Payments
Premium finance market to reach $139B by 2032
November 16, 2023
The premium finance market is expected to grow from $47.8 billion in 2022 to $139.7 billion by 2032, seeing a compound annual growth rate of 11.5% from 2023 to 2032, according to research from Allied Market Research. The demand for insurance, boost in premium rates and use of AI in insurance platforms are all driving growth in the market, according to a press release.
The fixed interest rate segment will hold the highest market share and will grow at a CAGR of 12.6%. The banks segment held the largest market share, but nonbank financial companies will see the highest CAGR of 14.9%.
The North American market will have the highest market share, but the Asia-Pacific will see the highest CAGR of 14.7%.
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