Market Overview:
The global life and non-life insurance market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for insurance products, rising awareness about insurance among consumers, and growing penetration of digital channels. In terms of type, the general segment is expected to dominate the life and non-life insurance market during the forecast period. This can be attributed to the increasing demand for general insurance products across regions. In terms of application, short-distance transportation is expected to account for a larger share of the life and non-life insurance market during the forecast period. This can be attributed to increased spending on transportation by businesses as well as consumers in developed countries such as North America and Europe.
Product Definition:
Life insurance is a contract between an insured person and an insurer, whereby the insurer agrees to pay a designated beneficiary a sum of money (the "death benefit") upon the death of the insured. The policy owner typically pays a premium, either regularly or as a one-time payment.
Non-life insurance policies protect individuals and businesses against losses from events other than death, such as property damage or liability claims. Property damage insurance covers losses to tangible property, such as buildings and their contents. Liability insurance protects individuals and businesses against lawsuits alleging that they are responsible for someone else's injuries or property damage.
General:
General is a type of insurance that provides protection against risks that are common to all and which cannot be covered under any other insurance policy. The major factor driving the growth of this market is increasing number of people getting employed, as it's one of the prime factors for triggering health and accident-related risks.
Reefer:
Reefer is a type of insurance policy that protects the insured against loss or damage to commercial refrigeration equipment. It also provides reimbursement for any expenses incurred in the event of an accident. The policy holder is covered against third-party risks and responsibility for damages caused by his/her acts or omissions while using the equipment.
Application Insights:
The long-distance segment held the largest share of over 60.0% in 2017. The growth can be attributed to the global increase in cross-border trade and travel, which has led to an increased demand for insurance products across the globe. For instance, according to a study published by PwC, around USD 40 trillion worth of international trade occurs every year between countries and territories worldwide. This amounts to around 9% of global GDP or higher than U.S.$ 4 million per minute traded globally each day!.
The short-distance segment is expected register a significant CAGR during the forecast period owing to increasing mobility among individuals across various regions including Asia Pacific and Middle East & Africa on account of growing economies such as India.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth can be attributed to increasing per capita income, changing lifestyles, and government initiatives in developing economies of this region. For instance, China’s social security system covers around 60% of basic expenses for medical treatment above hospitalization level. This has encouraged people to opt for health insurance plans over hospitalization plans in China as it helps them avoid huge medical expenditure later on.
North America accounted for a significant share in 2016 owing to high demand from U.S.
Growth Factors:
- Increasing life expectancy and growing awareness about the need for insurance among people in developing countries are the key growth drivers for the life insurance market.
- The increasing number of nuclear families, rising income levels, and growing consumerism are also fuelling the growth of life insurance market.
- Rapid urbanization and technological advancements are some of the other factors that are contributing to the growth of non-life insurance market.
- Stringent government regulations and increased penetration by foreign players are also aiding in the growth of non-life insurance market across different regions globally.
Scope Of The Report
Report Attributes
Report Details
Report Title
Life and Non-Life Insurance Market Research Report
By Type
General, Reefer, Non-Containerized
By Application
Short-distance, Long-distance
By Companies
AP Moller (Maersk), Mediterranean Shipping Company S.A. (MSC), CMA-CGM, China Ocean Shipping (Group) Company (COSCO), Hapag-Lloyd, ONE - Ocean Network Express, Evergreen Line, HMM Co. Ltd, Yang Ming Marine Transport, Zim, Wan Hai Lines, PIL Pacific International Line*
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
159
Number of Tables & Figures
112
Customization Available
Yes, the report can be customized as per your need.
Global Life and Non-Life Insurance Market Report Segments:
The global Life and Non-Life Insurance market is segmented on the basis of:
Types
General, Reefer, Non-Containerized
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Short-distance, Long-distance
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- AP Moller (Maersk)
- Mediterranean Shipping Company S.A. (MSC)
- CMA-CGM
- China Ocean Shipping (Group) Company (COSCO)
- Hapag-Lloyd
- ONE - Ocean Network Express
- Evergreen Line
- HMM Co. Ltd
- Yang Ming Marine Transport
- Zim
- Wan Hai Lines
- PIL Pacific International Line*
Highlights of The Life and Non-Life Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- General
- Reefer
- Non-Containerized
- By Application:
- Short-distance
- Long-distance
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Life and Non-Life Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Life insurance is a type of insurance that provides financial protection in the event of an individual's death. Non-life insurance, on the other hand, typically protects individuals from risks associated with their personal finances, such as loss of income or property.
Some of the major companies in the life and non-life insurance market are AP Moller (Maersk), Mediterranean Shipping Company S.A. (MSC), CMA-CGM, China Ocean Shipping (Group) Company (COSCO), Hapag-Lloyd, ONE - Ocean Network Express, Evergreen Line, HMM Co. Ltd, Yang Ming Marine Transport, Zim, Wan Hai Lines, PIL Pacific International Line*.
The life and non-life insurance market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Life and Non-Life Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Life and Non-Life Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Life and Non-Life Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Life and Non-Life Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Life and Non-Life Insurance Market Size & Forecast, 2020-2028
4.5.1 Life and Non-Life Insurance Market Size and Y-o-Y Growth
4.5.2 Life and Non-Life Insurance Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 General
5.2.2 Reefer
5.2.3 Non-Containerized
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Short-distance
6.2.2 Long-distance
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Life and Non-Life Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Life and Non-Life Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 General
9.6.2 Reefer
9.6.3 Non-Containerized
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Short-distance
9.10.2 Long-distance
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 General
10.6.2 Reefer
10.6.3 Non-Containerized
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Short-distance
10.10.2 Long-distance
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 General
11.6.2 Reefer
11.6.3 Non-Containerized
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Short-distance
11.10.2 Long-distance
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 General
12.6.2 Reefer
12.6.3 Non-Containerized
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Short-distance
12.10.2 Long-distance
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 General
13.6.2 Reefer
13.6.3 Non-Containerized
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Short-distance
13.10.2 Long-distance
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Life and Non-Life Insurance Market: Competitive Dashboard
14.2 Global Life and Non-Life Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 AP Moller (Maersk)
14.3.2 Mediterranean Shipping Company S.A. (MSC)
14.3.3 CMA-CGM
14.3.4 China Ocean Shipping (Group) Company (COSCO)
14.3.5 Hapag-Lloyd
14.3.6 ONE - Ocean Network Express
14.3.7 Evergreen Line
14.3.8 HMM Co. Ltd
14.3.9 Yang Ming Marine Transport
14.3.10 Zim
14.3.11 Wan Hai Lines
14.3.12 PIL Pacific International Line*
