Published by Jessica Weisman-Pitts
Posted on March 7, 2025
According to a newly published research report by Fact.MR, a market research and competitive intelligence provider, valuation of the global life & health insurance carrier market is approximated to reach a worth of US$ 5,328.99 billion in 2024 and further expand at a significant CAGR of 8.4% to touch a size of US$ 11,898.29 billion by the end of 2034.
More customers are increasingly searching for insurance plans that cover several needs under one comprehensive package, which is driving up demand for flexible and hybrid insurance options. These packages, which combine features, including life insurance with coverage for critical illnesses or long-term care benefits, are becoming more popular among customers as they provide both financial security and total protection.
Hybrid solutions provide greater convenience and value by eliminating the need to purchase separate policies. They are therefore ideal for modern consumers who desire efficiency and customization in their financial planning. Customized solutions are preferred more in several countries, satisfying consumer demand and driving the market in an upward direction.
Throughout the projection period, North America is projected to hold a sizable portion of the global market share. High insurance spending and a well-established healthcare industry are the two prominent drivers of market expansion in the North American region. The growing trend of telemedicine and the use of digital and mobile solutions are improving consumer-insurance company interactions.
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Key Takeaways from Market Study
“To improve client happiness, reduce administrative costs, and streamline operations, several insurers are investing in digital technologies, such as big data, blockchain, and artificial intelligence (AI),” says a Fact.MR analyst
Corporation Segment Continues to Maintain Market Leadership
The corporation category accounts for a significant portion of total revenue because several businesses are increasingly examined for providing health and life insurance coverage as part of employee compensation packages. Offering comprehensive insurance coverage, including health, dental, and life insurance, helps companies attract and retain talent, raise employee satisfaction, and increase productivity. Because group insurance plans offer greater coverage options and lower premiums than individual policies, they are a tempting alternative for businesses.
The increasing need for business insurance solutions as healthcare costs rise and employee incentives become a crucial part of corporate culture supports this segment's market leadership.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the life & health insurance carrier market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (health and medical insurance & pharmacy benefit management, deferred & immediate annuities, life insurance) and major market (corporations, private individuals, governments), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Key Companies Profiled-
UnitedHealth Group Incorporated; Anthem, Inc.; Aetna (CVS Health); Cigna Corporation; Humana Inc.; Kaiser Permanente; Centene Corporation; Molina Healthcare, Inc.; WellCare Health Plans, Inc.; Highmark Health
Industry News-
In November 2024, iCover, an InsurTech company based in Missouri that specializes in algorithmic underwriting, launched a new online marketplace for wellness, health, and life insurance products. The company's dedication to improving consumer access to insurance options by streamlining the purchasing process is demonstrated by the launch of iCover Direct, and InsurTech Insights.
In November 2024, Aspire, a licensed third-party administrator with headquarters in the United Arab Emirates (UAE), was introduced by Reinsurance Group of America, Incorporated, a prominent international life and health reinsurer. Aspire, the advanced platform created in collaboration with technology company CarePay, aims to revolutionize health insurance portfolio management for insurance firms.
Explore More Related Studies Published by Fact.MR Research:
Insurance Broker & Agency Market to rise from $590.32 Billion (2024) to $1.61 Trillion (2034) at 10.5% CAGR.
Pet Insurance Market valued at $8.5 Billion (2021), expected to reach $45.6 Billion (2032) at 16.5% CAGR.
Automobile Insurance Market to expand from $817 Billion (2022) to $1.62 Trillion (2032) at 7.1% CAGR.
Travel Insurance Market projected to grow from $51.67 Billion (2024) to $103.56 Billion (2034) at 7.2% CAGR.
Reinsurance Market forecasted to increase from $404.56 Billion (2023) to $598.85 Billion (2033) at 4% CAGR.
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