PUBLISHER: MarketLine | PRODUCT CODE: 1405191
PUBLISHER: MarketLine | PRODUCT CODE: 1405191
Global Non-Life Insurance industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value , and forecast to 2027). 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.
Non-life insurance is segmented into property, motor, and liability insurance.
Property - 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.
Motor - 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.
Liability - 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.
Others include financial lines, personal accident and health, marine, aviation and transit, and miscellaneous.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation), and all currency conversions used in this report have been calculated using constant 2022 annual average exchange rates.
The US dominated the global non-life insurance market in 2022, accounting for a share of 61.2%, due to the country's strong economy.