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Global Life and Non-Life Insurance Market Size study & Forecast, by Insurance Type (Life Insurance, Non-Life Insurance) by Distribution Channel (Direct, Agency, Banks, Others), and Regional Analysis, 2022-2029

March 2023 | 200 pages | ID: G724C3C62712EN
Bizwit Research & Consulting LLP

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Global Life and Non-Life Insurance Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7% over the forecast period 2022-2029. A life insurance policy pays out a specific sum at the time the policy matures or after the person's demise. In a Life insurance policy, a policyholder needs to pay a premium amount to the company for a certain period and the amount mentioned in the policy is assured by the company either when the policy reaches its maturity or when the policyholder eventually dies. In Non-life insurance policies, the company offers financial aid to the policyholder at the time of health issues or resulting losses in case of asset damage. Life and non-life insurance division under Financial Supervisory Authority (FIN-FSA) include ensuring proper working of the insurance sector or industry such as ensuring the fulfilment of the financial needs of the companies. Integrating digital technologies with insurance, Government initiatives regarding Insurance policies and increasing investments in the insurance sector are the major factors driving the growth of the market.

According to the OECD Organization, in most nations, life insurance companies directly invested more than half of their capital in bills and bonds. Moreover, 50% of the investments made by life insurance were in bonds. In Sweden and Denmark, investments in bonds made up 32.4% and 34.2% of life insurers' portfolios, while equities made up over 35% of their holdings. Increasing investments in the insurance sector are further driving market growth. Additionally, According to Indian Government, the Insurance Laws (Amendment) Act, of 2015 allowed Foreign reinsurers to open branches in India. Increasing government initiatives in several countries such as India are responsible for the growth of the Life and Non-Life Insurance Market. Furthermore, integrating digital technologies with insurance is another factor driving the growth of the market. Emerging Insurtech start-ups across the globe and Growing awareness for life insurance are the factors expected to create major market opportunities in the forecast period. However, the lack of awareness of Life and Non-Life Insurance stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Life and Non-Life Insurance Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the high awareness of insurance and the region's separate state regulations, increasing the number of policies. According to Jennifer Rudden (research expert), there were more than 254 million insurances in effect in the United States in 2020. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising awareness of life insurance, and increasing government initiatives in countries such as India.

Major market player included in this report are:
Massachusetts Mutual Life Insurance Company

Unitedhealth Group Incorporated

Berkshire Hathaway Inc.

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

Cigna Corporation

CHINA LIFE INSURANCE COMPANY LIMITED

Anthem, Inc.

AETNA HEALTH INSURANCE (THAILAND) PUBLIC COMPANY LIMITED

The People's Insurance Company (Group) of China Limited

NIPPON LIFE INSURANCE COMPANY
Recent Developments in the Market:
In November 2022, the Boston Red Sox and Massachusetts Mutual Life Insurance Company (MassMutual) established a 10-year relationship, in order to collaborate or integrate their efficiency on Fenway Park Learning Lab.
In November 2021, One of India's top private life insurance companies, Reliance Nippon Life Insurance Company Limited, recently introduced Reliance Nippon Life Nishchit Samrudhi, a superior, tax-free, fixed return individual savings life insurance plan. Global Life and Non-Life Insurance Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Insurance Type, Distribution Channel, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Insurance Type:
Life Insurance
Non-Life Insurance

By Distribution Channel:
Direct
Agency
Banks
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
CHAPTER 1. EXECUTIVE SUMMARY

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
  1.2.1. Life and Non-Life Insurance Market, by Region, 2019-2029 (USD Billion)
  1.2.2. Life and Non-Life Insurance Market, by Insurance Type, 2019-2029 (USD Billion)
  1.2.3. Life and Non-Life Insurance Market, by Distribution Channel, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

CHAPTER 2. GLOBAL LIFE AND NON-LIFE INSURANCE MARKET DEFINITION AND SCOPE

2.1. Objective of the Study
2.2. Market Definition & Scope
  2.2.1. Scope of the Study
  2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

