The insurance sector is a vital component of the global economy, providing financial protection and risk management for individuals and businesses. It covers life, health, property, and casualty insurance, and plays a key role in mitigating economic risks, fostering investment, and supporting economic stability. In 2024, the global insurance market was valued at approximately $7 trillion, contributing around 7.5% of global GDP, with over 30 million professionals employed in roles ranging from underwriters to actuaries and claims adjusters.

The sector is projected to grow at a CAGR of 5.2%, reaching $11 trillion by 2030, driven by the increasing need for risk management, innovation in digital insurance services, and expanding middle-class populations in emerging markets. Leading players include the United States, with its large and diverse insurance market; China, which has a rapidly growing life insurance market; and Germany, known for its strong presence in both life and property insurance. The insurance sector is essential for economic growth, financial stability, and consumer protection.