Insurance (global market)

2024: The global life insurance market reached $7.55 trillion in a year

At the end of 2024, the global life insurance market amounted to $7.55 trillion. About a quarter of global costs are in the North American region. Such data are contained in a study by Precedence Research, the results of which TAdviser reviewed at the end of June 2025.

The pace of development of the global life insurance market is largely determined by the processes of globalization taking place in the economies of industrialized countries. In addition, the dynamics of household incomes has a significant impact on the industry, which depends on a number of factors, including the macroeconomic situation, inflation rate, etc. One of the key market trends is digitalization. Insurers are actively developing Internet platforms, switching to online policy sales. Key market drivers are increasing consumer awareness of new types of insurance services, the development of personalized services, as well as the introduction of advanced technologies, including artificial intelligence.

Geographically, North America was leading in 2024, accounting for $1.93 trillion of total costs. At the same time, the Asia-Pacific region, where rapid urbanization is observed, is showing the highest growth rates. Globally, significant players are named:

• AXA Group;
• China Life Insurance Company;
• Chubb Limited;
• Cigna;
• MetLife;
• New York Life Insurance Company;
• Northwestern Mutual;
• United Health Group;
• Prudential Financial;
• Ping An Insurance Group.

In 2025, the global life insurance market is expected to reach $8.25 trillion. Precedence Research analysts believe that in the future, the average annual growth rate in complex percentages (CAGR) will be 9.1%. Thus, by 2034, expenses may increase to $18.03 trillion.^[1]

2023: Insurance losses from unrest in the world 10 times exceeded losses from terrorist attacks since 2015

In early April 2023, data on the volume of insurance payments in connection with the damage caused by public unrest were released. It is reported that since 2015, these expenses have exceeded $10 billion, an order of magnitude exceeding the damage from terrorist attacks, which during the same period amounted to less than $1 billion.

The figures are given in the report of the insurance broker Howden. Experts conducted a study that examined how growing public discontent over rising living costs and other social issues has led to an increase in the frequency and size of claims relating to strikes and riots. The report, in particular, mentions mass demonstrations in Chile in 2019, which provoked outbreaks of violence and robbery, as well as acts of vandalism. In addition, the Black Lives Matter protests in the United States in 2020 are covered, when riots occurred in several cities, accompanied by looting. Another blow to insurers was caused by unrest in South Africa in 2021.

Expenses for payments due to damage caused by public unrest exceeded $10 billion

The prevalence of payments related to civil unrest marks a turning point compared to the 1990s and early 2000s, when terrorism dominated the size of insurance payments. It is also said that in South Africa, insurance losses from strikes, riots and civil unrest exceeded losses from natural disasters. An additional burden on insurers is created by the current geopolitical situation. Experts from the German insurance company Allianz are also talking about the growing danger of civil unrest.

Over the past 20 years, we have moved from a relatively break-even market to a market that suffers serious financial losses, "said Tom Bradbrook, chief executive of Howden's specialty insurance division.[2]

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