Press release
Elevate Your Financial Future: Premium Finance Market Surges to $139.74 Billion by 2032 with a Dynamic 11.5% CAGR - Seize Opportunities Now
Allied Market Research published a report, titled, "Premium Finance Market by Type (Life Insurance and Non-life Insurance), Interest Rate (Fixed Interest Rate and Floating Interest Rate), and Provider (Banks, NBFCs, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global premium finance industry generated $47.8 billion in 2022, and is anticipated to generate $139.7 billion by 2032, witnessing a CAGR of 11.5% from 2023 to 2032.๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐: https://www.alliedmarketresearch.com/request-sample/15727
Prime determinants of growth
The premium finance market is expected to witness notable growth owing to increase in demand for insurance, increase in premium rates, and technological advancements. Moreover, the adoption of AI in insurance platforms is expected to provide a lucrative opportunity for the growth of the market during the forecast period.
The life insurance segment to maintain its leadership status throughout the forecast period
Based on type, the life insurance segment held the highest market share in 2022, accounting for around three-fifths of the global premium finance market revenue, and is projected to manifest the highest CAGR of 12.8% from 2023 to 2032. This is attributed to the fact that more individuals are recognizing the importance of life insurance to safeguard their close ones, creating a greater demand for policies.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง:
https://www.alliedmarketresearch.com/request-for-customization/15727
The fixed interest rate segment to maintain its leadership status throughout the forecast period
Based on interest rate, the fixed interest rate segment held the highest market share in 2022, accounting for nearly three-fourths of the global premium finance market revenue, and is projected to manifest the highest CAGR of 12.6% from 2023 to 2032. The growth of fixed interest rates in the premium finance market is being driven by the desire for stability and predictability.
The banks segment to maintain its leadership status throughout the forecast period
Based on provider, the banks segment held the highest market share in 2022, accounting for more than two-thirds of the global premium finance market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth of the banks segment is propelled by their financial strength and expertise. Banks have the financial resources to offer competitive loan terms, making it attractive for individuals & businesses to choose them as their financing source. However, the NBFCs segment is projected to manifest the highest CAGR of 14.9% from 2023 to 2032, owing to their flexibility and ability to cater to a wide range of borrowers. NBFCs often have more lenient lending criteria compared to traditional banks, making it easier for individuals & businesses to secure premium financing.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global premium finance market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to rise in awareness of premium finance options and increase in the cost of insurance premiums. These factors have been significant drivers for the premium finance market growth in North America. However, Asia-Pacific is expected to witness the fastest CAGR of 14.7% from 2023 to 2032. This is attributed to rise in affluence and economic growth in many Asian countries that drive the demand for insurance. Furthermore, increase in awareness of financial solutions such as premium finance is contributing to the premium finance market growth in Asia-Pacific.
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
IPFS Corporation
JPMorgan Chase & Co.
Lincoln National Corporation
AFCO Credit Corporation
Agile Premium Finance
ARI Financial Group
US Premium Finance
Byline Bank
Capital for Life
Valley National Bank
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ :
https://www.alliedmarketresearch.com/purchase-enquiry/15727
The report provides a detailed analysis of these key players in the global premium finance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
๐๐ซ๐จ๐ฐ๐ฌ๐ ๐ ๐ฎ๐ฅ๐ฅ ๐๐๐ฉ๐จ๐ซ๐ญ : https://www.alliedmarketresearch.com/premium-finance-market-A15358
๐๐จ๐ฉ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
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