Market Overview
Insurance Services
- Over the forecasted period from 2025 to 2030, the global insurance market is expected to grow at a CAGR of 13.5% to $22.1 trillion.
- The insurance industry is undergoing rapid transformation, with an estimated $80.6 billion in North American InsurTech spending in 2024 aimed at modernizing operations and driving digital-first engagement. Key investments in application software, IT services, and advanced tools focus on front-office optimization, agent empowerment, and embedded solutions. Innovations in data analytics, generative AI, and modular technologies are enabling personalized products, mitigating cyber risks, and streamlining operations, fueling a competitive ‘technology arms race’ across the sector.
- The demand for outsourcing property and casualty (P&C) claims remains strong, driven by third-party administrators (TPAs) and loss adjusters who enhance the claims process through workflow automation, better data and analytics, faster resolution times, and improved service quality.
Industry Snapshot
$22.1T
Global Insurance Market by 2030
$80.6B
InsurTech spend (2024) driving digital-first transportation
$48.6B
U.S. E&S premiums (H1 2024) fueled by niche and volatile risks
