Market Overview:
The global personal insurance market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The growth in the market can be attributed to the increasing awareness about personal insurance, rising income levels, and growing demand for health and accident insurance. In terms of type, the life insurance segment is expected to dominate the market during the forecast period. This can be attributed to the increasing demand for life insurance products due to their various benefits such as tax benefits and estate planning. In terms of application, children are expected to account for a major share of the global personal insurance market during the forecast period owing to their vulnerability and need for protection against financial risks.
Product Definition:
Personal insurance is a type of insurance that provides coverage for individuals and their property. It can include health, life, auto, and homeowners insurance, among others. Personal insurance is important because it protects individuals from financial losses in the event that something happens to them or their property.
Life Insurance:
Life insurance is a contract between an insurer and a policy holder. The main objective of this insurance is to provide financial protection to the policy holder in case of the death of the insured person. The amount paid as premium by the policyholder towards life insurance depends on two factors, namely age and health status at time of subscription.
Accident Insurance:
An accident insurance is a type of insurance that provides coverage for losses incurred due to accidents. It can be defined as an insurance policy against loss or damage caused to persons or property owing to the accidental discharge of firearms, explosives, and other natural forces. The main objective of this policy is to provide protection against risks that are beyond the control of the insured person.
Application Insights:
The senior citizens segment held the largest market share of over 24% in 2017. The growth can be attributed to the increasing number of geriatric population across the globe. For instance, as per United Nations (UN), there are nearly 36 million people aged 90 years or above in Europe and this number is expected to reach around 74 million by 2050. Such factors are anticipated to increase demand for GPI products among elderly people living alone or with limited family members nearby.
Moreover, growing awareness about health issues among older adults coupled with rising healthcare costs is likely to drive seniors¢â‚¬â„¢ insurance needs further which will positively influence overall industry growth during forecast period.
Regional Analysis:
Europe dominated the global personal insurance market in 2017. The presence of favorable government policies and regulations, along with a high disposable income of consumers, is expected to drive the regional market over the forecast period.
Asia Pacific is anticipated to witness significant growth during the forecast period owing to increasing awareness about various insurance plans among individuals as well as corporate entities across countries such China and India.
The Latin American personal insurance industry accounted for USD X billion in 2017.
Growth Factors:
- Increasing awareness about the need for personal insurance and its benefits
- Rising income levels and growing consumer spending
- Rapid urbanization and increasing population density
- Proliferation of digital channels and platforms that facilitate easy purchase of personal insurance policies
- Growing demand for customized insurance products to cater to specific needs
Scope Of The Report
Report Attributes
Report Details
Report Title
Personal Insurance Market Research Report
By Type
Life Insurance, Accident Insurance, Health Insurance
By Application
Children, Aduts, Senior Citizens
By Companies
ACE Insurance, Achmea, AEGON, AIA Group, AlfaStrakhovanie, Allianz, Anadolu Hayat Emeklilik, Assicurazioni Generali, Assurant, Banamex, Banco Bilbao Vizcaya Argentaria, Banco Bradesco, BNP Paribas Cardif, China Life Insurance Company, China Pacific Insurance, CNP Assurances, Credit Agricole, DZ Bank, Garanti Emeklilik ve Hayat, Great Eastern Holdings, Grupo Nacional Provincial, Hanwha Life Insurance Company, HDFC Standard Life Insurance Company, ICICI Prudential Life Insurance Company
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
211
Number of Tables & Figures
148
Customization Available
Yes, the report can be customized as per your need.
Global Personal Insurance Market Report Segments:
The global Personal Insurance market is segmented on the basis of:
Types
Life Insurance, Accident Insurance, Health Insurance
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
Children, Aduts, Senior Citizens
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:
- ACE Insurance
- Achmea
- AEGON
- AIA Group
- AlfaStrakhovanie
- Allianz
- Anadolu Hayat Emeklilik
- Assicurazioni Generali
- Assurant
- Banamex
- Banco Bilbao Vizcaya Argentaria
- Banco Bradesco
- BNP Paribas Cardif
- China Life Insurance Company
- China Pacific Insurance
- CNP Assurances
- Credit Agricole
- DZ Bank
- Garanti Emeklilik ve Hayat
- Great Eastern Holdings
- Grupo Nacional Provincial
- Hanwha Life Insurance Company
- HDFC Standard Life Insurance Company
- ICICI Prudential Life Insurance Company
Highlights of The Personal 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:
- Life Insurance
- Accident Insurance
- Health Insurance
- By Application:
- Children
- Aduts
- Senior Citizens
- 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 Personal 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?
Personal insurance is a type of insurance that covers the personal risks and expenses associated with an individual. This can include things like medical expenses, lost income, and property damage.
Some of the major companies in the personal insurance market are ACE Insurance, Achmea, AEGON, AIA Group, AlfaStrakhovanie, Allianz, Anadolu Hayat Emeklilik, Assicurazioni Generali, Assurant, Banamex, Banco Bilbao Vizcaya Argentaria, Banco Bradesco, BNP Paribas Cardif, China Life Insurance Company, China Pacific Insurance, CNP Assurances, Credit Agricole, DZ Bank, Garanti Emeklilik ve Hayat, Great Eastern Holdings, Grupo Nacional Provincial, Hanwha Life Insurance Company, HDFC Standard Life Insurance Company, ICICI Prudential Life Insurance Company.
The personal insurance market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Personal 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 Personal Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Personal 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 Personal 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 Personal Insurance Market Size & Forecast, 2020-2028
4.5.1 Personal Insurance Market Size and Y-o-Y Growth
4.5.2 Personal 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 Life Insurance
5.2.2 Accident Insurance
5.2.3 Health Insurance
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 Children
6.2.2 Aduts
6.2.3 Senior Citizens
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Personal 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 Personal 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 Life Insurance
9.6.2 Accident Insurance
9.6.3 Health Insurance
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 Children
9.10.2 Aduts
9.10.3 Senior Citizens
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 Life Insurance
10.6.2 Accident Insurance
10.6.3 Health Insurance
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 Children
10.10.2 Aduts
10.10.3 Senior Citizens
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 Life Insurance
11.6.2 Accident Insurance
11.6.3 Health Insurance
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 Children
11.10.2 Aduts
11.10.3 Senior Citizens
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 Life Insurance
12.6.2 Accident Insurance
12.6.3 Health Insurance
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 Children
12.10.2 Aduts
12.10.3 Senior Citizens
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 Life Insurance
13.6.2 Accident Insurance
13.6.3 Health Insurance
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 Children
13.10.2 Aduts
13.10.3 Senior Citizens
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 Personal Insurance Market: Competitive Dashboard
14.2 Global Personal Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ACE Insurance
14.3.2 Achmea
14.3.3 AEGON
14.3.4 AIA Group
14.3.5 AlfaStrakhovanie
14.3.6 Allianz
14.3.7 Anadolu Hayat Emeklilik
14.3.8 Assicurazioni Generali
14.3.9 Assurant
14.3.10 Banamex
14.3.11 Banco Bilbao Vizcaya Argentaria
14.3.12 Banco Bradesco
14.3.13 BNP Paribas Cardif
14.3.14 China Life Insurance Company
14.3.15 China Pacific Insurance
14.3.16 CNP Assurances
14.3.17 Credit Agricole
14.3.18 DZ Bank
14.3.19 Garanti Emeklilik ve Hayat
14.3.20 Great Eastern Holdings
14.3.21 Grupo Nacional Provincial
14.3.22 Hanwha Life Insurance Company
14.3.23 HDFC Standard Life Insurance Company
14.3.24 ICICI Prudential Life Insurance Company
