Insurance Market size to grow by USD 1,429.64 billion from 2022 to 2027, Driven by the increasing government regulations on mandatory insurance coverage in developing countries – Technavio

NEW YORK, April 20, 2023 /PRNewswire/ -- The insurance market size is set to grow by USD 1,429.64 billion between 2022 and 2027 and register a CAGR of 4.5%, according to Technavio's latest market research report. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. View our Sample PDF Report.

The report also covers the following areas:

• Insurance Market size
• Insurance Market trends
• Insurance Market industry analysis

Insurance Market 2023-2027: Segmentation

• Distribution Channel 
• Sales Personnel
• Insurance Agencies
• Type 
• Life
• Non-life
• Geography 
• North America
• APAC
• Europe
• South America
• Middle East And Africa

The market share growth by the sales personnel segment will be significant for the market growth during the forecast period. Given the competitive nature of the insurance industry, sales representatives play a key role in developing and maintaining a company's brand image. Sales personnel must be able to communicate their company's vision, values, and benefits to their clients in a compelling and persuasive way. To be successful in this role, the salesperson must possess strong verbal and written communication skills. Hence, such factors drive segment growth during the forecast period.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Some of the major vendors of the insurance market include Aditya Birla Management Corp. Pvt. Ltd., Allianz SE, American International Group Inc., AXA Group, Bank of America Corp., Berkshire Hathaway Inc., Canara Bank, Citigroup Inc., Go Digit General Insurance Ltd., HDFC Ltd., JPMorgan Chase and Co., Kotak Mahindra Bank Ltd., Life Insurance Corp. of India, Microsoft Corp., State Bank of India, Tata Sons Pvt. Ltd., The PNC Financial Services Group Inc., Truist Financial Corp., U.S. Bancorp, and Wells Fargo and Co. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the insurance market are designed to provide entry support, customer profile, & M&As as well as go-to-market strategy support.
Vendor Offerings

• Aditya Birla Management Corp. Pvt. Ltd. - The company offers insurance such as Aditya Birla health insurance.
• Allianz SE - The company offers insurance such as business insurance and property insurance.
• American International Group Inc. - The company offers insurance such as Travel Guard travel insurance.

Insurance Market 2023-2027: Market Dynamics

Key Drivers

• The increasing government regulations on mandatory insurance coverage in developing countries is a major driver fueling the growth of the market during the forecast period.
• Automobile insurance is compulsory in most countries around the world when driving a vehicle on public roads.
• In some countries, such as India, it is compulsory to have automobile insurance for vehicles on public roads. For instance, anyone who owns or drives a vehicle in Maine, US, must have at least the minimum legal coverage for insurance, which is required by law. 
• Similarly, most developed countries have compulsory health insurance coverage, and travel insurance is mandatory for anyone traveling to a foreign country.
• Visas will not be issued to those without travel insurance. In addition, the global insurance market is expanding rapidly due to the growth of various types of insurance. 

Major Trends

• An emerging trend in the insurance market is the investors collaborating with InsurTech firms.
• The use of technology has transformed the entire insurance value chain. These include transforming the costing process, improving the consumer experience, increasing process transparency, reducing fraud, and simplifying the customer complaint process.
• InsurTech providers are focusing on increasing consumer demand for sophisticated personalization of insurance products and personalized services. InsurTech also aims to provide adequate insurance to individuals.
• The flow of insurance enrollment by application is increasing worldwide. Also, the importance of InsurTech for insurance companies is growing rapidly.
• Over the next decade, the entire insurance process will be digitized, eliminating the need for physical intervention during the forecast period.
• These factors are, therefore, driving more investor collaborations with InsurTech companies in the market. 

Key Challenges

• A major challenge impeding the growth of the insurance market is the tightening of the regulatory environment for insurance players.
• Regulatory bodies around the world are enacting new laws and regulations based on the latest industry requirements. Recently, the NAIC developed an add-on to its required assessment framework, the Own Risk and Solvency Assessment (ORSA).
• ORSA is an internal process undertaken by an insurance organization, individual agency, or insurance group to assess the adequacy of its risk management capabilities.
• ORSA must analyze all reasonably foreseeable and applicable material risks that could affect the insurer's ability to meet its customer obligations.
• However, with increased government regulation, insurers may face the challenge of increasing demands on the insurance industry.
• This will have a direct impact on the global insurance market, as it will depend on the revenues of the insurance industry in the coming years. In addition, insurers must continuously improve the services they offer to keep up with changing laws and regulations.

Insurance Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist insurance market growth during the next five years
• Estimation of the insurance market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the insurance market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of insurance market vendors

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Related Reports:
The insurance technology market in Europe is estimated to grow at a CAGR of 34.58% between 2022 and 2027. The size of the market is forecasted to increase by USD 14,523.99 million. This report extensively covers market segmentation by type (solution and service), technology (cloud computing, IoT, big data and business analytics, blockchain, and others), and geography (UK, France, Germany, Italy, Rest of Europe). The increasing adoption of cloud-based solutions is notably driving market growth.

