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Insurance Market Reserch: Latest Industry Analysis, Statistics and Trends

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Global Insurance Industry

Life insurance represents the leading market segment with almost 58% of the overall market in terms of value. The EU represents just over 35% of the overall global insurance market.

Developed markets dominate the global insurance industry (one of the most profitable financial services), with the US, the UK, Germany, France and Japan holding the largest combined share, reports Global Industry Analysts. The internet is occupying an increasingly important place as businesses interface in the insurance market, helping insurance institutions attract customers and cutting down on marketing and administrative spending as sales agents become unnecessary.

Key Insurance Market Segments

The world life insurance market and health insurance market reached almost $4.5 billion in 2015, reports MarketLine. The market grew at a yearly rate of close to 4.4% between 2011 and 2015. Life insurance represented the leading market segment in 2015 at almost $2.5 billion, or about 55% of the overall market. The US market is the single largest insurance market in the world with 30% of all premiums.

The world motor insurance industry expanded by almost 4.8% from 2012 to 2016 and is worth over $866 billion, reports MarketLine. Personal insurance represents almost 67% of the overall market and is worth almost $580 billion.

The world reinsurance industry contracted at a rate of -0.2% from 2011 to 2015 and was worth over $159 billion in 2015, reports MarketLine. Non-life reinsurance was the leading market segment and made up 66.5% of this market. This segment was worth almost $106 billion in 2015.

Regional Insurance Market Share

Insurance industry growth in developed regions like North America is relatively slow due to an unsteady long-term savings market and ground lost to high-earnings oriented financial services, according to research from Global Industry Analysts. Japan’s insurance market is stronger largely due to financial reforms. Insurance companies continue to roll out their business activity in emerging Asian markets like China. Growth is expected to be strongest in the private and public pension plans market segment due to an aging global population.

Asia Pacific is benefiting from rising interest rates, which are helping insurer investment returns, reports AM MindPower Solutions. However, inflation may become an obstacle to market growth.

Africa’s insurance market has witnessed growing demand through bancassurance, reports AM MindPower Solutions. Other distribution channels, such as through brokers and agents, have not lost ground either. South Africa’s life insurance industry has well-established distribution channels and is supported by strong expertise and technological innovation.

India’s insurance market is led by the health insurance segment, according to research from RNCOS. Strategies for market expansion being deployed by public and private insurers will help to expand the country’s insurance market. India’s health insurance segment is one of the world’s leading health insurance markets due to rising health awareness and healthcare costs. The government has set in place and sponsored health insurance schemes that are helping to fuel the market. Private and public health insurers are also offering a widening array of schemes from individual to family and covering prevalent conditions such as kidney failure, stroke, and heart failure. The property reinsurance sector in India was worth $0.68 billion in 2013 and is projected to reach about $2.12 billion in 2025 according to Statista.

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Related industries: Banking, Real Estate, Fintech

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