Finance & Insurance

The finance and insurance industry has undeniably seen a turbulent few years, yet given the underlying conditions, many are surprised at how resilient these institutions have been. With many countries’ economies being challenged by rising inflation rates and market instability, the financial sector saw both money and investment opportunities dry up. Many core elements of the industry have been able to continue as local governments combat instability with fiscal policies. For example, government programs intended to ease financial pressure on people helped keep bank accounts and insurance policies open, while financial support to corporations has ensured at least some investment opportunities remain. The core logic is that, for there to be any form of rapid economic recovery once the current economic instability is over, the existence of a functioning financial system is a necessary condition.

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Finance & Insurance

State of the industry

Trending Facts & Insights

  • Share price index in major developed and emerging economies from January 2019 to June 2023

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  • Leading life and non-life direct premium writing countries globally in 2022, by premiums (in billion U.S. dollars)

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  • Market capitalization of the 100 largest banks worldwide from 1st quarter 2016 to 2nd quarter 2023 (in trillion euros)

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  • Leading banks worldwide in 2023, by revenue from investment banking (in million U.S. dollars)

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  • Value of securities, loans, and leases of all commercial banks in the United States from January 2007 to June 2023 (in billion U.S. dollars)

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  • Largest stock exchange operators worldwide as of September 2023, by market capitalization of listed companies (in trillion U.S. dollars)

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  • Largest sovereign wealth funds worldwide as of December 2022, by assets under management (in billion U.S. dollars)

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  • Euro (EUR) to U.S. dollar (USD) exchange rate from Jan 1999 - Jun 21, 2023

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  • Treasury yield curve in the United States as of October 2023

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  • Personal savings as a percentage of disposable income in the United States from June 2015 to August 2023

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Industry Definition

At its broadest level, the financial sector includes a wide range of firms and institutions who provide financial services to commercial and retail customers. These can range from companies who provide specific services such as insurance and banking, to the general trading of financial assets and currencies, to regulatory institutions designed to structure financial transactions. Often the providers of financial services are involved with many aspects of the sector – for example, with how insurance companies and banks derive revenue from investing customers’ money. Ultimately, the aim of the financial services sector is to ensure people with excess money can invest it in a way that efficiently allocates it to businesses and individuals in need of resources. Necessary for this to occur is a degree of transparency over the risk associated with these investments, hence the need for insurance products and regulatory frameworks.

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