About Life and Non-Life Insurance
Life insurance deals with offering a lump sum amount of the sum assured at the ending of the maturity period or if the policyholder is deceased. While non-life insurance provides financial protection to a person with certain health issues or specific kinds of losses to an asset. The life and non-life insurance include whole life insurance, term life insurance, universal life insurance, variable universal life insurance and auto insurance, property insurance, health insurance, accident insurance, travel insurance, disaster insurance, mortgage insurance, and others respectively. The insurance provider Swiss Re has estimated that global insurance premium is expected to rise 3.3 percent in the year 2021 and 3.9 percent in the year 2022. As the end consumers are becoming aware of the rising risk from a pandemic, the global life insurance premiums are estimated to rise 3.8 percent in 2021 and 4.0 percent in the year 2022. While the non-life insurance premiums are expected to grow only 2.8 percent in 2021 and 3.7 percent in the year 2022.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.5% |
The competitive landscape of clinical laboratory services is characterized by a diverse array of providers offering diagnostic testing and analytical services to support healthcare professionals in patient care Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Life and Non-Life Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Swiss Re (Switzerland), Axa S.A. (France), China Life Insurance Group (China), Ping An Life Insurance Company of China, Ltd. (China), Nippon Life Insurance Company (Japan), MS&AD Insurance Group Holdings (Japan), Tokio Marine Holdings (Japan), Berkshire Hathaway Inc (United States), Cigna (United States), MetLife, Inc. (United States) and Prudential Financial, Inc. (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Life and Non-Life Insurance market by Type (Individual and Group), Application (Direct, Agency and Banks) and Region.
On the basis of geography, the market of Life and Non-Life Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Life Insurance, the sub-segment i.e. Whole Life Insurance will boost the Life and Non-Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Non-Life Insurance, the sub-segment i.e. Auto Insurance will boost the Life and Non-Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Predominantly Emerging Markets in Asia are Using for Life and Non-Life Insurance, Accelerated During the Pandemic
Market Growth Drivers:
Growing Need for Covering Heavy Expense Coverage at the Time Uncertainty and Demand for the Financial Aid in Life and Non-Life Activities
Challenges:
Stiff Competition in the Life and Non-Life Insurance Market
Restraints:
Regulatory Guidelines and Standards with Life and Non-Life Insurance
Opportunities:
The Expanding Middle Class, Generating Higher Income, Growing Financial Wealth, and Heightened Risks to Manage is Boosting the Life and Non-Life Insurance Market
Market Leaders and their expansionary development strategies
In October 2022, Resolution Life and Blackstone (NYSE: BX) today announced a strategic partnership to support the continued growth of Resolution Life, a leading global life and annuity insurance consolidation business. This partnership solidifies Resolution Life’s position as a leader in the multi-trillion-dollar global life and annuity consolidation market
In August 2023, IndiaFirst Life Insurance Company has launched a non-linked and non-participating product Guarantee of Life Dreams (G.O.L.D.) Plan, that offers policyholders regular long-term income.The premium paying terms range between 6, 8, and 10 years for policy terms of 30 years and 40 years
"According to insurance regulation and supervision in OECD countries, Asian economies, and CEEX and NIS countries. In the OECD countries, with the exception of the Czech Republic and Mexico, life insurance and non-life insurance have to be separated. In the EU and Switzerland, however, the authorization to take up the life insurance business includes permission to write supplementary insurance such as accident and health insurance, though separate management is required for the additional classes. A composite insurer with its head office outside the EU carrying on non-life insurance in EU countries must establish a subsidiary if it wishes to carry on life insurance, and vice versa."
Key Target Audience
Life and Non-Life Insurance Providers, Life and Non-Life Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.