Insurance Industry Statistics and Facts (2025)

Introduction

Insurance Industry Statistics: ​The global insurance industry plays a pivotal role in providing financial security and stability across various sectors. In 2024, the market was valued at approximately USD 9 trillion, reflecting its substantial economic significance. The United States maintained its position as the largest insurance market, with direct premiums written totaling USD 3.226 trillion, representing 44.9% of the global market. China followed as the second-largest market, contributing USD 723 billion in direct premiums, accounting for 10.1% of the global share.

In terms of premium growth, the industry experienced a 3.3% increase in 2024, with advanced markets contributing 75% of this expansion. The property and casualty (P&C) insurance segment demonstrated robust performance, with global commercial P&C premiums increasing by an average of 8% annually over the past five years. Despite these gains, the industry faced challenges, including a 0.9% decline in global insurance premiums in 2024, marking the first decrease since 2017, attributed to increased market competition.

Additionally, the reinsurance sector experienced an 8% reduction in property catastrophe reinsurance costs globally, influenced by a record supply of capital. These dynamics underscore the complex landscape of the global insurance industry, characterized by growth opportunities alongside competitive and operational challenges.​

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• The global insurance market has reached USD 9.10 trillion by 2024.
• The non-life insurance segment is forecasted to lead with a volume of USD 5.42 trillion in 2024.
• The United States is expected to lead globally with an estimated gross written premium of USD 4.642 trillion in 2024.
• The global insurance market is projected to grow at a compound annual growth rate (CAGR) of 2.15% from 2024 to 2028, reaching USD 9.91 trillion by 2028.
• The global insurance market was valued at USD 5.946 trillion in 2022 and was anticipated to surpass USD 6.466 trillion by the end of 2023.
• The average per capita spending in the global insurance market is projected to be USD 1,170 in 2024.
• Insurance premiums in the United States exceed USD 1 trillion annually.
• The cyber insurance market worldwide is expected to surpass USD 20.4 billion by 2025.
• The U.S. commercial auto insurance sector was projected to reach USD 453.1 billion in 2023.
• In 2022, the U.S. commercial insurance market was valued at USD 136.6 billion and is forecasted to grow at a CAGR of 10.1%, reaching USD 221 billion by 2027.
• The U.S. bond insurance market currently valued at USD 16.07 billion, is anticipated to grow to USD 25.18 billion by 2027.
• Direct life insurance premiums globally generated over USD 160 billion in 2022.
• The U.S. car insurance market was valued at USD 316 billion as of 2022.
• The average annual automobile insurance premium in the U.S. is USD 1,771, which is approximately USD 148 per month.
• Car insurance spending accounts for 2.57% of the average U.S. household’s yearly income.
• Car insurance rates increased by 5% from 2017 to 2018 and by an additional 1% from 2018 to 2019.
• There are approximately 215 million motorists with auto insurance in the United States.
• Uninsured drivers account for 6% of all U.S. motorists.
• According to 2010 data, automobile crashes in the U.S. lead to annual costs of up to USD 1 trillion.
• Approximately 10 million automobile crashes go unreported annually.
• In 2019, 92% of Americans had health insurance coverage.
• Over 50% of the U.S. population receives health insurance through their employer.
• The Indian insurance market is projected to reach USD 228.67 billion in gross written premiums by 2025.
• In India, the life insurance segment is expected to dominate with a market volume of USD 116.07 billion in 2025.
• The average per capita insurance spending in India is estimated at USD 157.20 in 2025.
• The Indian insurance market is projected to grow at a CAGR of 4.85% between 2025 and 2029, reaching USD 276.34 billion by 2029.
• The United States is projected to have the highest nominal insurance market value globally in 2025, at USD 3.9 trillion.
• There are over 5,900 insurance companies in the United States.
• The U.S. insurance industry employs nearly 3 million people.
• New York hosts the highest number of domestic insurance companies with over 547 companies.
• Florida ranks second with over 440 domestic insurance companies.

