Non-life insurances - Worldwide

Worldwide

The Non-life insurances market market worldwide is projected to reach a market size (gross written premium) of €4.09tn in 2024.
On average, individuals are expected to spend €528.20 per capita in the Non-life insurances market market in 2024.
The gross written premium is predicted to exhibit an annual growth rate of 2.91% (CAGR 2024-2029), resulting in a market volume of €4.72tn by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium of €2,294.0bn in 2024.
In the worldwide non-life insurance market, countries like the United States and China are experiencing a surge in demand due to increasing awareness about the importance of insurance coverage.

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Analyst Opinion

The Non-life insurances market is experiencing significant growth and evolution worldwide.

Customer preferences: Customers are increasingly seeking comprehensive non-life insurance coverage that can protect them from a wide range of risks such as property damage, liability, and natural disasters. They are also showing a growing interest in customizable insurance plans that can be tailored to their specific needs and preferences.

Trends in the market: In North America, the trend of bundling different types of non-life insurance policies together for convenience and cost savings is gaining popularity. In Europe, there is a shift towards digitalization, with more customers opting to purchase insurance online. In Asia, particularly in emerging markets, there is a rise in demand for non-life insurance products as disposable incomes increase and awareness about financial protection grows.

Local special circumstances: In Latin America, the non-life insurance market is influenced by regulatory changes and increasing competition among insurance providers. In Africa, the market is characterized by a growing middle class and urbanization, leading to higher demand for non-life insurance products. In the Middle East, geopolitical uncertainties and a focus on economic diversification are shaping the non-life insurance landscape.

Underlying macroeconomic factors: The global economic stability and growth play a significant role in the development of the non-life insurance market. As economies expand, individuals and businesses have more assets to protect, leading to an increased demand for non-life insurance. Additionally, regulatory reforms and advancements in technology are driving innovation and efficiency in the insurance sector, further fueling market growth.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.