Mid-Year Insurance Market Review 2025

The first half of 2025 has been a period of significant transition for the insurance industry, defined by both resilience in the face of economic complexity and acceleration in the adoption of transformative technologies.

August 19, 2025 • Estimated Reading Time: 34 minutes

Introduction: A Year of Transition and Acceleration

As the volatility of 2023 and early 2024 began to settle, insurers found themselves operating in a market shaped by a mix of favorable and challenging forces. Macroeconomic stability has returned in part, allowing carriers to focus more heavily on long-term strategy rather than crisis management. Yet this stability exists alongside structural challenges such as climate change, demographic aging, and evolving consumer expectations. Technological integration, once a differentiator, has now become a fundamental requirement for competitiveness. Blockchain, artificial intelligence, and Internet of Things (IoT) platforms are moving from pilot projects to operational backbones, streamlining processes, enhancing transparency, and enabling new forms of risk assessment and mitigation. Demographic realities are also exerting pressure, with aging populations in developed economies shifting the balance of life insurance toward longevity planning rather than purely mortality protection. Climate-related urgency is particularly visible in the property and catastrophe space, where flooding has emerged as one of the most frequent and costly natural perils, exposing massive global protection gaps. At the same time, consumer behavior is evolving rapidly. International travel has rebounded to near pre-pandemic levels, pet ownership continues to grow, and global supply chains are shifting toward resilience and redundancy over lean efficiency.

Against this backdrop, our mid-year review highlights six of the most important and widely discussed reports published in the first half of the year. These analyses span diverse segments — blockchain in insurance, marine cargo insurance, travel insurance, aging populations and life insurance, pet insurance, and the global flood insurance gap — but together they paint a picture of an industry undergoing deep structural change. The following sections summarize each of these reports in depth, providing an overview of market dynamics, competitive landscapes, regional trends, and strategic implications. For each, we also identify two key charts from the original research that vividly illustrate the trends discussed.

  1. Chain Reaction: The Rise of Blockchain in Insurance Markets

Insurance150. (2025). Chain Reaction: The Rise of Blockchain in Insurance Markets. https://insights150.com/p/chain-reaction-the-rise-of-blockchain-in-insurance-markets 

The emergence of blockchain technology within the insurance sector is no longer a theoretical proposition confined to conferences and white papers. In the last five years, the industry has shifted decisively toward integrating blockchain into its operational fabric, with the pace of adoption accelerating in the early months of 2025. The global blockchain insurance market, which was valued at just $0.6 billion in 2020, is forecast to reach an extraordinary $48.8 billion by 2030. This transformation is being driven by blockchain’s unique ability to eliminate friction in transactions, enhance data security, and foster trust through immutable, transparent ledgers.

Smart contracts have been the most visible manifestation of blockchain’s potential. These self-executing agreements allow claims to be paid automatically when pre-defined conditions are met, removing the need for lengthy manual adjudication. A well-known example comes from Lemonade’s collaboration with Avalanche, Chainlink, and Etherisc to deliver blockchain-based crop insurance to farmers in Africa. Using weather oracles, the system can verify rainfall data and issue payouts instantly when drought conditions occur, bypassing disputes and delays. Similar approaches are being explored in catastrophe insurance, where blockchain-linked parametric triggers could accelerate recovery after hurricanes, floods, or earthquakes.

The adoption pattern has differed across regions and sectors. Developed markets such as the United States, the United Kingdom, Germany, and Singapore have used blockchain to modernize legacy systems, integrating it with existing policy administration and claims management platforms. In emerging markets, blockchain’s scalability and cost efficiency are proving attractive for insurers seeking to leapfrog outdated infrastructure. The integration of blockchain with AI and IoT is particularly transformative, creating a digital “trust stack” in which connected devices record events directly onto secure ledgers, and AI models interpret the data for underwriting, fraud detection, and pricing.

Nevertheless, challenges remain. Regulatory frameworks for blockchain vary significantly by jurisdiction, creating uncertainty for multinational carriers. Privacy concerns are also complex, since blockchain’s immutability means sensitive personal data must be handled carefully before being committed to a ledger. The lack of universal interoperability standards continues to slow industry-wide adoption. Despite these hurdles, leading players such as IBM, Deloitte, Chainlink, and Allianz are demonstrating the viability of blockchain at scale, setting benchmarks for automation, cybersecurity, and customer engagement.

