Global Insurance Market Report 2022: Market is Expected to Grow to $8,398.11 Billion in 2026 - Long-term Forecast to 2031

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Jul 19, 2022, 05:45 ET

DUBLIN, July 19, 2022 /PRNewswire/ -- The "Insurance Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global insurance market is expected to grow from $5,376.92 billion in 2021 to $5,938.41 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The market is expected to grow to $8,398.11 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.

Major companies in the insurance market include Allianz Group, Ping An Insurance, Axa Group, Anthem Inc., China Life Insurance, Centene, People's Insurance Company of China, Humana, Assicurazioni Generali S.p.A., and Japan Post Group.

The insurance market consists of sales of insurance products by entities (organizations, sole traders, and partnerships) that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. Insurance providers invest premiums to build up a portfolio of financial assets to be used against future claims.

Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies. Reinsurance providers are businesses that assume all or part of the risk associated with an existing insurance policy or set of policies, originally underwritten by another insurance carrier (direct insurance carrier).

The main types of insurance are life insurance, property and casualty insurance, health and medical insurance. Life insurance refers to the insurance that covers the package of lifetime critical benefits for the individual. The various mode is online, offline. The services are used by corporate, and individual end-users.

North America was the largest region in the insurance market in 2021. Asia Pacific was the second largest region in the insurance market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The rapid growth in internet penetration and increased risks associated with internet use for critical transactions is driving the demand for cyber insurance. Cyber insurance covers internet-based risks and risks related to information technology infrastructure. It also covers property theft, business interruption, software and data loss, cyber extortion, network failure liability, cyber-crime, and physical asset damage.

For instance, in 2021, according to the National Health Authority of India, an Indian government agency, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India, which are increasing by 25 million every quarter. Therefore, the rapid growth in internet penetration and increased risks associated with internet use drives the insurance market.

Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets driven by the reduced cost of premium in emerging countries resulting from improved internet penetration in those regions.

Peer-to-peer insurance is based on pooling insurance premiums of participating individuals that can be used to compensate future uncertain losses and share the left-over amount among participants. It aims to reduce premium and overhead costs than traditional Insurance Providers, decrease inefficiencies, and increase the transparency of businesses.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Insurance Market Characteristics
3.1. Market Definition
3.2. Key Segmentations

4. Insurance Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products

5. Insurance Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers

6. Insurance Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth

7. Insurance Market Trends And Strategies

8. Impact Of COVID-19 On Insurance

9. Insurance Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market

10. Insurance Market Regional Analysis
10.1. Global Insurance Market, 2021, By Region, Value ($ Billion)
10.2. Global Insurance Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Insurance Market, Growth And Market Share Comparison, By Region

11. Insurance Market Segmentation
11.1. Global Insurance Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Life Insurance
Property & Casualty Insurance
Health & Medical Insurance

11.2. Global Insurance Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Corporate
Individual

11.3. Global Insurance Market, Segmentation By Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Online
Offline

12. Insurance Market Segments
12.1. Global Life Insurance Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Term Life Insurance; Whole Life Insurance; Variable Life Insurance; Equity Indexed Life Insurance; Accidental Death Insurance; Other Life Insurance
12.2. Global Property & Casualty Insurance Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Automobile Insurance Carriers; Malpractice/Indemnity Insurance Carriers; Fidelity Insurance Carriers; Mortgage Guaranty Insurance Carriers; Homeowners Insurance Carriers; Surety Insurance Carriers; Liability Insurance Carriers
12.3. Global Health & Medical Insurance Market, Segmentation By Type, 2016-2021, 2021-2026F, 2031F, Value ($ Billion) - Hospitalization Insurance; Hospital Daily Cash Benefit Insurance; Critical Illness Insurance; Domiciliary Insurance; Other Health & Medical Insurance

13. Insurance Market Metrics
13.1. Insurance Market Size, Percentage Of GDP, 2016-2026, Global
13.2. Per Capita Average Insurance Market Expenditure, 2016-2026, Global

Companies Mentioned