Global Life & Health Insurance Carriers - Market Research Report (2014-2029)
New York, United States
Last Updated: August 2024
J5611-GLRevenue
$5.5tr
Past 5-Year Growth
Profit
$XXX.Xbn
Employees
3m
Businesses
3,117
Wages
$XXX.Xbn
Global Life & Health Insurance Carriers industry analysis
The industry has grown over the five years to 2024 due to the growth of global demand for insurance products. The industry provides essential risk management services to downstream consumers and is a vital part of the financial sector, particularly concerning the industry's massive asset holdings. Industry operators protect individuals from current, immediate and long-term illness, injury and death costs. By merging various risks, life and health insurers protect a fraction of the potential loss. The role of life and health insurers has become increasingly important as the global population has aged. Although the industry provides essential products and services, operators are highly susceptible to macroeconomic shocks. Industry revenue is expected to grow at a CAGR of 0.6% to $5.5 trillion over the five years to 2024, including a decrease of 0.3% in 2024 alone.
Trends and Insights
- Universal healthcare has become increasingly political. People in countries with privatized medicine have been calling for universal healthcare, while others have been increasingly critical of socialized medicine.
- Products and markets vary between countries. Health insurance companies generate significantly more revenue and profit in countries without universal healthcare.
- North America dominates the industry. The United States has a highly privatized healthcare system that benefits large health insurance companies.
- Health insurance companies compete with governments. Countries with socialized medicine offer few opportunities for health insurers.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.6 % over the past five years, to reach an estimated $5.5tr in 2024.
Trends and Insights
Mergers and acquisitions drive global life insurance performance
- Over the past decade, large insurance companies have increasingly invested in mergers and acquisitions to expand their market share. UnitedHealth Group and Anthem, Inc., two of the largest health insurance companies, complete multiple acquisitions each year. These strategic moves amplify their bargaining power when negotiating reimbursement rates with healthcare providers.
- Additional trends and insights available with purchase
Source: 麻豆区
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The aging population will continue to drive industry growth
- The population's median age has steadily grown over the past decade, as the number of people aged 65 and older has strongly outpaced global population growth.
Biggest companies in the Global Life & Health Insurance Carriers
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
UnitedHealth Group Inc. | 371,814.2 | 33,083.8 | 8.9 | |
Anthem Inc. | 173,383.9 | N/A | N/A | |
AXA SA | 123,845.6 | N/A | N/A |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: 麻豆区
Industry revenue is measured across several distinct product and services lines, including Health and medical insurance and pharmacy benefit management, Deferred and immediate annuities and Life insurance. Health and medical insurance and pharmacy benefit management is the largest segment of the Global Life & Health Insurance Carriers.
Trends and Insights
Rising medical costs and the aging population have driven health insurance premiums
- For the past decade, healthcare costs have been growing worldwide as medical science continues to advance. Meanwhile, the elderly population has grown, creating a greater need for sustained healthcare.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Global Direct General Insurance Carriers
Complementors
- Global Reinsurance Carriers
- Global Pension Funds
- Global Insurance Brokers & Agencies
International industries
- Life Insurance & Annuities in the US
- Health & Medical Insurance in the US
- HMO Providers in the US
- Life Insurance & Annuities in Canada
- Life Insurance in Australia
Table of Contents
About this industry
Industry definition
Insurers in this industry directly underwrite insurance policies relating to life, health, accident and medical risks. Underwriting insurance policies involves assuming risks and assigning premiums. Life and health insurers generate revenue, not only through the specific activity of insurance underwriting, but also by investing premiums and annuity contracts. The industry excludes social health insurance programs that are established and funded by governments.
What's included in this industry?
Underwriting annuities and life insurance policiesUnderwriting accidental death and dismemberment insurance policiesUnderwriting health and medical insurance policiesUnderwriting disability income insurance policiesInvesting insurance premiums earned in assuming riskCompanies
UnitedHealth Group Inc.Anthem Inc.AXA SAPurchase this report to view all 4 major companies in this industry.
Related Terms
BENEFICIARIESDEDUCTIBLEDENSITYPENETRATIONPREMIUMUNDERWRITINGPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Universal healthcare has become increasingly political. People in countries with privatized medicine have been calling for universal healthcare, while others have been increa...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Products and markets vary between countries. Health insurance companies generate significantly more revenue and profit in countries without universal healthcare.
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
North America dominates the industry. The United States has a highly privatized healthcare system that benefits large health insurance companies.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2024
- Share of population compared to output in each region in 2024
- Data tables
- Share of global output by region in 2024
- Detailed analysis
- Geographic spread of the industry across Global, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Health insurance companies compete with governments. Countries with socialized medicine offer few opportunities for health insurers.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry鈥檚 level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry鈥檚 own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
United Health pursues frequent acquisitions. Since the start of 2022, United had purchased Crystal Run Healthcare, Change Healthcare and EMIS Health.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of UnitedHealth Group Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Anthem Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of AXA SA's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for UnitedHealth Group Inc., and factors influencing its performance in the industry
- Description and key data for Anthem Inc., and factors influencing its performance in the industry
- Description and key data for AXA SA, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.聽 聽
Analyst insights
The aging population benefits life insurance providers. As life expectancies increase around the world, people will be more likely to need annuities.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)聽
- Assistance historical data and forecast (2014-2029)聽
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.聽
Analyst insights
Profit doesn't fluctuate significantly between years. High concentration and investment income shield insurers from profit volatility.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability聽
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are 麻豆区 reports created?
麻豆区 has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for 麻豆区 readers. Finally, each report is reviewed by one of 麻豆区鈥檚 editors, who provide quality assurance to ensure accuracy and readability.
麻豆区 relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do 麻豆区 analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, 麻豆区鈥檚 global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does 麻豆区 forecast its data?
麻豆区鈥檚 analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
麻豆区 prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the .
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Life & Health Insurance Carriers industry in Global in 2024?
The market size of the Global Life & Health Insurance Carriers industry in Global is $5.5tr in 2024.
How many businesses are there in the Global Life & Health Insurance Carriers industry in 2024?
There are 3,117 businesses in the Global Life & Health Insurance Carriers industry in Global, which has declined at a CAGR of 0.7 % between 2019 and 2024.
Has the Global Life & Health Insurance Carriers industry in Global grown or declined over the past 5 years?
The market size of the Global Life & Health Insurance Carriers industry in Global has been growing at a CAGR of 0.6 % between 2019 and 2024.
What is the forecast growth of the Global Life & Health Insurance Carriers industry in Global over the next 5 years?
Over the next five years, the Global Life & Health Insurance Carriers industry in Global is expected to grow.
What are the biggest companies in the Global Life & Health Insurance Carriers market in Global?
The biggest companies operating in the Global Life & Health Insurance Carriers market in Global are UnitedHealth Group Inc., Anthem Inc. and AXA SA
What does the Global Life & Health Insurance Carriers in Global include?
Underwriting annuities and life insurance policies and Underwriting accidental death and dismemberment insurance policies are part of the Global Life & Health Insurance Carriers industry.
Which companies have the highest market share in the Global Life & Health Insurance Carriers in Global?
The company holding the most market share in Global is UnitedHealth Group Inc..
How competitive is the Global Life & Health Insurance Carriers industry in Global?
The level of competition is moderate and increasing in the Global Life & Health Insurance Carriers industry in Global.
