Insurance: players, trends, regulation, and how to crack the cases

Main insurers by region, what changed from 2024 to 2026, regulation basics, and typical case prompts with the first driver to check.

Industry brief, with a one-minute summary: Insurance

Firm processes and online tests change from year to year and differ by office. Use this to prepare, and confirm the exact current steps on the firm's own careers page.

Key takeaways

Insurance is local. Rules, products, and distribution differ by country, so ask early which country, which line, and which channel the case is about.
Common traps: Treating premium growth as success: growth at a loss-making price makes things worse.
Growth is slowing. Swiss Re Institute (sigma, July 2026) forecasts global premium growth of 1.3 percent in real terms in 2026, down from 3.9 percent in 2025.
Natural catastrophes stay expensive.
India opened up. On 17 December 2025 India's Parliament passed a bill that allows up to 100 percent foreign direct investment in insurance companies, up from 74 percent (Press Information Bureau).

Key idea

Insurance is local. Rules, products, and distribution differ by country, so ask early which country, which line, and which channel the case is about.

Examples of insurers by region (well-known names, not a ranking)

Examples of insurers by region (well-known names, not a ranking)
Region	Examples
Global and Europe	Allianz (Germany), AXA (France), Generali (Italy), Zurich (Switzerland), Aviva (UK); reinsurers Munich Re, Swiss Re, Hannover Re
US	State Farm, Berkshire Hathaway (including GEICO), Progressive, MetLife; health insurers such as UnitedHealth
Asia	Ping An and China Life (China), AIA and Prudential (across Asia), Tokio Marine (Japan), Great Eastern and Income Insurance (Singapore)
India	LIC (state-owned, life), SBI Life, HDFC Life, ICICI Lombard, New India Assurance, Star Health
Gulf	Tawuniya and Bupa Arabia (Saudi Arabia), ADNIC (UAE), Qatar Insurance; many takaful operators
Africa	Old Mutual, Sanlam, Hollard (South Africa); Leadway (Nigeria); Jubilee (East Africa)

So-what

Many markets have one or two dominant local players, plus global groups and bank-owned insurers that sell through bank branches.

Trends from 2024 to 2026 (checked 28 September 2026)

Growth is slowing. Swiss Re Institute (sigma, July 2026) forecasts global premium growth of 1.3 percent in real terms in 2026, down from 3.9 percent in 2025. It points to slower economic growth, stickier inflation that raises the cost of claims, and a soft market in non-life insurance, where prices are cyclically weak.
Natural catastrophes stay expensive. Swiss Re estimated insured natural catastrophe losses of about USD 107 billion in 2025, the sixth year in a row above USD 100 billion; the Los Angeles wildfires alone were about USD 40 billion.
India opened up. On 17 December 2025 India's Parliament passed a bill that allows up to 100 percent foreign direct investment in insurance companies, up from 74 percent (Press Information Bureau). This makes it easier for foreign insurers to enter or to take full control of Indian partners.
New accounting. IFRS 17, in force since January 2023 in countries that use IFRS, changed how insurers report profit, so compare years with care.
Gulf risk. From 28 February 2026, a conflict involving Iran, Israel and the United States sharply reduced shipping through the Strait of Hormuz. The UK House of Commons Library (June 2026) notes that insurance costs are one reason shipping companies remain hesitant to use the route. Marine, energy and political risk insurance in the region are directly affected. Check the latest news.
Takaful keeps growing from a small base (IFSB: assets up 16.9 percent in the year to the third quarter of 2024).

Regulation basics (general, not legal advice)

Insurers need a licence and must hold enough capital for the risks they carry. The EU uses Solvency II, the UK uses a similar regime, the US uses risk-based capital rules set state by state, and regulators such as IRDAI in India set local rules. Some cover is compulsory, for example third-party motor insurance in most countries and employer health insurance in parts of the Gulf, and some prices are regulated. Consumer protection rules govern how products are sold and how claims are handled. Takaful operators also follow Sharia governance rules.

Typical insurance case prompts and how to crack them

Typical insurance case prompts and how to crack them
Case prompt	Structure hint	First driver to check
Our motor insurer is losing money. Why?	Combined ratio: loss ratio (frequency x severity) plus expense ratio; investment income	Claims frequency and average claim cost, by customer group
Should we sign a bancassurance deal with a large bank?	Customers reached, conversion, commission cost, exclusivity, partner fit	Expected policies sold per branch and the commission rate
Should we launch a digital, direct insurer?	Customer acquisition cost versus lifetime value; pricing data; claims service	Cost to acquire a customer online versus the agent commission saved
Our life insurer's new business is falling	Volume by channel and product, persistency, interest rate effects	Sales by channel: which channel dropped
How much reinsurance should we buy?	Risk appetite, capital needed, cost of reinsurance versus capital saved	Largest likely loss, such as a flood or cyclone, versus the insurer's capital
Should we launch a takaful product?	Demand, Sharia board, operating model (wakala or mudaraba), pricing, distribution	Share of target customers who prefer Sharia-compliant cover

So-what

For P&C and health, open with the combined ratio and split claims into frequency (how often) and severity (how much each claim costs).

Common traps

Treating premium growth as success: growth at a loss-making price makes things worse. Ignoring investment income, or relying on it when interest rates are falling. Forgetting that this year's claims may not be fully known yet (reserves can change). Missing catastrophe exposure in one region. Assuming life and P&C work the same way.

Timed math drill

A term life insurer in Nigeria covers people aged 35 for one year. The chance that one person dies in the year is 0.2 percent, and the policy pays NGN 10 million on death. The insurer adds 30 percent on top of expected claims for expenses and profit. What is the yearly premium per person, in NGN?

Related modules: "Financial services P&L: banks and insurers" (case type) drills insurer profit bridges; "Pricing" helps with premium changes; "Market entry" helps with new insurers and takaful launches; "Mergers, acquisitions, and due diligence" helps with insurance deals. The banking module explains bancassurance partners, and the asset and wealth management module explains how insurers invest.

Check your understanding

An insurer's combined ratio is 97 percent. What does that mean?

Check your understanding

What does a reinsurer do?

Check your understanding

In a wakala takaful model, how does the operator earn money?

Terms in this lesson

Market share Price elasticity of demand Barriers to entry Economies of scale Combined ratio Reinsurance Takaful Persistency Loss ratio

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