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Table of Contents: 

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global insurance market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global insurance market 2017 - 2021 ($ billion)

• 4.2 Distribution Channel Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Distribution Channel Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Distribution Channel

• 6.1 Market segments
• Exhibit 30: Chart on Distribution Channel - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Distribution Channel - Market share 2022-2027 (%)

• 6.2 Comparison by Distribution Channel 
• Exhibit 32: Chart on Comparison by Distribution Channel
• Exhibit 33: Data Table on Comparison by Distribution Channel

• 6.3 Sales personnel - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Sales personnel - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Sales personnel - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Sales personnel - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Sales personnel - Year-over-year growth 2022-2027 (%)

• 6.4 Insurance agencies - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Insurance agencies - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Insurance agencies - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Insurance agencies - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Insurance agencies - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Distribution Channel 
• Exhibit 42: Market opportunity by Distribution Channel ($ billion)
• Exhibit 43: Data Table on Market opportunity by Distribution Channel ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Life - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Life - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Life - Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Life - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Life - Year-over-year growth 2022-2027 (%)

• 7.4 Non-life - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Non-life - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Non-life - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Non-life - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Non-life - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ billion)
• Exhibit 57: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 France - Market size and forecast 2022-2027 
• Exhibit 99: Chart on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ billion)
• Exhibit 104: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Aditya Birla Management Corp. Pvt. Ltd. 
• Exhibit 111: Aditya Birla Management Corp. Pvt. Ltd. - Overview
• Exhibit 112: Aditya Birla Management Corp. Pvt. Ltd. - Product / Service
• Exhibit 113: Aditya Birla Management Corp. Pvt. Ltd. - Key offerings

• 12.4 Allianz SE
• Exhibit 114: Allianz SE - Overview
• Exhibit 115: Allianz SE - Business segments
• Exhibit 116: Allianz SE - Key news
• Exhibit 117: Allianz SE - Key offerings
• Exhibit 118: Allianz SE - Segment focus

• 12.5 American International Group Inc. 
• Exhibit 119: American International Group Inc. - Overview
• Exhibit 120: American International Group Inc. - Business segments
• Exhibit 121: American International Group Inc. - Key news
• Exhibit 122: American International Group Inc. - Key offerings
• Exhibit 123: American International Group Inc. - Segment focus

• 12.6 AXA Group
• Exhibit 124: AXA Group - Overview
• Exhibit 125: AXA Group - Business segments
• Exhibit 126: AXA Group - Key offerings
• Exhibit 127: AXA Group - Segment focus

• 12.7 Bank of America Corp. 
• Exhibit 128: Bank of America Corp. - Overview
• Exhibit 129: Bank of America Corp. - Business segments
• Exhibit 130: Bank of America Corp. - Key news
• Exhibit 131: Bank of America Corp. - Key offerings
• Exhibit 132: Bank of America Corp. - Segment focus

• 12.8 Berkshire Hathaway Inc. 
• Exhibit 133: Berkshire Hathaway Inc. - Overview
• Exhibit 134: Berkshire Hathaway Inc. - Business segments
• Exhibit 135: Berkshire Hathaway Inc. - Key news
• Exhibit 136: Berkshire Hathaway Inc. - Key offerings
• Exhibit 137: Berkshire Hathaway Inc. - Segment focus

• 12.9 Canara Bank
• Exhibit 138: Canara Bank - Overview
• Exhibit 139: Canara Bank - Product / Service
• Exhibit 140: Canara Bank - Key offerings

• 12.10 Citigroup Inc.
• Exhibit 141: Citigroup Inc. - Overview
• Exhibit 142: Citigroup Inc. - Business segments
• Exhibit 143: Citigroup Inc. - Key offerings
• Exhibit 144: Citigroup Inc. - Segment focus

• 12.11 HDFC Ltd.
• Exhibit 145: HDFC Ltd. - Overview
• Exhibit 146: HDFC Ltd. - Product / Service
• Exhibit 147: HDFC Ltd. - Key offerings

• 12.12 JPMorgan Chase and Co. 
• Exhibit 148: JPMorgan Chase and Co. - Overview
• Exhibit 149: JPMorgan Chase and Co. - Business segments
• Exhibit 150: JPMorgan Chase and Co. - Key offerings
• Exhibit 151: JPMorgan Chase and Co. - Segment focus

• 12.13 Kotak Mahindra Bank Ltd. 
• Exhibit 152: Kotak Mahindra Bank Ltd. - Overview
• Exhibit 153: Kotak Mahindra Bank Ltd. - Business segments
• Exhibit 154: Kotak Mahindra Bank Ltd. - Key offerings
• Exhibit 155: Kotak Mahindra Bank Ltd. - Segment focus

• 12.14 Life Insurance Corp. of India 
• Exhibit 156: Life Insurance Corp. of India - Overview
• Exhibit 157: Life Insurance Corp. of India - Product / Service
• Exhibit 158: Life Insurance Corp. of India - Key offerings

• 12.15 Microsoft Corp.
• Exhibit 159: Microsoft Corp. - Overview
• Exhibit 160: Microsoft Corp. - Business segments
• Exhibit 161: Microsoft Corp. - Key news
• Exhibit 162: Microsoft Corp. - Key offerings
• Exhibit 163: Microsoft Corp. - Segment focus

• 12.16 Tata Sons Pvt. Ltd.
• Exhibit 164: Tata Sons Pvt. Ltd. - Overview
• Exhibit 165: Tata Sons Pvt. Ltd. - Business segments
• Exhibit 166: Tata Sons Pvt. Ltd. - Key offerings
• Exhibit 167: Tata Sons Pvt. Ltd. - Segment focus

• 12.17 Wells Fargo and Co.
• Exhibit 168: Wells Fargo and Co. - Overview
• Exhibit 169: Wells Fargo and Co. - Business segments
• Exhibit 170: Wells Fargo and Co. - Key offerings
• Exhibit 171: Wells Fargo and Co. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 172: Inclusions checklist
• Exhibit 173: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 174: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 175: Research methodology
• Exhibit 176: Validation techniques employed for market sizing
• Exhibit 177: Information sources

• 13.5 List of abbreviations 
• Exhibit 178: List of abbreviations

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