PUBLISHER: MarketLine | PRODUCT CODE: 1956079
PUBLISHER: MarketLine | PRODUCT CODE: 1956079
Global Non-Life Insurance industry profile provides top-line qualitative and quantitative summary information including: market size (value , and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Non-life insurance is typically defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event.
The market value represents the gross written premium (GWP)/ direct written premium (DWP). The gross written premium (GWP) denotes the total written premium written and assumed by an insurer before deductions for reinsurance and ceding commissions. Gross written premium is the main revenue stream for an insurance company. The direct written Premium (DWP) represents the total premium written by an insurer directly from the insured before adjustments for reinsurance.
The non-life insurance market is segmented into property, motor, liability insurance, and others. The scope of others includes financial lines, personal accident and health, marine, aviation, transit, and miscellaneous. The property segment includes a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Property insurance can include homeowners' insurance, renters' insurance, flood insurance, and earthquake insurance. If a claim is filed, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to remedy the damage. The motor segment covers a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage. The liability segment includes any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury, or negligence.
All market data and forecasts are based on nominal prices, and all currency conversions used in the creation of this report have been calculated using yearly average exchange rates. The USD values may show a declining trend for a few countries, such as Argentina, Turkey, Nigeria, Egypt, and Russia. This is primarily because of the impact of exchange rates considered.
The global non-life insurance market recorded gross written premiums of $3,890.5 billion in 2024, representing a compound annual growth rate (CAGR) of 6.9% between 2019 and 2024.
The motor segment accounted for the market's largest proportion in 2024, with total gross written premiums of $917.2 billion, equivalent to 23.6% of the market's overall value.
In 2024, the global non-life insurance market recorded an annual growth of 6.3%. The growth is attributed to the increasing frequency and severity of natural catastrophes, including wildfires and floods, which have elevated property risk exposure and forced both households and businesses to seek broader and higher-value coverage.