Facts About the Insurance Industry

• Insurance industry statistics show that global insurance premiums for life and non-life increased by only one point, one %, in 2022 compared to 2021. With the same rate of growth going forward into 2023, premium volumes are expected to increase by 1.7 % by the end of 2024.
• By July 2023, non-life or general insurance premiums had improved by 5.8 %, while life premiums declined by four points 5 % due to inflation effects.
• In 2022, many global insurers experienced losses on their investments, especially those engaged in life and general insurance activities. Property/casualty and life/annuity premiums were worth $776.7 billion and $698.5 billion, respectively.
• Premium revenues from life insurance reached $165.1 billion by the end of 2022, an increase of 3.5% from last year’s figures.
• Revenue from annuity premiums and deposits totaled $343.3 billion, a significant growth rate of 20.1% compared with 2021.
• The accident and health premium revenue amounted to $188.7 billion at the end of 2022, although this was a small decline in growth rate by 0.3%.
• The global automobile insurance market was $817 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 7.1%, reaching $1,616.2 billion by 2032.
• The market share for North America was 38%, East Asia’s was 8.1%, and the United States was 5.8%.

Life Insurance Statistics

• 22% of life insurance policyholders believe they do not have adequate coverage.
• Since 2022, 30% of individuals without life insurance have consistently expressed a need for coverage.
• Among those earning between $50,000 and $99,999 annually, 39% report a need for additional life insurance.
• Women are 11 percentage points less likely to have life insurance compared to men, a gender gap that has remained consistent over the past 14 years.
• Baby Boomers have the highest rate of life insurance ownership across generations.
• Despite their lower ownership rates, nearly 50% of Gen Z indicate a need for more life insurance coverage.
• Black and Hispanic Americans express a greater need for life insurance protection compared to other demographic groups.
• Millennials currently show the highest level of concern regarding financial matters, surpassing trends observed among Generation X.
• Approximately 72% of respondents overestimate the cost of a basic term life insurance policy.
• Over 25% of younger individuals cite a lack of knowledge about life insurance products as a barrier to purchasing coverage.
• 20% of individuals identifying as LGBTQ+ prioritize working with insurance professionals who either share their sexual orientation or are recognized allies.

Insurance Industry Market Size

(Reference: enterpriseappstoday.com)

• In relation to insurance industry statistics, in the past year, from October to 2022, the global industry market size increased by 10% to $5,938.4 billion and is expected to rise to $6,478.8 billion at the end of 2023.
• The predicted growth for years to come is that the market size will increase with a compound annual growth rate (CAGR) of 9%, meaning that it will achieve $7,068.4 billion in 2024, $7,711.6 billion in 2025 and $8,398.11 billion by 2026.

Forecast Of Insurance Premium Worldwide

(Reference: statista.com)

• In relation to insurance industry statistics, the global insurance market is expected to grow by about one trillion U.S. dollars from 2023 to 2028, reaching almost 10 trillion U.S. dollars.
• Gross premiums written refer to total premiums covered by an insurer before deducting reinsurance and other associated costs.
• From 2000 until 2020, gross premiums written worldwide more than doubled, peaking at roughly 5.31 billion U.S. dollars by 2017 alone.
• The value of premiums written witnessed several years of decline after 2017 but grew by nearly 4% compared to the previous year in 2020.
• Revenue-wise, top global insurance companies as of 2022 include Berkshire Hathaway, Ping An Insurance and China Life Insurance.
• In fiscal year 2022, no other company was larger than Allianz in terms of capitalization among insurers worldwide, and its worth nearly reached 103 billion U.S. dollars.
• Global insurance behemoths like AXA, AIA, MetLife, and Chubb play an important role in shaping the world’s insurance scene with their extensive reach, diversified portfolios, and dominant position within the marketplace.

Health Insurance Market Share By Country

(Reference: statista.com)

• Insurance industry statistics show that the Netherlands has Europe’s largest share of direct gross premiums for domestic health insurance, accounting for one-third of the total market.
• In the Netherlands, private health insurance is compulsory, and insurers are mandated to offer a universal health care package at fixed rates, not dependent on age or health status. The
• The Dutch insurance industry’s health benefit gross premiums amounted to almost 47 billion euros in 2019.
• Germany has the world’s oldest public health care system, and it runs a statutory health insurance scheme.
• Employees contribute 50% of their wages, while employers contribute the other half towards employees’ insurance premiums.
• On the other hand, self-employed people have to pay the entire premium themselves.
• At 23.1% of its market share by 2020, Germany’s health insurance sector was larger than any other.

Type of Insurance Industry Statistics

Property and Casualty Insurance:

• When it comes to net profit margin among all insurance types, property and casualty insurance companies top the list with a whopping 23.26%.
• It covers damages caused by theft, vandalism or destruction of property. The decline in burglar incidents by 48.5% since 2010 has made this type of insurance profitable.
• Between 2017 and 2018, net income for property and casualty insurance firms increased significantly from $38.7 billion to $57.9 billion, or 49.5%.
• Property and casualty premiums account for 48% of the total premium in the insurance industry.