CHAPTER 3. GLOBAL LIFE AND NON-LIFE INSURANCE MARKET DYNAMICS

3.1. Life and Non-Life Insurance Market Impact Analysis (2019-2029)
  3.1.1. Market Drivers
    3.1.1.1. Increasing Investments in the insurance sector
    3.1.1.2. Government initiatives regarding Insurance policies
  3.1.2. Market Challenges
    3.1.2.1. Lack of awareness
  3.1.3. Market Opportunities
    3.1.3.1. Emerging InsurTech start-ups across the globe
    3.1.3.2. Growing awareness for life insurance

CHAPTER 4. GLOBAL LIFE AND NON-LIFE INSURANCE MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
  4.3.1. Political
  4.3.2. Economical
  4.3.3. Social
  4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies

CHAPTER 5. RISK ASSESSMENT: COVID-19 IMPACT

5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario

CHAPTER 6. GLOBAL LIFE AND NON-LIFE INSURANCE MARKET, BY INSURANCE TYPE

6.1. Market Snapshot
6.2. Global Life and Non-Life Insurance Market by Insurance Type, Performance - Potential Analysis
6.3. Global Life and Non-Life Insurance Market Estimates & Forecasts by Insurance Type 2019-2029 (USD Billion)
6.4. Life and Non-Life Insurance Market, Sub Segment Analysis
  6.4.1. Life Insurance
  6.4.2. Non-Life Insurance

CHAPTER 7. GLOBAL LIFE AND NON-LIFE INSURANCE MARKET, BY DISTRIBUTION CHANNEL

7.1. Market Snapshot
7.2. Global Life and Non-Life Insurance Market by Distribution Channel, Performance - Potential Analysis
7.3. Global Life and Non-Life Insurance Market Estimates & Forecasts by Channel 2019-2029 (USD Billion)
7.4. Life and Non-Life Insurance Market, Sub Segment Analysis
  7.4.1. Direct
  7.4.2. Agency
  7.4.3. Banks
  7.4.4. Others

CHAPTER 8. GLOBAL LIFE AND NON-LIFE INSURANCE MARKET, REGIONAL ANALYSIS

8.1. Life and Non-Life Insurance Market, Regional Market Snapshot
8.2. North America Life and Non-Life Insurance Market
  8.2.1. U.S. Life and Non-Life Insurance Market
    8.2.1.1. Insurance Type breakdown estimates & forecasts, 2019-2029
    8.2.1.2. Distribution Channel breakdown estimates & forecasts, 2019-2029
  8.2.2. Canada Life and Non-Life Insurance Market
8.3. Europe Life and Non-Life Insurance Market Snapshot
  8.3.1. U.K. Life and Non-Life Insurance Market
  8.3.2. Germany Life and Non-Life Insurance Market
  8.3.3. France Life and Non-Life Insurance Market
  8.3.4. Spain Life and Non-Life Insurance Market
  8.3.5. Italy Life and Non-Life Insurance Market
  8.3.6. Rest of Europe Life and Non-Life Insurance Market
8.4. Asia-Pacific Life and Non-Life Insurance Market Snapshot
  8.4.1. China Life and Non-Life Insurance Market
  8.4.2. India Life and Non-Life Insurance Market
  8.4.3. Japan Life and Non-Life Insurance Market
  8.4.4. Australia Life and Non-Life Insurance Market
  8.4.5. South Korea Life and Non-Life Insurance Market
  8.4.6. Rest of Asia Pacific Life and Non-Life Insurance Market
8.5. Latin America Life and Non-Life Insurance Market Snapshot
  8.5.1. Brazil Life and Non-Life Insurance Market
  8.5.2. Mexico Life and Non-Life Insurance Market
8.6. Rest of The World Life and Non-Life Insurance Market

