Non-Life Insurance Market Analysis & Forecast for Next 5 Years | AXA, Allianz, Mapfre

HTF Market Report

Updated · May 27, 2023

Non-Life Insurance Market Analysis & Forecast for Next 5 Years | AXA, Allianz, Mapfre

According to HTF MI, the non-life insurance industry, which is currently worth US$922 bn, is anticipated to grow at a rate of 4.5% per year and reach US$1454 bn by 2028.

Published Via 11Press : Non-life insurance, also known as general insurance, is a type of insurance that provides coverage for risks and losses other than those related to life or health. It provides people, companies, and organizations with financial security against a range of hazards. Non-life insurance plans are made to protect against a variety of assets, liabilities, and occurrences, such as theft, liability claims, property damage, accidents, and natural disasters. Non-life insurance plans, in contrast to life insurance, generally have a set term and offer protection for just a short time. provides coverage for property damage or loss caused by calamities like fire, theft, vandalism, or natural catastrophes, including damage to buildings, residences, belongings, and cars. Covers a company’s legal obligations resulting from third-party claims for things like property damage, personal injury, or professional negligence. Examples include professional indemnity insurance and general liability insurance. provides protection against third-party liability and coverage for vehicle loss or damage in the case of collisions, theft, or accidents.

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Non-Life Insurance Market

Non-Life Insurance Market Key Players

Below are the most prominent enterprise Non-Life Insurance industry players.

  • Acuity Insurance (United States)
  • Aflac (United States)
  • AXA (France)
  • Apollo Munich Health Insurance Co. Ltd. (India
  • Lloyd’s (United Kingdom)
  • Bajaj Allianz General Insurance Co. Ltd. (India)
  • Chubb Ltd (Switzerland)
  • Achmea (Netherlands)
  • Mapfre (Spain)
  • National Insurance Company (India)
  • SBI General Insurance Co. Ltd. (India)
  • Allied Insurance (United States)
  • Allianz (Germany)
  • The Oriental Insurance Company Ltd. (India)

Non-Life Insurance Market Key Segments

By Type

  • Motor Insurance
  • Health Insurance
  • Travel Insurance
  • Accident Insurance
  • Others

By Application

  • Individual agents
  • Corporate agents
  • Banks
  • Brokers
  • Others

Non-Life Insurance Market Country Analysis

On the basis of geography, the market of Non-Life Insurance has been broken down by

  • North America (which includes the US and Canada)
  • Brazil, Chile, Colombia, Argentina, and other South American countries
  • Europe, which is comprised of the following countries: Spain, Italy, Germany, the UK, France, and Portugal.
  • The Asia region, which excludes Southeast Asia, is made up of APAC (China, Japan, Australia, India, and others) and MEA (Saudi Arabia, Egypt, Turkey, South Africa, UAE, Israel, Nigeria, and others).

The largest non-life insurance market share in 2022 was in North America. However, the UK is rated as the second-largest non-life insurance market because of the existence of significant firms and the quick technical advancement in the area.

  • North America is anticipated to rule the non-life insurance market. The United States would make the most contribution in this area.
  • The non-life insurance market in Europe is expected to flourish between 2023 and 2029. The greatest market shares will be held by Germany, UK, and France.
  • The market research for non-life insurance also includes a breakdown of the ASEAN member states. The non-life insurance industry is anticipated to develop most quickly.
  • The other significant Asian economies that are considered in the study are PRC, Japan, Australia, and India.
  • Investors are keeping an eye on the Central and South American markets. Mexico, Brazil, and Argentina are regarded as “Red Hot” markets for non-life insurance.
  • In the Middle East, non-life insurance market growth is anticipated to be extremely rapid. The three main participants are Turkey, UAE, and KSA.
  • Africa: This continent continues to grow. South Africa would play the primary role, followed by Nigeria.

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Market Growth Drivers

  • Increasing frequency and severity of natural disasters and catastrophic events, driving the need for property and casualty insurance coverage.
  • Growing regulatory requirements and mandatory insurance policies, such as motor insurance and workers’ compensation insurance.
  • Rising awareness of risks associated with cyber threats, data breaches, and environmental liabilities, stimulates the demand for specialized insurance coverage.

Influencing Trends

  • Increasing demand for specialized non-life insurance products, such as cyber insurance, product liability insurance, and environmental liability insurance.
  • Growing adoption of digital technologies and online platforms for insurance distribution, policy management, and claims processing.
  • Rising focus on personalized and usage-based insurance models, leveraging data analytics and telematics to assess risk and offer tailored coverage.


  • Increasing competition within the insurance industry leads to price pressures and reduced profit margins.
  • Complex regulatory environments and compliance requirements vary across different jurisdictions.
  • Managing and mitigating risks associated with catastrophic events and natural disasters, ensuring sufficient capital reserves for claims payouts.


  • Expansion into emerging markets with low insurance penetration rates and a growing middle-class population.
  • Development of innovative insurance products to address emerging risks, such as climate change, cyber risks, and emerging liability issues.
  • Collaboration with technology companies and Insurtech startups to leverage their expertise in digital platforms, data analytics, and customer engagement.

Major Development in the Non-Life Insurance Market

Report Highlights

Report Attributes Details
CAGR 4.5 %
Market Forecast (2029) USD 1454 Billion
Current Market Size (2022) USD 922 Billion
Dominating Segment Health Insurance
Major Players Profiled Mapfre (Spain), The Oriental Insurance Company Ltd. (India), Acuity Insurance (United States), AXA (France), Allied Insurance (United States), Aflac (United States), Allianz (Germany), Apollo Munich Health Insurance Co. Ltd. (India), SBI General Insurance Co. Ltd. (India), Lloyd’s (United Kingdom), Chubb Ltd (Switzerland), Achmea (Netherlands), National Insurance Company (India), Bajaj Allianz General Insurance Co. Ltd. (India)
Base Year 2022

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐇𝐞𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 @

The most typical query

Q1: How big is the non-life insurance industry right now?

A: During the projected period, it is anticipated that the non-life insurance market will increase at a CAGR of 4.5%, rising from a value of US $922 bn in 2022 to US $1454 bn in 2032.

Q2: What are the primary non-life insurance market segments?

A: The Global Non-Life Insurance Market is divided into segments based on geography (North America, South America, Europe, Asia Pacific, and MEA), product type (auto insurance, health insurance, travel insurance, accident insurance, and others), and distribution channel (individual agents, corporate agents, banks, brokers, and others).

Q3: Identify the leading non-life insurance firms.

A: Some of the key players in the Non-Life Insurance Market include Acuity Insurance (United States), Aflac (United States), AXA (France), Apollo Munich Health Insurance Co. Ltd. (India), Lloyd’s (United Kingdom), Bajaj Allianz General Insurance Co. Ltd. (India), Allied Insurance (United States), Chubb Ltd (Switzerland), Achmea (Netherlands), Allianz (Germany), Mapfre (Spain), SBI General Insurance Co. Ltd. (India), The Oriental Insurance Company Ltd. (India), National Insurance Company (India) Key Players.

Contact Us:

Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone:  +1 434 322 0091
[email protected]

Content has been published via 11press. for more details please contact at [email protected]

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