Life And Annuity Insurance:

• Among the $1.4 trillion net premiums written in 2021, life and annuity insurers accounted for 52% and property and casualty insurers comprised 48%.
• A substantial portion of the population—approximately 16%—appreciates the need for life insurance but does not own one, which translates to about 41 million possible clients.
• Families typically face economic hardships following the death of the main breadwinner since one out of three experiences problems with getting through month’s bills as early as thirty days after their passing.

Travel Insurance:

• Like most people, 38% of Americans purchase travel insurance. Interestingly, 88% of buyers use it to protect themselves from trip cancellations, which is the main reason for buying it.

Insurance Industry By Country/Region Analysis

U.S. Insurance Industry Statistics

• The U.S. insurance industry is the largest insurance market in the world by premium volume and total assets.
• Insurance premiums written in the United States exceed USD 1 trillion annually.
• In 2023, MetLife reported a total revenue of nearly USD 70 billion from its U.S. operations.
• As of 2024, Berkshire Hathaway, Prudential Financial, and MetLife were the leading U.S. insurance companies based on total assets held.
• UnitedHealth Group Inc. holds the largest market share in health insurance by direct premiums written, accounting for 14% of the market.
• In February 2025, UnitedHealth Group ranked as the largest life insurance company in the United States by market capitalization, exceeding Progressive by approximately USD 266 billion.

UK Insurance Industry Statistics

• In 2022, the United Kingdom was ranked third globally for life and non-life direct premiums written, following the United States and China.
• The combined market value of leading UK-based insurers Aon, Prudential, and Willis Towers Watson reached over 130 billion USD as of May 2023.
• Three of the top ten life and health insurance companies in Europe are headquartered in the UK.
• Motor insurance represented over 50% of weekly household spending on insurance in 2022.
• Household spending on life insurance peaked in 2006, with a slight decline observed between 2020 and 2022.
• The number of insurance companies operating in the UK has declined significantly over the past decade, largely due to mergers and acquisitions (M&A).
• The financial services sector, including insurance, remains one of the most active sectors for M&A activity in the UK.

Spain Insurance Industry Statistics

• In 2021, Spain ranked as the ninth-largest insurance market among OECD countries.
• The Spanish non-life insurance market reached a 15-year high in 2022.
• VidaCaixa led the life insurance sector in Spain in 2022, outperforming Santander Seguros by approximately EUR 5 billion.
• Mutua Madrileña and Mapfre were the top companies in Spain’s non-life insurance segment.
• Since 2016, the volume of life insurance premiums in Spain has experienced a significant decline.
• In 2023, car insurance was the most commonly owned insurance in Spain, supported by the high rate of car ownership among Spanish consumers.
• All vehicles in Spain are legally required to have at least third-party liability insurance.
• Motor insurance premiums in Spain declined during the 2008–2014 financial crisis, with recovery starting in 2015, although pre-2008 premium levels have not yet been reached.
• Spain is considered one of the least expensive countries in Europe for car ownership, while Portugal ranks among the most expensive.

China Insurance Industry Statistics

• In 2024, the premium income of China’s insurance companies reached approximately CNY 5.7 trillion (about USD 790 billion), which is nearly three times higher than the premium income recorded seven years ago.
• Life insurance contributed the largest share of premium income among all insurance types in China.
• Benefit payments were higher for property insurance compared to other insurance segments.
• As of 2024, the insurance market in China is predominantly domestic, with foreign companies facing two primary barriers: licensing requirements from the National Financial Regulatory Administration (NFRA) and the need to establish nationwide sales channels.
• Foreign insurers can enter through mergers and acquisitions (M&A), setting up a Wholly Foreign-Owned Enterprise (WFOE), or forming a joint venture with a local partner.
• Insurtech has experienced significant growth in China, driven by advancements in big data and AI technology, enabling providers to offer customized insurance policies without human intervention.
• Online insurance premiums have increased across all major insurance categories, showing notable growth rates in recent years.
• China’s high smartphone penetration rate facilitates widespread access to digital insurance products, with only an internet connection required for consumer participation.
• Digital insurance services are expanding rapidly due to their ability to lower costs, broaden accessibility, and reduce entry barriers for consumers.
• Tech giants such as Ant Group (Alibaba) and Tencent are integrating insurance services into their financial platforms, reaching over 1 billion consumers across China.