The readiness of different insurance lines to adopt blockchain varies. Health insurance has emerged as the most prepared, with a readiness score of 2.56 out of 4, followed by property and casualty, and commercial reinsurance. Life insurance lags at 2.27, hampered by older core systems and lower investment in digital transformation. Yet as blockchain-related revenues are projected to grow to $37 billion by 2030 at an astonishing compound annual growth rate of 70 percent, it is clear that the technology will underpin much of the industry’s future. In the first half of this year, blockchain has solidified its status not just as an enabler of efficiency, but as an architect of trust and transparency in insurance.

  1. Marine Cargo Insurance: Securing Global Trade and Supply Chains

Insurance150. (2025). Marine Cargo Insurance: Securing Global Trade and Supply Chains. https://insights150.com/p/marine-cargo-insurance-securing-global-trade-and-supply-chains 

Marine cargo insurance remains the largest segment of the global marine insurance market, accounting for 56.9 percent of total premiums. As of 2023, the segment was valued at $22.1 billion, and projections indicate steady growth to approximately $29.9 billion by 2032, reflecting a compound annual growth rate of 3.4 percent. This growth is underpinned by the resilience of global trade volumes and values, as well as by emerging market activity, rising e-commerce-driven logistics, and the tightening of international regulations that mandate cargo coverage. The sector benefits from advances in risk assessment technologies that make it possible to tailor insurance solutions more closely to the needs of specific industries and cargo types, thereby increasing its relevance and penetration.

Europe dominates the market, capturing 39.8 percent of global revenue in 2023. This leadership stems from a combination of historical maritime expertise, the presence of major insurance hubs such as London, and advanced port and logistics infrastructure. The region’s regulatory environment, which emphasizes comprehensive cargo coverage, further cements its leadership. Asia-Pacific follows closely with 32.2 percent, powered by manufacturing hubs, export-led economies, and strategic geographic positioning. China, Japan, and South Korea are particularly central to this growth, while emerging economies in Southeast Asia are investing heavily in port capacity and trade facilitation, promising continued expansion of marine cargo insurance demand.

On the national level, the United Kingdom is the largest single market, with 14.5 percent of global revenue, reflecting London’s enduring position as the global capital for marine insurance. China is a close second at 14.4 percent, propelled by its vast manufacturing sector and export volumes, while the United States ranks third at 6.7 percent, leveraging its large, diversified trade flows and advanced insurance infrastructure. Smaller but strategically positioned nations such as Singapore, Belgium, and the Netherlands also rank among the top contributors. Singapore serves as a critical gateway for Asian trade, while Belgium and the Netherlands, home to the ports of Antwerp and Rotterdam respectively, are pivotal nodes in European and global supply chains.

Several trends have shaped the marine cargo insurance landscape in 2025. Although the most acute port congestion issues from the COVID-19 era have subsided, lingering inefficiencies persist, exacerbated by truck driver shortages in many regions. These delays, in turn, increase risks such as theft, fire, and cargo spoilage. In parallel, many companies have shifted from “just-in-time” to “just-in-case” inventory strategies to protect against supply chain shocks, leading to higher levels of goods stored in warehouses for longer periods. This shift has increased the demand for stock throughput coverage, which protects goods in transit and storage. Inflation has further amplified risk exposure by raising the aggregate value of stored inventory, which requires insurers to increase capacity and refine valuation methodologies. Another notable trend is the emergence of larger vessels with taller container stacks. While these megaships reduce per-unit shipping costs, they also introduce higher risks of catastrophic loss, whether from severe weather, structural failure, or fires that are more challenging to control on such large vessels.

A persistent challenge comes from mis-declared or undeclared hazardous cargo, estimated to involve around 150,000 containers annually. These misdeclarations pose significant safety hazards and can lead to severe losses through fires, explosions, or environmental contamination. The risk is compounded by global shipping’s complexity and the limitations of existing inspection regimes.

Premium growth in marine cargo insurance is closely aligned with global trade volumes and values, which have followed a long-term upward trajectory despite notable downturns during the 2008–2009 global financial crisis, the 2016–2018 US–China trade war, and the 2020 pandemic. In each case, trade activity eventually rebounded, demonstrating the resilience of global supply chains and the indispensable role of marine insurance.

The Marine Trade Insurance Potential Index (MTIPI) highlights markets with particularly strong growth potential, combining metrics such as trade intensity, insurance market maturity, logistics performance, and long-term economic growth. Leading countries on this index include Hong Kong, Singapore, Switzerland, Denmark, Lithuania, Germany, Finland, and South Korea. These markets share traits such as high trade-to-GDP ratios, well-developed insurance sectors, and world-class logistics capabilities.

