Global Direct General Insurance Carriers - Market Research Report (2014-2029)
New York, United States
Last Updated: September 2024
J5612-GLRevenue
$2.9tr
Past 5-Year Growth
Profit
$XXX.Xbn
Employees
3m
Businesses
8,976
Wages
$XXX.Xbn
Global Direct General Insurance Carriers industry analysis
The Global Direct General Insurance Carriers industry has faced challenges over the past five years, with issues such as a soft insurance market, low interest rates at the onset of the period and numerous catastrophes affecting all operators in major markets. However, the rapid growth of emerging markets has slightly offset stagnating mature markets. An expanding middle class in countries like China has increased demand for insurance, limiting declines in industry revenue. Therefore, global direct general insurance carrier revenue is expected to lag at a CAGR of 1.1% to $2.9 trillion over the five years to 2024, including an expected decline of 0.6% in 2024 alone.
Trends and Insights
- Insurers will encounter a greater amount of policy volumes with individuals purchasing new cars and driving more following the pandemic. Greater policy volumes and rising premiums will limit revenue declines.
- The pandemic led to a jump in worker-related insurance, as many were unemployed or hindered for the better part of a year.
- Population and economic growth are crucial determinants of geographic spread, making North America, Europe and Northern Asia prime locations.
- Some smaller companies take advantage of geographic locations and specialize in that region, and this usually happens in countries or regions with a smaller presence business-wise.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 1.1 % over the past five years, to reach an estimated $2.9tr in 2024.
Trends and Insights
The pandemic's lingering effects
- The record-low interest rate environment to spur economic growth at the onset of the period due to the pandemic dampened investment income for operators. This drop has contributed to the industry's decline over the past five years.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Heading back on the road: higher premium pricing on the horizon
- More driving is expected to occur during the outlook period. In addition, rising discretionary income globally due to the easing inflationary pressures and expected lower interest rates will fuel rising vehicle insurance payments.
Biggest companies in the Global Direct General Insurance Carriers
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Allianz SE | 85,574.9 | 7,478.3 | 8.7 | |
State Farm General Insurance Company | 72,134.0 | 4,757.2 | 6.6 | |
AXA SA | 62,589.0 | 5,861.4 | 9.4 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Auto insurance, Property insurance and Liability insurance. Auto insurance is the largest segment of the Global Direct General Insurance Carriers.
Trends and Insights
General auto insurance plans climb due to the chip shortage propelling car prices and fueling auto insurance rates
- General auto insurance plans offered by Global Direct General Insurance Carriers insure both liability and collision/comprehensive auto lines. Bodily injury liability insurance covers the medical and legal expenses associated with an accident that causes another individual's injury or death. Property damage liability insurance covers damages an individual's car causes to another's property.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Global Life & Health Insurance Carriers
Complementors
- Global Reinsurance Carriers
- Global Pension Funds
- Global Insurance Brokers & Agencies
International industries
- Property, Casualty and Direct Insurance in the US
- Pet Insurance in the US
- Automobile Insurance in the US
- Homeowners' Insurance in the US
- Travel Insurance in the US
Table of Contents
About this industry
Industry definition
Operators in the Global Direct General Insurance Carriers industry initially underwrite insurance policies relating to property, casualty, liability and other general risks. In underwriting insurance policies, general insurers earn premiums that they then invest to generate additional income. The underwriting of life, disability, health and medical insurance represents a separate industry, although many businesses compete in both insurance markets.
What's included in this industry?
Directly underwriting automobile insuranceDirectly underwriting homeowners' insuranceDirectly underwriting title insuranceDirectly underwriting workers' compensation insuranceDirectly underwriting medical malpractice insuranceInvesting premiums earned by underwriting insurance policiesCompanies
Allianz SEState Farm General Insurance CompanyAXA SAPurchase this report to view all 4 major companies in this industry.
Related Terms
COMBINED RATIOSURPLUSCAPACITYPerformance
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
Insurers will encounter a greater amount of policy volumes with individuals purchasing new cars and driving more following the pandemic. Greater policy volumes and rising pre...
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
The pandemic led to a jump in worker-related insurance, as many were unemployed or hindered for the better part of a year.
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
Population and economic growth are crucial determinants of geographic spread, making North America, Europe and Northern Asia prime locations.
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
Some smaller companies take advantage of geographic locations and specialize in that region, and this usually happens in countries or regions with a smaller presence business-...
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’s 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’s 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
Companies participated in several major acquisitions throughout the period, with most acquisitions being aimed at expansion into new geographical areas. For example, Allianz'...
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 Allianz SE's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of State Farm General Insurance Company'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 Allianz SE, and factors influencing its performance in the industry
- Description and key data for State Farm General Insurance Company, 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.
Analyst insights
Regulations across several countries are strict. Forcing companies to adhere to all of them individually, causing roadblocks for global operations.
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)
- Assistance historical data and forecast (2014-2029)
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.
Analyst insights
Wages remain high since the technical, complicated nature of the industry requires highly educated individuals.
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
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 IBISWorld reports created?
IBISWorld 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 IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld 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 IBISWorld 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, IBISWorld’s 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 IBISWorld forecast its data?
IBISWorld’s 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.
IBISWorld 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 Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Direct General Insurance Carriers industry in Global in 2024?
The market size of the Global Direct General Insurance Carriers industry in Global is $2.9tr in 2024.
How many businesses are there in the Global Direct General Insurance Carriers industry in 2024?
There are 8,976 businesses in the Global Direct General Insurance Carriers industry in Global, which has declined at a CAGR of 2.6 % between 2019 and 2024.
Has the Global Direct General Insurance Carriers industry in Global grown or declined over the past 5 years?
The market size of the Global Direct General Insurance Carriers industry in Global has been declining at a CAGR of 1.1 % between 2019 and 2024.
What is the forecast growth of the Global Direct General Insurance Carriers industry in Global over the next 5 years?
Over the next five years, the Global Direct General Insurance Carriers industry in Global is expected to grow.
What are the biggest companies in the Global Direct General Insurance Carriers market in Global?
The biggest companies operating in the Global Direct General Insurance Carriers market in Global are Allianz SE, State Farm General Insurance Company and AXA SA
What does the Global Direct General Insurance Carriers in Global include?
Directly underwriting automobile insurance and Directly underwriting homeowners' insurance are part of the Global Direct General Insurance Carriers industry.
Which companies have the highest market share in the Global Direct General Insurance Carriers in Global?
The company holding the most market share in Global is Allianz SE.
How competitive is the Global Direct General Insurance Carriers industry in Global?
The level of competition is high and steady in the Global Direct General Insurance Carriers industry in Global.