Europe Insurance Industry Statistics

• In 2019, Allianz SE, headquartered in Munich, led the European insurance industry with total assets of nearly EUR 1.2 trillion.
• In the same year, Allianz Group reported a total global revenue exceeding EUR 140 billion.
• As of 2020, AXA, based in Paris, recorded the highest value of gross written premiums among European insurers, followed closely by Allianz.
• Over the past decade, the total value of gross written life insurance premiums in Europe consistently remained above EUR 630 billion, peaking at EUR 753 billion in 2018.
• As of November 2021, Allianz was the largest public non-life insurer in Europe by market value.
• The European insurance market is mainly composed of life and non-life segments, with life insurance covering death or terminal illness, and non-life insurance including areas such as car, property, and casualty insurance.
• Germany, the United Kingdom, and Switzerland are home to several leading insurance companies.

Germany Insurance Industry Statistics

• The German insurance market exceeded a value of EUR 230 billion (approximately USD 251 billion) in 2022, making it one of the largest insurance industries in Europe.
• In 2024, Allianz Group ranked among the top five insurers globally by market capitalization.
• Munich Re was identified as the largest reinsurance company worldwide based on premiums written in 2022.
• German insurers retained approximately 83% of the risk from premiums and transferred the remaining 17% to reinsurers, primarily to manage potential losses from natural disasters.
• Life and health insurance were Allianz Group’s most profitable segments, followed by property and casualty insurance and asset management.
• As of 2024, the number of health insurance schemes (Krankenkassen) in Germany fell to fewer than 100, driven largely by mergers and acquisitions within the sector.
• Germany has a population of over 84 million, all of whom are required by law to have health insurance, directly impacting market size and consumer choice.
• The mandatory nature of key insurance types, such as health and auto insurance, supports stable demand regardless of economic downturns.
• Due to the essential role of its core insurance products, the German insurance market is expected to maintain positive performance even amid economic contraction.

India Insurance Industry Statistics

• In 2024, the total value of gross premiums collected by life insurance companies in India exceeded INR 7 trillion.
• India has a low insurance penetration rate compared to the global average, indicating significant potential for future growth.
• There are currently 69 registered insurers in India, including 24 life insurers, 26 non-life insurers, and the remainder comprising standalone health insurers and re-insurance agents.
• The Life Insurance Corporation (LIC) is the only public sector company in the life insurance segment and had a brand value of over USD 9.8 billion in 2023.
• The non-life insurance market has witnessed a shift, with the health insurance segment surpassing motor insurance in market share due to rising healthcare awareness and high out-of-pocket expenses.
• Since the financial year 2019, private non-life insurers have overtaken public sector players in market share.
• The government of India launched the National Health Protection Scheme in September 2018 under Ayushman Bharat Yojana, offering up to INR 500,000 in health coverage for families below the poverty line.
• By the fiscal year 2018, approximately 359 million people were covered under government-sponsored health insurance schemes, and this number is projected to grow to over 526 million by 2030.
• Foreign direct investment (FDI) limits in the insurance sector were increased from 49% in 2021 to 74% in 2022, opening the sector to increased international capital and competition.
• The Indian insurance sector is experiencing growth in insurtech startups, which are expected to play a key role in transforming the industry through enhanced use of technology.

Share Of Insurance Industry Workers

(Reference: zippia.com)

• Based on the average salary of employees in the insurance sector in May 2022, the average annual income was $67,421, and it varied depending on experience, job group, location, and education level.
• Approximately 39% of workers globally earned between $22.5K and $44.5K a year, which is the customary range for remuneration.
• The second group, made up of 20% of people, took home between $44.5K and less than $66.5K. Meanwhile, over $88.5K constitutes more than one-fifth of this population, which leaves just over 15% taking home amounts ranging from $533,000 to $75,000.

Insurance Industry Demographics

Whole Life Insurance Protection:

• Age 18-25: 25% have life insurance (both work-related and individual).
• Age 26-41: 18% possibility of life insurance.
• Age 42-57: 20% of people possess life insurance.
• Age 58-76: 5% that hold life insurance.
• Over 77 years old: 25% carry a life insurance policy.

Worksite Life Insurance:

• Age 18-25: 23% are covered by work-related policies.
• Age 26-41: 26% utilize their employment to sign up for the coverage.
• Age 42-57: 22% use The Company as their source of insurance.
• Age 58-76: 23% receive this type of coverage from their company.
• Over 77 years old: 1% get job-based life cover from the firm they work with.