CHAPTER 9. COMPETITIVE INTELLIGENCE

9.1. Top Market Strategies
9.2. Company Profiles
  9.2.1. Massachusetts Mutual Life Insurance Company
    9.2.1.1. Key Information
    9.2.1.2. Overview
    9.2.1.3. Financial (Subject to Data Availability)
    9.2.1.4. Product Summary
    9.2.1.5. Recent Developments
  9.2.2. Unitedhealth Group Incorporated
  9.2.3. Berkshire Hathaway Inc.
  9.2.4. Ping An Insurance (Group) Company of China, Ltd.
  9.2.5. Cigna Corporation
  9.2.6. CHINA LIFE INSURANCE COMPANY LIMITED
  9.2.7. Anthem, Inc.
  9.2.8. AETNA HEALTH INSURANCE (THAILAND) PUBLIC COMPANY LIMITED
  9.2.9. The People's Insurance Company (Group) of China Limited
  9.2.10. NIPPON LIFE INSURANCE COMPANY
  9.2.11. Research Process
9.3. Research Process
  9.3.1. Data Mining
  9.3.2. Analysis
  9.3.3. Market Estimation
  9.3.4. Validation
  9.3.5. Publishing
9.4. Research Attributes
9.5. Research Assumption

LIST OF TABLES

TABLE 1. Global Life and Non-Life Insurance Market, report scope
TABLE 2. Global Life and Non-Life Insurance Market estimates & forecasts by Region 2019-2029 (USD Billion)
TABLE 3. Global Life and Non-Life Insurance Market estimates & forecasts by Insurance Type 2019-2029 (USD Billion)
TABLE 4. Global Life and Non-Life Insurance Market estimates & forecasts by Distribution Channel 2019-2029 (USD Billion)
TABLE 5. Global Life and Non-Life Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 6. Global Life and Non-Life Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 7. Global Life and Non-Life Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 8. Global Life and Non-Life Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 9. Global Life and Non-Life Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 10. Global Life and Non-Life Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 11. Global Life and Non-Life Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 12. Global Life and Non-Life Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 13. Global Life and Non-Life Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 14. Global Life and Non-Life Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 15. U.S. Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 16. U.S. Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 17. U.S. Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 18. Canada Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 19. Canada Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 20. Canada Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 21. UK Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 22. UK Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 23. UK Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 24. Germany Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 25. Germany Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 26. Germany Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 27. France Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 28. France Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 29. France Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 30. Italy Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 31. Italy Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 32. Italy Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 33. Spain Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 34. Spain Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 35. Spain Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 36. RoE Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 37. RoE Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 38. RoE Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 39. China Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 40. China Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 41. China Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 42. India Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 43. India Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 44. India Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 45. Japan Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 46. Japan Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 47. Japan Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 48. South Korea Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 49. South Korea Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 50. South Korea Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 51. Australia Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 52. Australia Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 53. Australia Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 54. RoAPAC Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 55. RoAPAC Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 56. RoAPAC Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 57. Brazil Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 58. Brazil Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 59. Brazil Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 60. Mexico Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 61. Mexico Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 62. Mexico Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 63. RoLA Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 64. RoLA Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 65. RoLA Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 66. Row Life and Non-Life Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 67. Row Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 68. Row Life and Non-Life Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 69. List of secondary sources, used in the study of global Life and Non-Life Insurance Market
TABLE 70. List of primary sources, used in the study of global Life and Non-Life Insurance Market
TABLE 71. Years considered for the study
TABLE 72. Exchange rates considered
List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1. Global Life and Non-Life Insurance Market, research methodology
FIG 2. Global Life and Non-Life Insurance Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Life and Non-Life Insurance Market, key trends 2021
FIG 5. Global Life and Non-Life Insurance Market, growth prospects 2022-2029
FIG 6. Global Life and Non-Life Insurance Market, porters 5 force model
FIG 7. Global Life and Non-Life Insurance Market, pest analysis
FIG 8. Global Life and Non-Life Insurance Market, value chain analysis
FIG 9. Global Life and Non-Life Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 10. Global Life and Non-Life Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 11. Global Life and Non-Life Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 12. Global Life and Non-Life Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 13. Global Life and Non-Life Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 14. Global Life and Non-Life Insurance Market, regional snapshot 2019 & 2029
FIG 15. North America Life and Non-Life Insurance Market 2019 & 2029 (USD Billion)
FIG 16. Europe Life and Non-Life Insurance Market 2019 & 2029 (USD Billion)
FIG 17. Asia pacific Life and Non-Life Insurance Market 2019 & 2029 (USD Billion)
FIG 18. Latin America Life and Non-Life Insurance Market 2019 & 2029 (USD Billion)
FIG 19. Global Life and Non-Life Insurance Market, company Market share analysis (2021)
List of tables and figures and dummy in nature, final lists may vary in the final deliverable


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