As the marine cargo insurance sector moves through the second half of 2025, the interplay of trade growth, evolving risk profiles, and digital transformation will shape strategic priorities. Increasingly, insurers are investing in satellite tracking of shipments, AI-driven predictive analytics, and blockchain-enabled documentation to improve risk management, expedite claims, and strengthen client relationships. The sector’s close correlation with global trade means it will remain a critical barometer of international economic health and an essential facilitator of commerce.

  1. Travel Insurance: Untapping Billions in Revenue through Innovation and Safety

Insurance150. (2025). Travel Insurance: Untapping Billions in Revenue through Innovation and Safety. https://insights150.com/p/travel-insurance-untapping-billions-in-revenue-through-innovation-and-safety 

The travel insurance sector has staged a remarkable recovery alongside the broader rebound in global tourism. Since the mid-20th century, the number of international tourists has grown from just 25 million in 1950 to approximately 1.3 billion in 2023, reflecting a compound annual growth rate of 5.57 percent over this extended period. Despite interruptions from crises such as the COVID-19 pandemic, the long-term trend remains solidly upward. Economic development in emerging markets, rising disposable incomes, expanded air connectivity, and digital platforms that simplify travel planning have all contributed to the sector’s growth. Shifts in lifestyle and work patterns, including the rise of remote work, have also encouraged more frequent and longer trips, while consumers increasingly prioritize experiences over material goods.

Market forecasts point to sustained expansion. Using historical data and regression analysis, the traveling population is expected to reach 1.49 billion by 2035. Average travel insurance costs remain moderate relative to trip values; according to recent data, the average cost of insuring a $5,000 trip is approximately $200.26. Based on current penetration rates of around 30 percent, the global travel insurance market is projected to grow to $155.31 billion by 2034 at a compound annual growth rate of 6.39 percent. Alternative estimates suggest an even faster expansion, with some projections indicating $123.21 billion by 2034 from a 2024 base of $42.28 billion, implying a CAGR of 11.29 percent.

Europe currently holds the largest regional share at 38 percent, buoyed by mature travel infrastructure, regulatory standards that encourage comprehensive coverage, and high consumer awareness. North America follows at 30 percent, supported by increasing demand for bundled, multi-trip policies and medical coverage for travel abroad. The Asia-Pacific region, with 23 percent of the market, is projected to experience the fastest growth through 2034, driven by rising middle-class incomes, expanded outbound travel from China and India, and innovation in travel medical insurance products. Latin America, while smaller at 9 percent, is steadily increasing its contribution as awareness spreads and more consumers seek coverage for international travel.

Despite strong fundamentals, the travel insurance sector remains significantly underpenetrated. If penetration rates increase by just 1 percentage point annually, the total market value could unlock an additional $243.64 billion by 2034. This represents a major opportunity for insurers and investors. Achieving this growth will require targeted go-to-market strategies, strategic partnerships with airlines, travel agencies, and fintech providers, and product innovations tailored to specific customer segments such as adventure travelers, digital nomads, and retirees traveling internationally.

Digital transformation is reshaping distribution and customer experience. AI-powered underwriting and dynamic pricing allow insurers to offer personalized policies in real time, while automation in claims handling speeds up reimbursement and improves satisfaction. Embedded insurance — offered seamlessly at the point of booking — is gaining traction, particularly among younger travelers. In the wake of the pandemic, consumer expectations for risk management solutions have risen sharply, and insurers who respond with flexible, transparent coverage stand to gain a competitive edge.

As 2025 progresses, the travel insurance sector sits at the intersection of economic recovery, technological adoption, and evolving consumer priorities. With a growing traveling population and substantial untapped market potential, the stage is set for sustained growth, innovation, and increased integration into the broader travel experience.

  1. Aging Populations & Life Insurance: Insuring Longevity in a Changing World

Insurance150. (2025). Insuring Longevity: Adapting Life Insurance to an Aging World. https://insights150.com/p/insuring-longevity-adapting-life-insurance-to-an-aging-world 

The demographic shift toward older populations is one of the most profound forces shaping the global life insurance market today. The share of people aged 65 and over has increased by an extraordinary 436 percent since 1960, and in many OECD countries seniors now account for nearly 18 percent of the total population. Looking forward, the dependency ratio — the number of elderly people per 100 working-age individuals — is projected to exceed 60 by 2050 in numerous developed economies. This structural change is being driven by advances in healthcare, declining birth rates, and the cumulative effect of rising life expectancy.

For life insurers, these demographic realities present both challenges and opportunities. On the one hand, extended life spans mean that products with guaranteed payouts, such as annuities and whole-life policies, face increased longevity risk. Actuarial models, traditionally calibrated to shorter average lifespans, must be recalibrated to account for decades of additional benefit payments. This has financial implications not only for insurers but also for the broader retirement ecosystem, as the intersection between public pension systems and private insurance becomes more pronounced. On the other hand, the aging population is creating new demand for products that integrate insurance, healthcare, and wealth management. Hybrid policies that combine life insurance with long-term care benefits are gaining popularity, as are flexible products that can adjust coverage and payout structures over time to reflect changing needs.

