Life & Non-Life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Life and Non-Life Insurance Market is segmented by Insurance type (Life, Non-Life and Others) by Distribution Channel (Direct, Agency, Banks, and Others).

Life & Non-Life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Life and Non-Life Insurance Market Size

Life and Non-Life Insurance Market Size
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 3.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Life and Non-Life Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Life and Non-Life Insurance Market Analysis

The Global Life and Non-Life Insurance Market is expected to register a CAGR of less than 3% during the forecast period.

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  • Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6% of world gross domestic product, growth came generally from property/casualty insurance expansion in China and other emerging Asian markets. In terms of Global insurance premiums, Asia Pacific holds 32.4%, North America 30.8% and Europe 31.6% in 2018. North America and Europe had the highest insurance penetration rates in 2017, measured by premiums as a percentage of GDP, with 7.1% and 6.5% of GDP, respectively. Asia, which includes the Middle East, and Oceania tied in third place with 5.6%. While Taiwan (21.3%), Hong Kong (17.9%), South Korea (11.6%), Japan (8.6%) and Singapore (8.2%) recorded rates above those seen in North America, about half of the countries in Asia have rates of less than 3% of GDP, with large, populous economies such as Pakistan and Bangladesh registering rates under 1%. Latin America and the Caribbean, as well as Africa, hold the most potential for catch-up growth, with penetration rates of 3.06% and 2.96%, respectively.
  • The insurTech sector has seen much technological and investment development over the past few years. Traditional insurance business lines such as health, auto, and commercial are being revolutionized by new digital-centric startups. New technologies such as AI and IoT are re-architecting insurance data, the foundation of the insurance industry.

Life and Non-Life Insurance Industry Overview

The report covers the major players operating in the Global Life and Non-Life Insurance market. The market is fragmented, technology adoption in insurance sector, government initiatives towards changes in insurance regulatory like MTPL (motor third party liability) and many other factors can drive the market during the forecast period.

Life and Non-Life Insurance Market Leaders

  1. Massachusetts Mutual Life Insurance Company

  2. Unitedhealth Group Incorporated

  3. Berkshire Hathaway Inc.

  4. Ping An Insurance (Group) Company of China, Ltd.

  5. CHINA LIFE INSURANCE COMPANY LIMITED

  6. *Disclaimer: Major Players sorted in no particular order
Massachusetts Mutual Life Insurance Company, Unitedhealth Group Incorporated, Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China, Ltd., CHINA LIFE INSURANCE COMPANY LIMITED
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Life and Non-Life Insurance Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Deliverables
  • 1.2 Study Assumptions
  • 1.3 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
  • 4.3 Market Restraints
  • 4.4 Porters 5 Force Analysis
    • 4.4.1 Threat of New Entrants
    • 4.4.2 Bargaining Power of Buyers/Consumers
    • 4.4.3 Bargaining Power of Suppliers
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 By Insurance Type
    • 5.1.1 Life Insurance
    • 5.1.1.1 Individual
    • 5.1.1.2 Group
    • 5.1.2 Non-Life Insurance
    • 5.1.2.1 Home
    • 5.1.2.2 Motor
    • 5.1.2.3 Others
  • 5.2 By channel of distribution
    • 5.2.1 Direct
    • 5.2.2 Agency
    • 5.2.3 Banks
    • 5.2.4 Others
  • 5.3 Geography
    • 5.3.1 North America
    • 5.3.1.1 US
    • 5.3.1.2 Canada
    • 5.3.1.3 Mexico
    • 5.3.1.4 Rest of NA
    • 5.3.2 Europe
    • 5.3.2.1 Germany
    • 5.3.2.2 UK
    • 5.3.2.3 France
    • 5.3.2.4 Russia
    • 5.3.2.5 Spain
    • 5.3.2.6 Rest of NA
    • 5.3.3 Asia Pacific
    • 5.3.3.1 India
    • 5.3.3.2 China
    • 5.3.3.3 Japan
    • 5.3.3.4 Rest of AP
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.5 Middle East
    • 5.3.5.1 UAE
    • 5.3.5.2 Saudi Arabia
    • 5.3.5.3 Rest

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Mergers & Acquisitions
  • 6.3 Company Profiles
    • 6.3.1 Massachusetts Mutual Life Insurance Company
    • 6.3.2 Unitedhealth Group Incorporated
    • 6.3.3 Berkshire Hathaway Inc.
    • 6.3.4 Ping An Insurance (Group) Company of China, Ltd.
    • 6.3.5 Cigna Corporation
    • 6.3.6 CHINA LIFE INSURANCE COMPANY LIMITED
    • 6.3.7 Anthem, Inc.
    • 6.3.8 AETNA HEALTH INSURANCE (THAILAND) PUBLIC COMPANY LIMITED
    • 6.3.9 The People's Insurance Company (Group) of China Limited
    • 6.3.10 NIPPON LIFE INSURANCE COMPANY
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Life and Non-Life Insurance Industry Segmentation

This report aims to provide a detailed analysis of the Global Life and Non-Life Insurance market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Global Life and Non-Life Insurance market.

By Insurance Type Life Insurance Individual
Group
Non-Life Insurance Home
Motor
Others
By channel of distribution Direct
Agency
Banks
Others
Geography North America US
Canada
Mexico
Rest of NA
Europe Germany
UK
France
Russia
Spain
Rest of NA
Asia Pacific India
China
Japan
Rest of AP
South America Brazil
Argentina
Middle East UAE
Saudi Arabia
Rest
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Life and Non-Life Insurance Market Research FAQs

What is the current Global Life and Non-Life Insurance Market size?

The Global Life and Non-Life Insurance Market is projected to register a CAGR of less than 3% during the forecast period (2025-2030)

Who are the key players in Global Life and Non-Life Insurance Market?

Massachusetts Mutual Life Insurance Company, Unitedhealth Group Incorporated, Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China, Ltd. and CHINA LIFE INSURANCE COMPANY LIMITED are the major companies operating in the Global Life and Non-Life Insurance Market.

Which is the fastest growing region in Global Life and Non-Life Insurance Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Global Life and Non-Life Insurance Market?

In 2025, the North America accounts for the largest market share in Global Life and Non-Life Insurance Market.

What years does this Global Life and Non-Life Insurance Market cover?

The report covers the Global Life and Non-Life Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Global Life and Non-Life Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Life & Non-Life Insurance Industry Report

Statistics for the 2025 Global Life and Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Life and Non-Life Insurance analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.