Individual Life Insurance Policies:

• Persons aged 18-25 years: 38% possess individual life insurance.
• Persons aged 26-41 years: 33% possess individual life insurance.
• Persons aged 42-57 years: 30% possess individual life insurance.
• For persons aged 58-76 years, 30% possess individual life insurance.
• For persons aged seventy-seven years and above, 44% possess individual life insurance.

No Life Insurance Coverage:

• Persons aged 18-25 years: 9% do not possess any life insurance.
• Persons aged 26-41 years: 13% do not possess any life insurance.
• Persons aged 42-57 years: 19% do not possess any life insurance.
• Persons aged 58-76 years: 39% do not possess any life insurance.
• For persons aged seventy-seven years and above, 25 % do not possess any life insurance.

Insurance Industry Claims Statistics

• In case of a claim, 55% of Americans with home insurance say that their insurer would pay for replacement costs.
• 25% of policyholders hope to receive the actual cash value.
• 20% expect to be compensated at market value.
• There were 76,860 claims for lightning-related losses, with a total worth of $920.1 million.
• European insurers paid out €997 billion in claims and benefits altogether.
• On average, the industry paid €2.73 billion in claims and benefits per day.
• A life insurance benefit is, on average, €1,046 per person.
• Health insurance claims cost €203 on average, while motor insurance claims and property insurance claims cost €176 and €107, respectively.
• The healthcare sector generated approximately 25 % of the cyber insurance claims filed between 2013 and 2019.
• In 2019, cyber insurance claims from the healthcare sector accounted for 22.7% of all such claims.
• For cyber insurance policyholders, the mean claim payment made in 2019 was $4.88 million.

Life And Non-Life Insurance Premium Globally

(Reference: statista.com)

• The insurance industry statistics depict the gross life and non-life insurance premiums by year worldwide from 2006 to 2022. Unfortunately, it is impossible to comprehend how insurance industry officials are supposed to manage companies which are too big to fail because of this report’s figures.
• In fact, in 2022, approximately $2.81 trillion was added to global life insurance premiums, while that of non-life was approximated at $3.97 trillion that same year.

Leading Insurance Companies In the US

(Reference: statista.com)

• Insurance industry statistics reveal that in mid-November 2020, MetLife, a New York City-headquartered firm, became the number one American insurer with approximately $898.8 billion of assets.
• The US is still the largest insurance market in the world.
• As of 2015, the total direct insurance premiums in America amounted to 1.32 trillion US dollars, making it the biggest market on earth.
• Japan came second in this line of business, with a total direct premium worth about 449 billion US dollars.

Challenges And Opportunities

• Although it faces numerous hurdles, the insurance sector exhibits resistance. Insurers remain greatly concerned about economic fluctuations, legislative transformations, and climate-related risks.
• Additionally, the increasing number of cyber threats has led to the creation of new products aimed at covering digital-related risks, and a budding market for cyber insurance has emerged.
• Nonetheless, this sector also provides several avenues for growth. Future growth will be fueled by increased demand for customized Insurance products, growing digital insurance platforms, and greater emphasis on sustainable insurance practices.
• Moreover, insurance industry statistics offer great potential for expansion, especially in developing countries where consumers are becoming increasingly aware of its advantages.

Conclusion

The Insurance Industry statistics have proven to be extremely flexible and resilient when faced with diverse types of economic and environmental disturbances. According to insurance industry statistics, the global market is set to expand from USD 6.3 trillion in 2023 to USD 9.6 trillion in 2024. Therefore, this industry is bound for more growth. Life, health, property, and casualty insurance will continue to be key areas in which expansion occurs, while digital insurance and insurtech developments are likely to assume greater significance throughout the time ahead.

However, insurers’ success in harnessing these prospects and contending with challenges will depend upon their readiness to change materialistically or otherwise according to what consumers want and use technological progressions (they could use a lack of adaptedness).

Joseph D'Souza

Joseph D'Souza founded Sci-Tech Today as a personal passion project to share statistics, expert analysis, product reviews, and experiences with tech gadgets. Over time, it evolved into a full-scale tech blog specializing in core science and technology. Founded in 2004 by Joseph D’Souza, Sci-Tech Today has become a leading voice in the realms of science and technology. This platform is dedicated to delivering in-depth, well-researched statistics, facts, charts, and graphs that industry experts rigorously verify. The aim is to illuminate the complexities of technological innovations and scientific discoveries through clear and comprehensive information.

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