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Premium Finance Market Share

Report ID: GMI10065
Published Date: Jun 2024
Report Format: PDF

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Premium Finance Market Share

IPFS Corporation and FIRST Insurance Funding hold a significant share of over 10% in the premium finance market. IPFS Corporation has a long-standing presence in the premium finance industry, allowing it to build substantial expertise and experience. This deep industry knowledge enables the company to provide tailored and reliable premium financing solutions that meet the diverse needs of policyholders. FIRST Insurance Funding provides a comprehensive suite of premium financing products that cater to a variety of insurance types and policyholders, including personal, commercial, and specialty lines. Their extensive product range ensures they can address diverse client requirements, enhancing their market presence.

Some other major players in the market are Byline Bank, JPMorgan Chase & Co., Lincoln National Corporation, AFCO Credit Corporation, US Premium Finance, Valley National Bancorp, ARI Financial Group, Agile Premium Finance, and Capital for Life.

Premium Finance Market Companies

Major players operating in the premium finance industry are:

IPFS Corporation
FIRST Insurance Funding
Agile Premium Finance
Imperial PFS
ClassicPlan Premium Finance
PayLink Direct

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industry size for premium finance was USD 52.2 billion in 2023 and is projected to expand at over 10% CAGR from 2024 to 2032, due to the rising cost of insurance premiums in a variety of industries, such as auto, property, and health insurance.

The life insurance type segment in the premium finance industry is projected to record more than USD 75 billion by 2032, led by the increasing awareness about its importance for financial security and estate planning.

The NBFCs provider segment in the premium finance industry may record over 12% CAGR from 2024 to 2032, as they can quickly adapt to market demands and introduce new premium financing products and services tailored to the specific needs of various customer segments.

North America industry recorded over 30% share in 2023 and is estimated to grow at notable rate between 2024 and 2032, on account of the presence of highly developed and mature insurance industry with a significant number of high-value policies.