Insurance Market: Key Players and Market Dynamics in Size, Share, and Trends

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According to the TechSci Research report, "Insurance Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F," the global insurance market is poised for significant growth. This growth is attributed to its role in mitigating or distributing large risks, providing financial stability, fostering economic growth, and generating long-term wealth.

Insurance ensures financial security for individuals and businesses against various losses or damages. Providers assess risks, issue policies based on evaluations, and enter into legal contracts with policyholders. With a current value of less than USD 5 trillion as of 2020, the global insurance market is expected to experience substantial growth in the coming years. The insurance penetration ratio, measuring the annual total insurance premiums to gross domestic product (GDP), reflects the industry's development in a nation.

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Despite not always being as visible as investment banks or hedge funds, insurance companies play a significant role in the global financial system. They vary in size and specialized knowledge, covering health, life, property & casualty insurance. Some are jointly owned by policyholders.

Challenges such as inflation, which impacts business margins and household purchasing power, led to slowed premium growth (1.2% in 2020 compared to over 4% per year from 2010 to 2020). Profits also decreased by about 15% in 2020, with a notable decline in Asia-Pacific (down 36%). Preliminary studies suggest a recovery in premium growth and profits in 2021, particularly in areas with effective vaccine rollouts.

Report Scope

In this report, the global Insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Global Insurance Market, By Insurance Type:

• Life Insurance

• Property and Casualty Insurance

• Health Insurance

• Others

• Global Insurance Market, By Provider:

• Insurance Companies

• Insurance Agents/Brokers

• Others

• Global Insurance Market, By Premium Type:

• Regular Premium

• Single Premium

• Global Insurance Market, By Region:

• North America

• United States

• Canada

• Mexico

• Europe

• United Kingdom

• Germany

• Italy

• France

• Spain

• Poland

• Netherland

• Asia-Pacific

• China

• India

• Japan

• South Korea

• Australia

• New Zealand

• Malaysia

• Middle East & Africa

• Iran

• South Africa

• Turkey

• Saudi Arabia

• Israel

• South America

• Brazil

• Argentina

• Colombia

The global insurance market is segmented by insurance type, provider, premium type, region, and competitive landscape. Life Insurance holds a significant market share, driven by a growing population aged 60 or older and increasing mortality risks related to non-communicable diseases. Property and Casualty Insurance ranks second, covering properties, vehicles, and liabilities.

Key market players in the Global Insurance market include:

• Berkshire Hathaway Inc.

• Ping An Insurance (Group) Company of China Ltd.

• China Life Insurance Company Limited

• Allianz SE

• AXA SA

• Assicurazioni Generali SPA

• Japan Post Holdings Co., Ltd.

• Life Insurance Corp. of India

• People's Insurance Co. of China Limited

• Munich Reinsurance Company

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The North America region leads the global insurance market, with a large number of insurance providers. It plays a significant role, particularly in the private health market, with the world's largest premiums. The report highlights the industry's expansion and contribution to market growth, emphasizing the crucial role it played during the pandemic as a risk absorber.

"The pandemic shock has brought to light the crucial role that the insurance sector plays as a risk absorber in emergencies by offering financial assistance to individuals, companies, and governments. Therefore, the insurance industry is rapidly expanding and contributing to the market growth in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

The comprehensive report, "Insurance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Insurance Type (Life Insurance, Property and Casualty Insurance, Health Insurance, Others (Medical Insurance, Travel, etc.), By Provider (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)), By Premium Type (Regular Premium, Single Premium), By Region, Competition," evaluates the future growth potential of the global insurance market, providing statistics and information on market structure, size, share, and future growth. The report aims to provide cutting-edge market intelligence and assist decision-makers in making informed investment decisions, identifying and analyzing emerging trends, drivers, challenges, and opportunities present in the global insurance market.

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