GITNUX MARKETDATA REPORT 2024

Global Insurance Industry Statistics

The global insurance industry is characterized by steady growth, with premium income surpassing $5 trillion annually and a high level of market concentration among top insurers.

With sources from: iii.org, statista.com, researchandmarkets.com, mckinsey.com and many more

Statistic 1

Women now comprise 23% of C-suite positions in the global insurance industry, up from 17% five years ago.

Statistic 2

Over 40% of insurers use artificial intelligence (AI) in claims management processes.

Statistic 3

Climate-related claims have increased by 74% over the past decade, putting pressure on the global insurance industry.

Statistic 4

In 2020, there were 35 insurance companies that filed for bankruptcy worldwide due to financial strain.

Statistic 5

The COVID-19 pandemic resulted in an estimated $55 billion in insured losses globally.

Statistic 6

As of 2020, InsurTech companies raised $7.5 billion in funding, a 60% increase from 2019.

Statistic 7

Investment income accounts for roughly 30% of total revenues for global insurers.

Statistic 8

The property and casualty (P&C) insurance sector represents around 46% of the global insurance market.

Statistic 9

In 2020, digital channels accounted for 12% of new life insurance policy sales worldwide.

Statistic 10

By 2025, it's predicted that 25% of global insurers will be implementing blockchain technology.

Statistic 11

The global reinsurance market size is expected to grow from $270 billion in 2020 to $335 billion by 2025.

Statistic 12

As of 2020, the United States had the highest insurance penetration rate with 11.6% of GDP.

Statistic 13

Motor insurance is the largest non-life insurance segment globally, making up 26% of the market.

Statistic 14

The global insurance industry's combined ratio was approximately 96.2% in 2021.

Statistic 15

Cyber insurance premiums totaled around $9 billion globally in 2021 and are expected to reach $20 billion by 2025.

Statistic 16

The global insurance industry is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2021 to 2026.

Statistic 17

The global insurance market was valued at approximately $5.2 trillion in 2021.

Statistic 18

The Asia-Pacific region is projected to account for over one-third of the total global insurance premium volume by 2030.

Statistic 19

The life insurance sector accounts for about 54% of total premium volume globally.

Statistic 20

Global insurance fraud costs the industry an estimated $80 billion annually.

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In this post, we explore key statistics shaping the landscape of the global insurance industry. From the rising presence of women in C-suite positions to the impact of artificial intelligence on claims management processes, and the financial strains experienced by some companies, these data points offer valuable insights into the industry’s current state and future trends.

Statistic 1

"Women now comprise 23% of C-suite positions in the global insurance industry, up from 17% five years ago."

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Statistic 2

"Over 40% of insurers use artificial intelligence (AI) in claims management processes."

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Statistic 3

"Climate-related claims have increased by 74% over the past decade, putting pressure on the global insurance industry."

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Statistic 4

"In 2020, there were 35 insurance companies that filed for bankruptcy worldwide due to financial strain."

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Statistic 5

"The COVID-19 pandemic resulted in an estimated $55 billion in insured losses globally."

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Statistic 6

"As of 2020, InsurTech companies raised $7.5 billion in funding, a 60% increase from 2019."

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Statistic 7

"Investment income accounts for roughly 30% of total revenues for global insurers."

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Statistic 8

"The property and casualty (P&C) insurance sector represents around 46% of the global insurance market."

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Statistic 9

"In 2020, digital channels accounted for 12% of new life insurance policy sales worldwide."

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Statistic 10

"By 2025, it's predicted that 25% of global insurers will be implementing blockchain technology."

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Statistic 11

"The global reinsurance market size is expected to grow from $270 billion in 2020 to $335 billion by 2025."

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Statistic 12

"As of 2020, the United States had the highest insurance penetration rate with 11.6% of GDP."

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Statistic 13

"Motor insurance is the largest non-life insurance segment globally, making up 26% of the market."

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Statistic 14

"The global insurance industry's combined ratio was approximately 96.2% in 2021."

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Statistic 15

"Cyber insurance premiums totaled around $9 billion globally in 2021 and are expected to reach $20 billion by 2025."

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Statistic 16

"The global insurance industry is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2021 to 2026."

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Statistic 17

"The global insurance market was valued at approximately $5.2 trillion in 2021."

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Statistic 18

"The Asia-Pacific region is projected to account for over one-third of the total global insurance premium volume by 2030."

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Statistic 19

"The life insurance sector accounts for about 54% of total premium volume globally."

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Statistic 20

"Global insurance fraud costs the industry an estimated $80 billion annually."

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Interpretation

The global insurance industry is experiencing significant shifts and challenges, with notable trends such as the increasing representation of women in C-suite positions, the integration of artificial intelligence in claims management, the rise in climate-related claims, and the financial impacts of events like the COVID-19 pandemic. InsurTech companies are gaining momentum, while the industry grapples with factors like investment income, the dominance of the property and casualty sector, and the growing importance of digital channels. As technology continues to shape the sector, blockchain implementation and the expansion of the reinsurance market are on the horizon. With projections pointing towards steady growth, the industry's resilience in the face of evolving risks and opportunities will be crucial in navigating the path ahead.

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