Geographically, the landscape of aging varies significantly. Markets such as Japan, the United Kingdom, and the United States exhibit both high aging and high insurance penetration, making them competitive but mature. In contrast, countries like China, Poland, and Ukraine have aging populations but relatively low life insurance adoption, offering substantial room for growth. In emerging markets like India and Indonesia, where populations are still relatively young, the aging trend will unfold more slowly, but proactive insurers can position themselves early to capture future demand.

In response to these shifts, insurers are expanding digital capabilities to reach older customers more effectively. While it might seem counterintuitive, adoption of digital tools among older adults is growing rapidly, driven by the convenience of online policy management, telemedicine, and virtual advisory services. Digital underwriting processes, supported by health data from wearables, are helping insurers better assess risk in older applicants, making coverage more accessible while managing adverse selection.

From a strategic perspective, life insurers are increasingly framing themselves as “longevity partners” rather than simply providers of death benefits. This positioning involves integrating wellness programs, preventive healthcare incentives, and retirement planning services into their offerings. In doing so, insurers not only build stronger customer relationships but also potentially reduce claim costs by supporting healthier lifestyles among policyholders.

The first half of 2025 has confirmed that aging is not a temporary blip on the demographic radar but a permanent shift that will define the life insurance market for decades. Carriers that can adapt product design, risk assessment, and customer engagement strategies to the realities of longevity will be well-placed to thrive in this evolving environment.

  1. Pet Insurance: A Large and Growing Opportunity

Insurance150. (2025). Pet Insurance: A Large Market Opportunity for US Insurers. https://insights150.com/p/pet-insurance-a-large-market-opportunity-for-us-insurers-e67d 

The pet insurance market has emerged as one of the fastest-growing segments in personal insurance, fueled by the ongoing “humanization” of pets. In 2023, the global market was valued at $10.84 billion, and forecasts indicate a surge to $45.64 billion by 2033, reflecting a robust compound annual growth rate of 15.5 percent. This rapid expansion is driven by rising veterinary costs, growing awareness of pet health needs, and the increasing emotional importance of pets within households.

North America leads the market, with the United States and Canada together insuring over 7 million pets. In the U.S. alone, there are 6.4 million insured animals — 4.9 million dogs and 1.5 million cats — representing a growth of 149 percent since 2019. Canada, while smaller in absolute terms, has seen similar growth patterns, reaching 619,000 insured pets. Yet penetration rates remain low, hovering around 3 percent in the U.S., which translates to over $100 billion in untapped potential market value when measured against the total population of approximately 95 million dogs and 83 million cats.

The average annual premium in 2023 was $1,263 for dogs and $626 for cats. These figures reflect the growing sophistication of veterinary care, which now includes treatments and diagnostics once reserved for human medicine, such as MRIs, chemotherapy, and advanced surgical procedures. As such care becomes more available, the financial risk associated with pet ownership increases, reinforcing the case for insurance. Embedded wellness coverage — combining accident and illness protection with preventive care benefits — is also becoming more common, reflecting consumer demand for comprehensive, human-like healthcare for pets.

Technological innovation is playing an important role in the sector’s expansion. Digital platforms enable seamless policy purchase, claim submission via mobile apps, and instant payouts for pre-approved treatments. Some insurers are experimenting with telehealth services for pets, allowing owners to consult veterinarians online before deciding on in-person visits, which can help manage claims costs and improve customer satisfaction.

Looking ahead, the challenge for pet insurers will be to balance growth with sustainability. As penetration increases, claims costs will inevitably rise, requiring careful pricing, fraud prevention, and the use of data analytics to predict and manage risk. Nevertheless, the emotional bond between owners and pets ensures that demand for quality healthcare — and by extension, insurance — will remain strong. In the first half of 2025, the pet insurance sector has proven itself not only resilient but also primed for sustained double-digit growth over the coming decade.

  1. The Flood Insurance Gap: Closing One of the Largest Protection Deficits

Insurance150. (2025). The Flood Insurance Gap. https://insights150.com/p/the-flood-insurance-gap-fc4a 

Flooding ranks among the most frequent and costly natural disasters globally, with damages totaling $1.9 trillion between 2000 and 2024. In 2024 alone, flood-related losses reached $84 billion, yet only 25 percent of those losses were insured, leaving an enormous $63 billion protection gap. This gap highlights the persistent underinsurance of flood risk, particularly in regions where flooding is common but insurance penetration remains minimal.

