Global Life Insurance Company Ranking

Global Life Insurance Company Ranking – The life and non-life insurance market is segmented by type of insurance (life, non-life and other) by distribution channels (direct, agency, bank and other).

This section covers the key market trends shaping the life and non-life insurance market according to our researchers:

Global Life Insurance Company Ranking

In 2018, there were 382 completed mergers and acquisitions (M&As) in the insurance sector worldwide, a 9% increase (from 350) compared to the previous year. With 196 deals in the second half of the year, after 186 in the first six months, there have now been three consecutive six-month periods of M&A growth for the first time since 2009. While the Americas remains the most active region for the insurance M&A sector with 189 deals in 2018, the second half of the year saw a slight decline in deal activity in the Americas with 92 deals, down from 97 in the first six months. 2018 saw 18 megadeals worth more than US$1 billion, including the biggest of the year, AXA’s purchase of XL Catlin for US$15.1 billion. APAC M&A activity in the insurance sector grew by 40% in 2018 compared to the previous year, the APAC region is an emerging market.

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Insurtech adoption has seen significant growth from 8% in 2015 to almost 50% in 2019. The use of technology in insurance can make products more affordable, businesses more profitable and provide access to new risk groups, insurers are integrating digital technologies into their traditional processes and daily workflows to reduce manual effort, time and costs. The insurance industry saw an increase in investment of 36.5% CAGR between 2014 and 2017. Insurance industry players sometimes use the term in a broader sense to encompass the use of digital technologies at all stages of the insurance supply chain. As insurance sectors in developing and emerging markets become increasingly complex, digital solutions can be expected to filter down through the insurance supply chain, driving operational efficiency and ultimately profitability as already seen in more advanced markets.

The report covers the major players operating in the global life and non-life insurance market. The market is fragmented, adoption of technology in the insurance sector, government initiatives for changes in insurance regulations such as motor liability (liability), and many other factors may drive the market over the forecast period.

This report aims to provide a detailed analysis of the global life and non-life insurance market. It focuses on market dynamics, emerging trends in segments and regional markets, and insight into different product types and applications. It further analyzes the key players and the competitive landscape of the global life and non-life insurance market.

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The global life and non-life insurance market is projected to register a CAGR of less than 3% during the forecast period (2023-2028).

Massachusetts Mutual Life Insurance Company, Unitedhealth Group Incorporated, Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China, Ltd. and CHINA LIFE INSURANCE COMPANY LIMITED are the main companies operating in the global life and non-life insurance market.

In 2023, North America held the largest market share in the global life and non-life insurance market.

Life Insurance and General Insurance Market Share, Size and Growth Rate Statistics 2023 Mordor Intelligence™ Industry Reports. Life and property insurance analysis includes market forecast to 2028 and historical overview. Receive a sample of this industry analysis as a free PDF report download.

Insurance Penetration Rate By Country

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In addition, using embed code reduces the load on your web server because the image will be hosted on the same global content delivery network that Mordor Intelligence uses instead of your web server. Hong Kong’s insurance industry is undergoing significant changes as the Hong Kong Business Insurance Ranking reveals a trend of more life insurers joining the list of top 50 insurers. This change can be attributed to the opportunity of the insurance market in mainland China.

According to a GlobalData report, despite a drop in demand from mainland visitors in 2021 due to travel restrictions, a significant portion of whole life insurance premiums were generated by Chinese visitors who bought policies in Hong Kong before the pandemic because of the favorable terms and greater flexibility. compared to shelves sold in China.

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30 life insurers made the top 50 ranking, compared to 20 non-life insurers. This differs from previous rankings, when the top 50 included an equal number of life and property insurers.

The ranking revealed that the total assets of the top 50 insurers increased by 1.13% to reach $717 billion in 2021, compared to $706 billion in 2020. This is relatively lower than the increase of 9.75% last year, but the increase in 2021 as a result of the lower base caused by the blockade in the early days of the COVID-19 pandemic.

It is led by AIA International, whose assets in 2021 increased by 2.38% to $129 billion from $126 billion in 2020. Manulife ( Intl ) jumped from fourth to second place as its assets in 2021 increased by 44.44% to $91 billion compared to $63 billion in 2020. .

Prudential (HK) Life, meanwhile, fell to third place as its assets fell to $87 billion in 2021 from $92 billion in 2020. China Life also fell one place as its assets fell to $62 billion dollars from 67 billion dollars

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Among all general insurers, BOC Group Insurance saw the largest increase in assets to $18 billion in 2021 from $4 billion in 2020. It also rose from 23rd to 12th in this year’s ranking. Meanwhile, newcomers to the top 50 also appeared in the rankings, with AIA Everest leading the pack at $6 billion, ranking 16th in the top 50.

If the trend focused on health increased in 2021, in 2022 insurers will focus on digitalization, environment, society and governance (ESG) and workforce trends, according to several analysts interviewed by Hong Kong Business.

The shift to remote or flexible work arrangements has created demand for the insurance workforce. A Cigna study found that 51% of workers in the Asia-Pacific region prefer to work from home.

“Insurers have adapted by moving to a remote workforce, embracing virtual collaboration with customers and distributors, and leveraging a more agile digital infrastructure to meet changing expectations for personalized products, channels and services,” she said. Joanna Wong, Head of HK Insurance at Deloitte China.

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In addition, digital consumer products and services are becoming increasingly popular. For example, virtual insurance company Bowtie uses an agent-less platform that allows them to reduce premiums by 30-50% compared to traditional products sold through agents.

Simplified digital on-demand insurance products have also gained popularity. Consumers are increasingly open to buying insurance as long as it’s not too complicated. In Malaysia, 31% of consumers report that they find most insurance products too complicated to buy.

Inflation continues to be a challenge for insurers and consumers. For life and pension insurers, this means higher interest rates, which could reduce reinvestment risk and make rate guarantees economically viable, says Billy Wong, head of insurance at PwC Hong Kong.

However, too large an increase in interest rates can lead to the risk of disintermediation, which has a negative impact on balance sheets. To mitigate this risk, insurers may need to frequently reset rate and price guarantees to respond to market pressures on book value guarantees.

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Higher interest rates could also make certain types of products less attractive to consumers, Wong noted. Even without an increase in insurance premium rates, inflation is already affecting consumers. A YouGov report found that 14% of consumers in the Asia-Pacific region would drop their insurance first when household budgets were tight. In Hong Kong, 16% say they will lower insurance costs.

Higher interest rates combined with fluctuations in the capital markets may make certain types of products less attractive. Wong advised insurers to consider rebalancing portfolios, possibly moving to more traditional investments and relying less on alternative asset classes.

This is also important for general insurers, Wong added, “from a pricing perspective, one of the key thrusts of insurers is to incorporate long-term market trends into the typically short-term nature of products.”

In addition, cultural changes have also affected the way insurance companies recruit, retain and optimize talent, as well as customer engagement in the personalization and distribution of products and services.

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Leslie Fu, director of insurance at Deloitte China, added that these trends have challenged insurers to be flexible and resilient in the process of reinventing the insurance industry over the past few years, while overcoming the obstacles posed by the pandemic.

“As the industry continues to place customer focus at the center of the industry’s standard operating model, emerging trends have led insurers to maintain a constant

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