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Insurance Market size to grow by USD 1,429.64 billion from 2022 to 2027, Driven by the increasing government regulations on mandatory insurance coverage in developing countries - Technavio

NEW YORK, April 20, 2023 /PRNewswire/ -- The insurance market size is set to grow by USD 1,429.64 billion between 2022 and 2027 and register a CAGR of 4.5%, according to Technavio's latest market research report. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. View our Sample PDF Report.

Technavio has announced its latest market research report titled Global Insurance Market 2023-2027
Technavio has announced its latest market research report titled Global Insurance Market 2023-2027

The report also covers the following areas:

Insurance Market 2023-2027: Segmentation

  • Distribution Channel

  • Type

  • Geography

The market share growth by the sales personnel segment will be significant for the market growth during the forecast period. Given the competitive nature of the insurance industry, sales representatives play a key role in developing and maintaining a company's brand image. Sales personnel must be able to communicate their company's vision, values, and benefits to their clients in a compelling and persuasive way. To be successful in this role, the salesperson must possess strong verbal and written communication skills. Hence, such factors drive segment growth during the forecast period.

Insurance Market 2023-2027: Vendor Analysis and Scope

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Some of the major vendors of the insurance market include Aditya Birla Management Corp. Pvt. Ltd., Allianz SE, American International Group Inc., AXA Group, Bank of America Corp., Berkshire Hathaway Inc., Canara Bank, Citigroup Inc., Go Digit General Insurance Ltd., HDFC Ltd., JPMorgan Chase and Co., Kotak Mahindra Bank Ltd., Life Insurance Corp. of India, Microsoft Corp., State Bank of India, Tata Sons Pvt. Ltd., The PNC Financial Services Group Inc., Truist Financial Corp., U.S. Bancorp, and Wells Fargo and Co. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the insurance market are designed to provide entry support, customer profile, & M&As as well as go-to-market strategy support.
Vendor Offerings

  • Aditya Birla Management Corp. Pvt. Ltd. - The company offers insurance such as Aditya Birla health insurance.

  • Allianz SE - The company offers insurance such as business insurance and property insurance.

  • American International Group Inc. - The company offers insurance such as Travel Guard travel insurance.

Insurance Market 2023-2027: Market Dynamics

Key Drivers

  • The increasing government regulations on mandatory insurance coverage in developing countries is a major driver fueling the growth of the market during the forecast period.

  • Automobile insurance is compulsory in most countries around the world when driving a vehicle on public roads.

  • In some countries, such as India, it is compulsory to have automobile insurance for vehicles on public roads. For instance, anyone who owns or drives a vehicle in Maine, US, must have at least the minimum legal coverage for insurance, which is required by law.

  • Similarly, most developed countries have compulsory health insurance coverage, and travel insurance is mandatory for anyone traveling to a foreign country.

  • Visas will not be issued to those without travel insurance. In addition, the global insurance market is expanding rapidly due to the growth of various types of insurance.

Major Trends

  • An emerging trend in the insurance market is the investors collaborating with InsurTech firms.

  • The use of technology has transformed the entire insurance value chain. These include transforming the costing process, improving the consumer experience, increasing process transparency, reducing fraud, and simplifying the customer complaint process.

  • InsurTech providers are focusing on increasing consumer demand for sophisticated personalization of insurance products and personalized services. InsurTech also aims to provide adequate insurance to individuals.

  • The flow of insurance enrollment by application is increasing worldwide. Also, the importance of InsurTech for insurance companies is growing rapidly.

  • Over the next decade, the entire insurance process will be digitized, eliminating the need for physical intervention during the forecast period.

  • These factors are, therefore, driving more investor collaborations with InsurTech companies in the market.

Key Challenges

  • A major challenge impeding the growth of the insurance market is the tightening of the regulatory environment for insurance players.

  • Regulatory bodies around the world are enacting new laws and regulations based on the latest industry requirements. Recently, the NAIC developed an add-on to its required assessment framework, the Own Risk and Solvency Assessment (ORSA).

  • ORSA is an internal process undertaken by an insurance organization, individual agency, or insurance group to assess the adequacy of its risk management capabilities.

  • ORSA must analyze all reasonably foreseeable and applicable material risks that could affect the insurer's ability to meet its customer obligations.

  • However, with increased government regulation, insurers may face the challenge of increasing demands on the insurance industry.

  • This will have a direct impact on the global insurance market, as it will depend on the revenues of the insurance industry in the coming years. In addition, insurers must continuously improve the services they offer to keep up with changing laws and regulations.

Insurance Market 2023-2027: Key Highlights

  • CAGR of the market during the forecast period 2023-2027

  • Detailed information on factors that will assist insurance market growth during the next five years

  • Estimation of the insurance market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the insurance market

  • Analysis of the market's competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of insurance market vendors

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Related Reports:
The insurance technology market in Europe is estimated to grow at a CAGR of 34.58% between 2022 and 2027. The size of the market is forecasted to increase by USD 14,523.99 million. This report extensively covers market segmentation by type (solution and service), technology (cloud computing, IoT, big data and business analytics, blockchain, and others), and geography (UK, France, Germany, Italy, Rest of Europe). The increasing adoption of cloud-based solutions is notably driving market growth.

