provider in which an individual or entity obtains financial protection or loss compensation from an insurance company. In insurance (insurance policy) the insurer compensates another person for losses caused by specific accidents and/or dangers.

The company shares the customer’s risk, making it easier for the insured to pay. Insurance provides protection to businesses, individuals, and other entities from major potential losses and financial difficulties in reasonable and affordable prices. The core elements that make up most insurance policies are policy limits, premiums, and deductibles.

Market Dynamics:

Increasing demand for various type of insurance for protection or investment coupled with improvement in distribution channel are major factors driving growth of the global insurance market. Increasing internet penetration across the globe offering wide options to choose from and make payments is expected to further support growth of the target market in coming years.

However, lower interest rates and stringent rules & regulation to avail benefits are affecting the market growth to a certain extent. Nevertheless, increasing foreign direct investments in insurance intermediaries is expected to create lucrative opportunities for global insurance market growth over the forecast period.

Key Trends:

Rising strategic acquisition and tie ups among key players is a key trend observed in the global insurance market. For example, Axis Bank Ltd. - an private bank operating in India has acquired 29% more stake in Max Life Insurance Company Limited in April 2020. In addition, in November 2019, Bharti Airtel Limited has made strategic partnership with Bharti AXA Life Insurance Company Limited for prepaid bundle launch along with insurance cover.

Regional Analysis:

For detailed understanding of market dynamics, the global market is analysed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America accounts for the major revenue share in 2019, owing to the high awareness about benefits of insurance among general population in the region. The market in Asia Pacific is expected to register a significant CAGR during the forecast period due to growing tax incentives for availing insurance countries in the region.

Scope of the Report:

Detailed Segmentation:

Global Insurance Market, By Product Type:

• Auto Insurance
• Health Insurance
• Life Insurance
• Property Insurance
• Credit Insurance
• Others

Global Insurance Market, By Provider Type

• Mutual
• Reinsurance
• Captive
• Others

Global Insurance Market, By Method of Insurance

• Co-insurance
• Dual Insurance
• Self-insurance
• Reinsurance

Key Players Covered:

Key players operating in the global market includes, Tokio Marine Group, The Travelers Companies Inc., Chubb Ltd, Nationwide Mutual Group, Liberty Mutual, Hartford Financial Services, Zurich Insurance Group, Berkshire Hathaway Inc., American International Group, and CNA Financial Corp.

Key features of the study:

Foresight Market Research provides detailed analysis on global market in our report- Global Insurance Market by product type, provider type, method of insurance, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, on-going trends, and regional outlook. The report delivers competitive analysis about leading players in the global insurance market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.