B2B2C insurance sees 9.6% annual growth forecast 

The market generated $4.28b in 2022.

The global B2B2C insurance market is projected to reach $10.49b by 2032, expanding at a compound annual growth rate (CAGR) of 9.6% from 2023 to 2032, according to Allied Market Research.

The market generated $4.28b in 2022. This growth is driven by improvements in customer experience, expanded market reach, and heightened trust and credibility within the sector. 

Data-driven customization is expected to provide additional opportunities for expansion, although challenges such as integration issues and regulatory compliance may restrain growth.

In terms of insurance types, the non-life insurance segment dominated the market in 2022, accounting for over three-fifths of the total revenue. 

This segment is anticipated to maintain its leading position throughout the forecast period, driven by its relevance in addressing immediate needs such as property and health protection. 

Meanwhile, the life insurance segment is expected to achieve the highest growth, with a projected CAGR of 11.2%. This growth is attributed to increasing financial literacy and a rising awareness of the importance of life insurance for long-term financial security.

When looking at enterprise size, large enterprises held the largest share in 2022, contributing nearly 60% of the market's revenue. 

These businesses benefit from established client bases and strong distribution networks, allowing them to form strategic partnerships and offer comprehensive insurance solutions. 

However, small and medium-sized enterprises (SMEs) are forecasted to grow at a faster rate, with a CAGR of 12.1%. SMEs' agility, adaptability, and localised approach allow them to quickly innovate and respond to market trends, positioning them for rapid growth in the B2B2C insurance market.