The Insurance Market is expected to experience a growth of USD 1,401.1 billion, with a CAGR of 4.25% projected from 2023 to 2028. This growth trajectory is significantly influenced by increasing regulations for mandatory coverage in developing economies. Reinsurance is instrumental in the industry, enabling insurers to allocate a portion of their risk to other entities. Furthermore, advancements in technology have led to the emergence of insurtech, which harnesses digital tools and data analytics to develop innovative insurance products. Currently, property and casualty insurance holds about one-third of the market, while life insurance commands the majority. Individual consumers contribute a significant share of the premiums, with businesses providing the remaining amount.

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