The global flood insurance market is expected to grow from $12.7 billion in 2024 to $45 billion by 2032, representing a compound annual growth rate of 17.1 percent. Residential coverage is expanding more rapidly than commercial coverage, with growth rates of 424 percent and 187 percent respectively, driven by updated floodplain mapping, regulatory initiatives, and rising consumer awareness of flood risk. Public-private partnerships have played a critical role in expanding access, particularly in countries where government-backed flood insurance schemes work alongside private insurers to provide affordable coverage.

Despite progress, significant barriers remain. Affordability is a major concern, as actuarially sound premiums can be prohibitively high for households in high-risk areas. Risk perception gaps — where individuals underestimate their exposure to flooding — further limit uptake. In some cases, regulatory fragmentation and outdated hazard models slow market development, while climate change continues to intensify the frequency and severity of flood events, outpacing the ability of insurers to adjust pricing and capacity.

Innovations in parametric insurance, which pays out based on predefined triggers such as rainfall levels or river heights, are showing promise as a way to simplify claims, reduce costs, and expand coverage in underserved markets. The integration of satellite imagery, drone surveys, and AI-based flood modeling is improving risk assessment, enabling insurers to underwrite more precisely and manage portfolios more effectively.

For insurers and investors, even modest increases in penetration represent substantial opportunities. If global coverage rates were to rise by just 10 percentage points, billions of dollars in additional premiums could be generated annually, while providing vital financial resilience to vulnerable communities. The first half of 2025 has underscored that closing the flood insurance gap is not only a commercial imperative but also a societal one, essential to managing the economic impacts of climate change and safeguarding livelihoods in flood-prone regions.

Conclusion: Navigating the Second Half of 2025

The first six months of 2025 have demonstrated that the insurance industry is entering a period of decisive structural transformation. Across every sector we have examined — from blockchain integration in core insurance operations to the resilience of marine cargo protection, from the rapid recovery of travel insurance to the long-term demographic forces reshaping life coverage, from the meteoric rise of pet insurance to the urgent need to close the flood protection gap — one unifying theme stands out: adaptability. Insurers that can interpret shifting market dynamics, harness technology effectively, and design products that meet evolving customer expectations are already setting themselves apart from the competition.

The macro trends shaping this adaptability are powerful and persistent. Technological adoption is no longer a question of “if” but “how fast,” with blockchain, AI, and IoT moving from experimental status to operational necessity. Climate change continues to expose underinsurance in both developed and emerging markets, especially in areas such as flood risk where the stakes are high and the protection gap remains wide. Demographic aging is reframing life and health insurance in ways that will require sustained innovation, while consumer behavior — whether expressed in the demand for comprehensive pet coverage or flexible travel protection — is reshaping distribution models and customer engagement strategies.

The opportunity landscape is equally compelling. In each market examined, penetration rates remain low enough to suggest significant headroom for growth, whether through targeted outreach, embedded insurance models, or the creation of hybrid products that meet multiple needs simultaneously. Strategic partnerships, especially between insurers and technology providers, will play a critical role in accelerating market entry and deepening customer trust. The data and case studies from the first half of the year make it clear that early movers in these partnerships are capturing not just market share but also mindshare, positioning themselves as leaders in innovation and customer experience.

As we look to the second half of 2025, the balance of challenge and opportunity will remain finely poised. Economic stability in many markets provides a window for investment in transformation, yet geopolitical uncertainties, climate volatility, and competitive pressures will continue to test the agility of insurers worldwide. The winners will be those who do not view disruption as a passing phase but as the permanent operating environment of modern insurance. For these players, the ability to adapt — in products, in technology, and in mindset — will not just define their performance in the remainder of 2025, but also lay the groundwork for leadership in the decade ahead.

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Insurance Is Ready to Leap Forward with Blockchain and the Metaverse https://www.bcg.com/publications/2023/insurance-is-embracing-blockchain-and-metaverse

Blockchain Insurance Market: Global Industry Analysis and Forecast (2024-2030) https://www.maximizemarketresearch.com/market-report/blockchain-insurance-market/11489/

Incorruptible Blockchain Insurance - Latest Trends Gaining Ground in America https://www.simplesolve.com/blog/blockchain-smart-contracts-top-insurance-technology-trend/

Top 10 Use Cases of Blockchain for Insurance Industry https://www.xenonstack.com/blog/blockchain-for-insurance

8 Blockchain Insurance Examples to Know https://builtin.com/blockchain/blockchain-insurance-companies

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