Life insurance - Worldwide | Statista Market Forecast (2024)

FAQs

What is the life insurance market forecast? ›

The Life insurance market market worldwide is projected to reach a market size (gross written premium) of US$3.67tn in 2024. The average spending per capita in the Life insurance market market is expected to amount to US$0.47k in the same year.

In the dynamic landscape of the Indian life insurance industry, a transformative shift is underway, with prime focus on providing tailored financial protection for the next generation. The evolving needs and aspirations of young individuals demand a more personalised approach to life insurance.

Personal lines set to drive growth again in 2024; commercial lines growth to be led by property. We forecast total direct premiums written (DPW) growth of 7.0% in 2024 – an upward revision from 5.5%, driven by momentum in personal auto – and 4.5% in 2025 after nearly 10% growth in 2022 and 2023.

Over the past 12 years, there has been a decrease in overall life insurance ownership, dropping from 63% in 2011. About 100 million Americans are either without life insurance or inadequately insured, acknowledging their need for additional coverage, according to data from LIMRA.

The insurance industry has a promising future, but it must remain agile and innovative in their approach. By embracing new technologies and meeting the changing needs of policyholders, insurance companies can remain competitive and relevant in a rapidly evolving landscape.

In addition to providing financial protection for your dependents in the case of death, life insurance can also help pay for other living expenses during a recession. This includes everyday expenses such as groceries, rent, and utilities, as well as more expensive items like tuition fees or medical bills.

The latest study, now in its 14^th year, finds a record-high number of American adults (42%) — representing 102 million adults — saying they need (or need more) life insurance.

One disadvantage of life insurance is that the older you are, the more you'll pay for a policy. This is because you're more likely to pass away during the policy period than a younger policyholder and will, in turn, cost the life insurance company more money.

As the largest life insurance company in India, LIC has 2048 branch offices, 113 divisional offices, 8 zonal offices, and 1381 satellite offices. In addition, in the financial year 2021-22 LIC recorded annual premiums of 4,28024.97 crores.

The hard market became more entrenched for property insurance after 2022's Hurricane Ian, which caused significant damage. Reinsurers faced major losses that constrained their capital and spilled over to the primary insurance market, ultimately increasing costs for insureds.

What is the projected growth of the insurance industry? ›

Insurance is one of the world's largest industries and is expected to grow at a rate of 12% a year through at least 2027. The industry is likely to keep growing for decades. From health insurance to business coverage and everything in between, insurance touches just about everyone's life at some point.

S&P 500 earnings to increase 9.3% compared to a year ago. S&P 500 earnings growth to accelerate in the second half of the year. Full-year S&P 500 earnings growth of 11.4% in 2024. Full-year S&P 500 revenue growth of 5% in 2024.

The life insurance industry is a huge part of the American economy—and it continues to grow year over year.

It may also build cash value that can be used to pay premiums, cover long-term care or even as collateral for a loan. Permanent life insurance policies generally carry higher premiums, though, and some involve managing various investments and fees. So they're not the right choice for everyone.

Gen X is the most likely to have some life insurance but not enough, with 14% of policyholders saying they need more life insurance than they currently have. Baby boomers are most likely to have the life insurance they need, with only 27% of them indicating a need.

Insurance stocks like LIC, HDFC Life, SBI Life, ICICI Prudential Life, ICICI Lombard were on a slippery slope on May 30, declining up to 1 percent after reports suggested that the Insurance Regulatory Development and Authority of India (IRDAI) may hike surrender value for insurance policies, revisiting its March ...

Insurance. Insurance can be a good investment in recessionary times in two ways. First, much like many other industries mentioned above, the demand for insurance doesn't drop as sharply during bad economic periods. Some insurance is legally required, like car insurance.