Industry Statistics and Trends
Market size and recent performance (2015-2030)
Industry revenue has grown at a CAGR of 0.7 % over the past five years, to reach an estimated $6.5tr in 2025.
Trends and Insights
Surging healthcare costs have recently bolstered private health insurance demand
- Healthcare spending has surged globally in the past five years for a plethora of reasons. Most importantly, aging populations worldwide have led to increased demand for healthcare and more complex medical needs. Additionally, advances in medical technology and the introduction of expensive new treatments and drugs continue to push costs higher. These include expensive pharmaceuticals, such as specialty drugs for cancer and behavioral health.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2025-2030)
Market size is projected to grow over the next five years.
Trends and Insights
Shifts in economic policy could hinder insurers' revenue moving forward
- During the first half of 2025, the Trump administration introduced widespread tariffs on imports from all nations. Many nations responded to these duties by implementing their own protective tariffs. These taxes increased costs for manufacturers and raised consumer prices in most countries, making everyday goods less affordable and exacerbating financial challenges for businesses and households.
Biggest companies in the Global Life & Health Insurance Carriers
| Company | Market Share (%)
2025 | Revenue ($m)
2025 | Profit ($m)
2025 | Profit Margin (%)
2025 |
|---|---|---|---|---|
UnitedHealth Group | 334,155.8 | 10,960.1 | 3.3 | |
Anthem Inc. | 167,028.7 | 4,528.1 | 2.7 |
To view the market share and analysis for all 2 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 Health insurance, Annuities and Life insurance. Health insurance is the largest segment of the Global Life & Health Insurance Carriers.
Trends and Insights
Longer life expectancy has bolstered demand for various annuity products
- Annuities provide a safeguard against the risk of exhausting one’s financial resources in retirement. Immediate annuities start paying benefits right after purchase, whereas deferred annuities postpone payments until a future time, typically retirement. During the deferral period, the owner often makes regular premium contributions to increase the annuity’s value before payouts begin.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Insurers in this space 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?
Products and services covered in the Global Life & Health Insurance Carriers industry include Underwriting annuities, Underwriting life insurance policies, Underwriting health and medical insurance policies, Underwriting disability income insurance policies and Investing insurance premiums earned in assuming risk.Companies
Companies covered in the Global Life & Health Insurance Carriers industry include UnitedHealth Group and Anthem Inc.Purchase this report to view all 2 major companies in this industry.
Related Terms
Related terms covered in the Global Life & Health Insurance Carriers industry include beneficiaries, deductible, density, penetration, premium and underwriting.Performance
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
Private health insurance demand has surged worldwide as aging populations, rising incomes and advances in expensive treatments drive healthcare costs higher. Insurers are lea...
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 (2015-2024) and forecast (2025-2030)
- Employees, including historical (2015-2024) and forecast (2025-2030)
- Businesses, including historical (2015-2024) and forecast (2025-2030)
- Profit, including historical (2015-2025)
- 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
Longer lifespans have made annuities increasingly popular, as they offer stability for retirees worried about outliving their savings. Rising demand, particularly for flexibl...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2025
- Product innovation level
Charts
- Products & services segmentation in 2025
- Major market segmentation in 2025
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
The United States dominates the global life and health insurance market, fueled by high incomes, a large population and the absence of universal public health insurance. This...
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 2025
Tables
- Number and share of establishments in each region in 2025
- Number and share of revenue each region accounts for in 2025
- Number and share of wages each region accounts for in 2025
- Number and share of employees in each region in 2025
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2025
- Share of population compared to output in each region in 2025
- Data tables
- Share of global output by region in 2025
- 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
Insurers often market directly to businesses. Many people, particularly in the United States, get health and life insurance through their employer, so insurers must market to...
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 2020-2025
- 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
Because of low market share concentration, major companies control less than one-tenth of the market. Specialization, localization and differing regulations worldwide contrib...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2021 through 2025
- Major companies in the industry, including market share, revenue, profit and profit margin in 2025
- Overview of UnitedHealth Group's performance by revenue, market share and profit margin from 2019 through 2025
- Overview of Anthem Inc.'s performance by revenue, market share and profit margin from 2019 through 2025
Detailed analysis
- Description and key data for UnitedHealth Group, and factors influencing its performance in the industry
- Description and key data for Anthem Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Global Federation of Insurance Associations (GFIA) is a powerful voice for insurers, representing groups from over 40 countries and almost 90.0% of the world’s insurance p...
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 (2015-2030)
- Assistance historical data and forecast (2015-2030)
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
Profitability for life and health insurers worldwide has been squeezed by heavy claims payouts. Even though firms diversify their revenue by investing in stocks and bonds, ri...
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 2025
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2015-2030)
- Revenue per Employee (2015-2030)
- Revenue per Enterprise (2015-2030)
- Employees per Establishment (2015-2030)
- Employees per Enterprise (2015-2030)
- Average Wage (2015-2030)
- Wages/Revenue (2015-2030)
- Establishments per Enterprise (2015-2030)
- IVA/Revenue (2015-2030)
- Imports/Demand (2015-2030)
- Exports/Revenue (2015-2030)
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 (2015-2030)
- IVA (2015-2030)
- Establishments (2015-2030)
- Enterprises (2015-2030)
- Employment (2015-2030)
- Exports (2015-2030)
- Imports (2015-2030)
- Wages (2015-2030)
Top Questions Answered
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 2025?
The market size of the Global Life & Health Insurance Carriers industry is $6.5tr in 2025.
How many businesses are there in the Global Life & Health Insurance Carriers industry in 2025?
There are 6,265 businesses in the Global Life & Health Insurance Carriers industry, which has grown at a CAGR of 3.3 % between 2020 and 2025.
How may import tariffs affect the Global Life & Health Insurance Carriers industry?
The Global Life & Health Insurance Carriers industry is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Global Life & Health Insurance Carriers industry?
The Global Life & Health Insurance Carriers industry is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Global Life & Health Insurance Carriers industry grown or declined over the past 5 years?
The market size of the Global Life & Health Insurance Carriers industry has been growing at a CAGR of 0.7 % between 2020 and 2025.
What is the forecast growth of the Global Life & Health Insurance Carriers industry over the next 5 years?
Over the next five years, the Global Life & Health Insurance Carriers industry is expected to grow.
What are the biggest companies in the Global Life & Health Insurance Carriers industry?
The biggest companies operating in the Global Life & Health Insurance Carriers industry are UnitedHealth Group and Anthem Inc.
What does the Global Life & Health Insurance Carriers industry include?
Underwriting annuities and Underwriting life 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 industry?
The company holding the most market share in the Global Life & Health Insurance Carriers industry is UnitedHealth Group.
How competitive is the Global Life & Health Insurance Carriers industry?
The level of competition is moderate and increasing in the Global Life & Health Insurance Carriers industry.
Methodology
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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.
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