In this article, we are going to list the 5 Biggest Industries in the World in 2021. To read our detailed analysis of the global industry trends, please go to the 10 Biggest Industries in the World in 2021.
5. Life and Health Insurance
Market value: $8.45 trillion
The health insurance industry ranks 5th on the list of the biggest industries in the world in 2021. According to Deloitte’s industry study, the life and health insurance industry will expand by 3% in 2021, but volume will not return to where it was before until after the fourth quarter of 2022. Even in the middle of a pandemic, the life and health insurance industry remained resilient as they continued doing business over video conferencing platforms. According to a survey conducted by LIMRA, 98% of financial services respondents believe their customers are becoming more interested in purchasing services online and using video engagement tools.
One of the biggest insurance providers Prudential Financial Inc. (NYSE: PRU) provides services online where the consumers will be guided by a financial advisor in purchasing their insurance digitally. On top of that, Prudential has lowered the paramedical test criteria for new life plans with a face value of $3 million or less in certain cases to limit in-person appointments. Shares of PRU increased by 110% over the past twelve months. In 2020, the company’s revenue was $57 billion.
Cigna Corp (NYSE: CI) is one of the largest health insurance companies with over 70,000 employees serving clients worldwide. The company is one of the biggest health insurers that benefited the most from the pandemic. Cigna had revenue of $160.4 billion in 2020. Shares of CI increased by 69% over the past twelve months.