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Global Life and Non-Life Insurance Market to reach USD XX billion by the end of 2029

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

Product Code: BFCS-73477821
Publish Date: 20-03-2023
Page: 200

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


Anthem, Inc.


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

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:

By Region:
North America
Asia Pacific
South Korea
Latin America
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 Increasing Investments in the insurance sector Government initiatives regarding Insurance policies
3.1.2. Market Challenges Lack of awareness
3.1.3. Market Opportunities Emerging InsurTech start-ups across the globe 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 Insurance Type breakdown estimates & forecasts, 2019-2029 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 Key Information Overview Financial (Subject to Data Availability) Product Summary 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
9.2.7. Anthem, Inc.
9.2.9. The People’s Insurance Company (Group) of China Limited
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

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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