Global insurance market to hit $28.5t by 2032

Technology advancements may be lucrative for market players.

The global insurance market is projected to grow to $28.5t  by 2032, registering a compound annual growth rate of 13.5% during the forecast period, according to an Allied Market Research report.

Market growth may face challenges from banks and financial institutions tightening their insurance services. However, technological advancements, particularly in life insurance, present lucrative opportunities for market players.

For instance, Transcarent has introduced an artificial intelligence-driven healthcare navigation solution built on the ChatGPT framework. This tool addresses common health-related queries, such as cost estimates for medical services, deductible details, and provider recommendations, simplifying the healthcare experience for users.

In 2023, the life insurance segment held the largest market share due to its fundamental role in providing long-term financial security.