Global Life and Non-Life Insurance Market Report 2023: Cyber Insurance is Driving Growth

PR Newswire

DUBLIN, April 24, 2023 /PRNewswire/ -- The "Life and Non-Life Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.

The global life and non-life insurance market is estimated at approximately USD 8100 billion during the current year and is poised to grow at a CAGR of greater than 4% during the forecast period.

Companies Mentioned

Ping An Insurance Group
UnitedHealth Group
Allianz
AXA Group
China Life
AIA Group
MetLife
Zurich Insurance
Cigna

Life and Non-Life Insurance Market Trends

Cyber Insurance is Driving the Market

Cyber insurance solutions enable organizations to mitigate the risk of cyber threat activity, such as data breaches and cyberattacks. It protects businesses from the cost of internet-based attacks affecting information governance, IT infrastructure, and information policy, which often are not covered by traditional insurance products and commercial liability policies. The increasing data breaches and cybersecurity risks drive businesses to implement cyber insurance policies.

Also, many countries impose fines and mandate governing terms and conditions on companies for any data breach. Small and medium enterprises are also being targeted for cyberattacks. This fuels the demand for new insurance products for small businesses.

Significant Growth in Insurtech Adoption is Driving the Market

The increasing number of insurance claims worldwide is one of the major factors accentuating the market growth. Auto, life, and home are the most common insurance claims secured by people worldwide. The use of technology in insurance can make products more affordable, businesses more profitable, and provide access to new risk pools.

Insurance companies have been integrating digital technologies into their traditional processes and everyday workflows to reduce manual efforts, time, and costs. As the insurance sectors of developing and emerging markets become more sophisticated, it can be expected that digital solutions may filter down through the insurance supply chain, driving operational efficiency and, ultimately, profitability, as is already being seen in more advanced markets.

Life and Non-Life Insurance Industry Overview

The report covers the major players operating in the global life and non-life insurance market. The market is fragmented; technology adoption in the insurance sector, government initiatives toward changes in insurance regulations, like MTPL (third-party motor liability), and many other factors can drive the market during the forecast period. Companies such as AXA Group, United Health Group, Allianz, and China Life, among others have been profiled in the report.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS AND DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Industry Attractiveness - Porter's Five Forces Analysis

4.5 Insights into Various Regulatory Trends Shaping the Market

4.6 Insights into Impact of Technology in the Market

4.7 Impact of COVID-19 on the Market

5 MARKET SEGMENTATION

5.1 By Insurance Type

5.1.1 Life Insurance

5.1.1.1 Individual

5.1.1.2 Group

5.1.2 Non-life Insurance

5.1.2.1 Home

5.1.2.2 Motor

5.1.2.3 Other Non-life Insurances

5.2 By Distribution Channel

5.2.1 Direct

5.2.2 Agency

5.2.3 Banks

5.2.4 Other Distribution Channels

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Market Concentration Overview

6.2 Company Profiles

6.2.1 Ping An Insurance Group

6.2.2 UnitedHealth Group

6.2.3 Allianz

6.2.4 AXA Group

6.2.5 China Life

6.2.6 AIA Group

6.2.7 MetLife

6.2.8 Zurich Insurance

6.2.9 Cigna

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 DISCLAIMER AND ABOUT US

For more information about this report visit https://www.researchandmarkets.com/r/5gfu4w

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