Online Insurance Market Report 2024-2033 | Size, Share And Insights

Overview and Scope Online insurance is a type of insurance service primarily conducted and managed through online platforms and digital channels. It allows individuals and businesses to research, purchase, manage, and renew insurance policies over the internet, without needing physical paperwork or in-person visits to insurance offices. Online insurance services typically offer convenience, ease of comparison, and faster processing times compared to traditional offline methods. Sizing and Forecast The online insurance market size has grown exponentially in recent years. It will grow from $80.60 billion in 2023 to $98.76 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%.  The growth in the historic period can be attributed to a rise in digitalization, reduced operational and administrative costs, heavy discounting on insurance premiums, a high level of internet penetration, switch from traditional to online insurance services. The online insurance market size is expected to see exponential growth in the next few years. It will grow to $225.58 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%.  The growth in the forecast period can be attributed to increased mobile usage, internet usage continuing to rise, increasing popularity for purchasing insurance, people purchasing insurance online, rise in convenience and accessibility of purchasing insurance, and growing awareness of the benefits of having health coverage. Major trends in the forecast period include rising uptake of the Internet of Things technology, demand for customized insurance products, the advent of mobile apps and AI technologies, the transition of insurance companies from product-based towards consumer-centric strategies, and the adoption of InsurTech. Order your report now for swift delivery, visit the link: https://www.thebusinessresearchcompany.com/report/online-insurance-global-market-report Segmentation & Regional Insights The online insurance market covered in this report is segmented – 1) By Type: Life Insurance, Non-Life Insurance 2) By Tenure: Less Than 1 Year, 10 Years, 10-20 Years, 20-30 Years, More Than 30 Years 3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs) 4) By Application: Individual, Institution, Other Applications 5) By End User: Insurance Companies, Aggregators, Third Party Administrators And Brokers North America was the largest region in the online insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Intrigued to explore the contents? Secure your hands-on a free sample copy of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=16751&type=smp Major Driver Impacting Market Growth The increase in health insurance coverage is expected to propel the growth of the online insurance market going forward. Health insurance coverage refers to a contract that requires an insurer to pay some or all of a person's healthcare costs in exchange for a premium. The increase in health insurance coverage is driven by expanded government programs, subsidies, and heightened public awareness of the importance of healthcare due to recent health crises. Using online insurance platforms in health insurance coverage allows quick policy comparisons, streamlined application processes, and enhanced user accessibility. For instance, in September 2023, according to the Bureau of the Census, a US-based government agency, in 2022, around 92.1% of the population, or 304.0 million people, had health insurance at some point during the year, an increase in both the insured rate and the number of insured individuals compared to 2021, when 91.7%, or 300.9 million people, were insured. Therefore, an increase in health insurance coverage is driving the growth of the online insurance market. Key Industry Players Major companies operating in the online insurance market are  China Ping An Insurance (Group) Co. Ltd., Allianz SE, China Life Insurance Company, Axa S.A., Reliance Nippon Life Insurance Company Limited, The Dai-ichi Life Insurance Company Limited, MetLife Services and Solutions LLC, Assicurazioni Generali SpA, China Pacific Insurance Co. Ltd., Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Sumitomo Life Insurance Company, Aviva PLC, Aegon Life Insurance Company, SBI Life Insurance Co. Ltd., Pacific Life Insurance Company, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Symetra Life Insurance Company, Protective Insurance Corporation, Colonial Penn Life Insurance Company, Bestow Inc., Gerber Life Insurance Company, HDFC Standard Life Insurance Company Limited The online insurance m