The homeowners insurance market is estimated to grow at a CAGR of 4.18%, and the size of the market is forecasted to increase by USD 57.01 billion between 2022 and 2027. This report extensively covers market segmentation by type (fire and theft, house damage, floods and earthquake, and others), source (captive, independent agent, and direct response. The rising number of natural disasters and man-made hazards are notably driving market growth.

Insurance Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.5%

Market growth 2023-2027

USD 1,429.64 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

4.23

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 46%

Key countries

US, China, Japan, UK, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Aditya Birla Management Corp. Pvt. Ltd., Allianz SE, American International Group Inc., AXA Group, Bank of America Corp., Berkshire Hathaway Inc., Canara Bank, Citigroup Inc., Go Digit General Insurance Ltd., HDFC Ltd., JPMorgan Chase and Co., Kotak Mahindra Bank Ltd., Life Insurance Corp. of India, Microsoft Corp., State Bank of India, Tata Sons Pvt. Ltd., The PNC Financial Services Group Inc., Truist Financial Corp., U.S. Bancorp, and Wells Fargo and Co.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse for Technavio's Consumer Discretionary Reports  

Table of Contents: 

1 Executive Summary

  • 1.1 Market overview

2 Market Landscape

  • 2.1 Market ecosystem

3 Market Sizing

  • 3.1 Market definition

  • 3.2 Market segment analysis

  • 3.3 Market size 2022

  • 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

  • 4.1 Global insurance market 2017 - 2021

  • 4.2 Distribution Channel Segment Analysis 2017 - 2021

  • 4.3 Type Segment Analysis 2017 - 2021

  • 4.4 Geography Segment Analysis 2017 - 2021

  • 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

  • 5.1 Five forces summary

  • 5.2 Bargaining power of buyers

  • 5.3 Bargaining power of suppliers

  • 5.4 Threat of new entrants

  • 5.5 Threat of substitutes

  • 5.6 Threat of rivalry

  • 5.7 Market condition

6 Market Segmentation by Distribution Channel

  • 6.1 Market segments

  • 6.2 Comparison by Distribution Channel

  • 6.3 Sales personnel - Market size and forecast 2022-2027

  • 6.4 Insurance agencies - Market size and forecast 2022-2027

  • 6.5 Market opportunity by Distribution Channel

7 Market Segmentation by Type

  • 7.1 Market segments

  • 7.2 Comparison by Type

  • 7.3 Life - Market size and forecast 2022-2027

  • 7.4 Non-life - Market size and forecast 2022-2027

  • 7.5 Market opportunity by Type

8 Customer Landscape

  • 8.1 Customer landscape overview

9 Geographic Landscape

  • 9.1 Geographic segmentation

  • 9.2 Geographic comparison

  • 9.3 North America - Market size and forecast 2022-2027

  • 9.4 APAC - Market size and forecast 2022-2027

  • 9.5 Europe - Market size and forecast 2022-2027

  • 9.6 South America - Market size and forecast 2022-2027

  • 9.7 Middle East and Africa - Market size and forecast 2022-2027

  • 9.8 US - Market size and forecast 2022-2027

  • 9.9 China - Market size and forecast 2022-2027

  • 9.10 Japan - Market size and forecast 2022-2027

  • 9.11 UK - Market size and forecast 2022-2027

  • 9.12 France - Market size and forecast 2022-2027

  • 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

  • 10.1 Market drivers

  • 10.2 Market challenges

  • 10.3 Impact of drivers and challenges

  • 10.4 Market trends

11 Vendor Landscape

  • 11.1 Overview

  • 11.2 Vendor landscape

  • 11.3 Landscape disruption

  • 11.4 Industry risks

12 Vendor Analysis

  • 12.1 Vendors covered

  • 12.2 Market positioning of vendors

  • 12.3 Aditya Birla Management Corp. Pvt. Ltd.

  • 12.4 Allianz SE

  • 12.5 American International Group Inc.

  • 12.6 AXA Group

  • 12.7 Bank of America Corp.

  • 12.8 Berkshire Hathaway Inc.

  • 12.9 Canara Bank

  • 12.10 Citigroup Inc.

  • 12.11 HDFC Ltd.

  • 12.12 JPMorgan Chase and Co.

  • 12.13 Kotak Mahindra Bank Ltd.

  • 12.14 Life Insurance Corp. of India

  • 12.15 Microsoft Corp.

  • 12.16 Tata Sons Pvt. Ltd.

  • 12.17 Wells Fargo and Co.

13 Appendix

  • 13.1 Scope of the report

  • 13.2 Inclusions and exclusions checklist

  • 13.3 Currency conversion rates for US$

  • 13.4 Research methodology

  • 13.5 List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/

Global Insurance Market 2023-2027
Global Insurance Market 2023-2027
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