Non-Life Insurance Global Industry Guide 2019-2028

Non-Life Insurance Global Industry Guide 2019-2028

Summary

Global Non-Life Insurance industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value , and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

• Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
• Non-life insurance is segmented into motor, property, liability, and others. Motor insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage. Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Property insurance can include homeowners' insurance, renters' insurance, flood insurance, and earthquake insurance. If a claim is filed, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to remedy the damage. Liability insurance is any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury, or negligence. The scope of others includes financial lines, health, marine, aviation and transit, and miscellaneous.
• All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates.
• The global non-life insurance market recorded written premiums of $3,602.8 billion in 2023, representing a compound annual growth rate (CAGR) of 6.3% between 2018 and 2023.
• The motor segment accounted for the market's largest proportion in 2023, with total written premiums of $863.3 billion, equivalent to 24.0% of the market's overall value.
• The global non-life insurance market is experiencing significant growth, driven by rising awareness of the importance of insurance in safeguarding assets and mitigating financial risks. This heightened awareness has led to an increase in the number of active non-life insurance policies. According to the Australian Prudential Regulation Authority, in 2023, the number of active non-life insurance policies in Australia reached 101.1 million, an increase of 8.6% from the previous year.

Scope

• Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the global non-life insurance market
• Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the global non-life insurance market
• Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
• Add weight to presentations and pitches by understanding the future growth prospects of the global non-life insurance market with five year forecasts

Reasons to Buy

• What was the size of the global non-life insurance market by value in 2023?
• What will be the size of the global non-life insurance market in 2028?
• What factors are affecting the strength of competition in the global non-life insurance market?
• How has the market performed over the last five years?
• Who are the top competitors in the global non-life insurance market?

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