The global life and non-life insurance market is expected to grow from $8,361.05 billion in 2022 to $8,852.01 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The life and non-life insurance market is expected to reach $10,665.39 billion in 2027 at a CAGR of 4.8%.
The life and non-life insurance market includes revenues earned by entities by motor insurance, travel insurance, accident insurance, whole life insurance, and term life insurance.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Life and non-life insurance refer to the insurance that provides financial protection and support to the beneficiaries and a wide range of risks and uncertainties related to life and the health and property of a proposer. It aims to provide a payout or death benefit, financial security, and potential losses or damages to property, vehicles, businesses, and liabilities.
North America was the largest region in the life and non-life insurance market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in life and non-life insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main insurance types included in the life and non-life insurance market are life insurance, and non-life insurance. Life insurance is a type of insurance that provides financial protection to the beneficiaries named in the policy in the event of the policyholder’s death.