Global Insurance, Reinsurance And Insurance Brokerage Market Size 2024, Forecast To 2033
11 Mar, 2024
The insurance, reinsurance, and insurance brokerage market size has witnessed substantial growth, escalating from $8277.04 billion in 2023 to $8898.43 billion in 2024, marking a compound annual growth rate (CAGR) of 7.5%. The growth in the historical period is attributed to the impact of COVID-19, the adoption of reinsurance for healthcare, rising healthcare costs, and an increase in home ownership and mortgages. Projections for 2028 indicate continued strong growth, reaching $11853.99 billion with a CAGR of 7.4%. The expected growth in the forecast period is linked to an increase in chronic diseases and disabilities, the growth of the middle-class in emerging markets, increasing government support, rapid urbanization, and an increasing demand for insurance policies. Key trends in this period include a focus on chronic diseases and disabilities, the growth of the middle-class in emerging markets, increasing government support, rapid urbanization, and an increasing demand for insurance policies.
Global Insurance, Reinsurance And Insurance Brokerage Market Key Driver
The burgeoning growth in internet penetration and the escalating risks associated with online transactions are fueling the demand for cyber insurance. This specialized insurance coverage addresses risks related to internet use and information technology infrastructure, encompassing property theft, business interruption, software and data loss, cyber extortion, network failure liability, cyber-crime, and physical asset damage. In 2021, India reported 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users, increasing by 25 million each quarter, according to the National Health Authority of India. This rapid increase in internet usage and the corresponding risks serve as drivers for the insurance, reinsurance, and insurance brokerage markets. The market size projections for 2023, 2024, and 2028 underscore the significant impact of these trends on the insurance landscape.
Get A Free Sample Of The Global Insurance, Reinsurance And Insurance Brokerage Market ReportGlobal Insurance, Reinsurance And Insurance Brokerage Market Segments
The insurance, reinsurance and insurance brokerage market covered in this report is segmented –
1) By Type: Insurance, Insurance Brokers & Agents, Reinsurance
2) By Mode: Online, Offline
3) By End-User: Corporate, Individual
Sub Segments: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance, Property & Casualty Reinsurance, Life & Health Reinsurance, Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
By Geography:The regions covered in the insurance, reinsurance and insurance brokerage market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
North America was the largest region in the insurance, reinsurance, and insurance brokerage market in 2023. Asia/Pacific was the second largest region in insurance, reinsurance, and insurance brokerage. The regions covered in the insurance, reinsurance and insurance brokerage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Insurance, Reinsurance And Insurance Brokerage Industry Players
Allianz Group, Ping An Insurance, China Life Insurance Company Limited, Axa Group, Centene Corporation, Assicurazioni Generali S.p.A., Humana Inc, The People’s Insurance Company (Group) of China Limited, Berkshire Hathaway, Munich Re, General Insurance Corporation of India (GIC Re), New India Assurance – General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Inc, Chang'an Insurance Brokers Co., Ltd, Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd, Shenzhen Huakang Insurance Agency Co. (China), Ltd., CPIC, China Property and Casualty Reinsurance Company Ltd, PICC Reinsurance Co. Ltd., Taiping Reinsurance Co. Ltd., Peak Reinsurance Co. Ltd, SCOR Reinsurance Co. (Asia) Ltd., Korean Reinsurance Company, Tokio Marine & Nichido Fire Insurance Co. Ltd., Aioi Nissay Dowa Insurance Co. Ltd, Sompo Japan Nipponkoa Insurance Inc., Toa Reinsurance Co., Mitsui Sumitomo Insurance Co. Ltd., PVI Reinsurance Company, Singapore Reinsurance Corporation Ltd, Marsh & McLennan Companies UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc., Lloyd's of London Limited, Aon Holding Deutschland GmbH, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Swiss Re, Crédit Agricole Assurances, CNP Assurance, Société Générale, BNP Paribas Cardiff, Sogaz Insurance Group, Ingosstrakh Insurance Co., Russian Re Co. Ltd, Polskie Towarzyst Reasekuracji S.A., Nationale-Nederlanden (NN) Life Insurance Co. Ltd, Uniqa Insurance Group AG, Ceská Pojištovna, MAI Insurance Brokers Poland Sp. z o.o, European Investment Bank (EIB), VIG RE zajist’ovna a.s., Brighthouse Financial (MetLife), Northwestern Mutual, New York Life, Prudential, Lincoln National, MassMutual, John Hancock, Transamerica, Manulife Financial, Chubb Life, Great-West Lifeco, Inc, Sun Life Financial, IA Financial Group, RBC Insurance, Empire Life, National Indemnity Company, Everest Reinsurance Company, XL Reinsurance America, Reinsurance Group of America, Inc, Fairfax Financial Holdings Ltd., Transatlantic Holdings Inc, Markel Corporation, Companhia de seguros alliance do Brazil, Bradesco Vida E Previdencia S.A, AR LIFE, MAPFRE Argentina, Crecer Seguros, Ohio National Seguros de Vida, Instituto de Resseguros do Brasil(IRB), Alliance Insurance, Mashreq bank, Buruj Cooperative Insurance, Al Alamiya, Menora Mivtachim Insurance, Oman Insurance Company, Kuwait Reinsurance company, Arab Re (Lebanon), RGA Re, African Reinsurance Corporation, Compagnie Centrale de Réassurance, J.B.Boda Insurance & Reinsurance Brokers Pvt. Ltd., Société Centrale de Réassurance, Insurance Brokers Of Nigeria (IBN), Northlink Insurance Brokers, Carrier Insurance Brokers, Hogg Robinson Nigeria, Union Commercial Insurance Brokers, Misr Life Insurance Company, Metlife Egypt, GIG Egypt.
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Insurance, Reinsurance And Insurance Brokerage Market Overview
Insurance is a contract under which an individual or entity receives financial protection or reimbursement/compensation for any damages from an insurance company. Reinsurance is when several insurance firms pool their risk by buying insurance from other insurers to reduce their own overall loss in the event of a catastrophe. Insurance brokerage is the business of providing people with independent advice about what insurance is available from various companies and arranging insurance for them.
Insurance, Reinsurance And Insurance Brokerage Global Market Report 2023 provides data on the global insurance, reinsurance and insurance brokerage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The insurance, reinsurance and insurance brokerage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.