Global Generative AI in Insurance Market Size, Share, Growth Analysis, By Deployment (Cloud-based, On-premises), By Technology (Machine Learning, Natural Language Processing), By Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation,), By Region -Industry Forecast 2025-2032

Generative AI in Insurance Market size was valued at USD 547.78 Million in 2023 and is poised to grow from USD 729.1 Million in 2024 to USD 8064.95 Million by 2032, growing at a CAGR of 33.1% during the forecast period (2025-2032).

Rising emphasis on improving operational efficiency and customer experience in the insurance industry is projected to bolster the demand for generative AI (artificial intelligence) in insurance over the coming years. Advancements in generative AI technology and increasing investments in the research and development of novel AI models for insurance applications are also expected to benefit market development in the future. Emphasis on improving customer support and experience is also forecasted to benefit the global generative AI in insurance market outlook through 2031. Rising demand for providing personalized and customized insurance policies and solutions for customers is also slated to bolster the adoption of generative AI in insurance companies. Use of chatbots and AI assistants in customer support for insurance is also slated to present new opportunities for generative AI in insurance companies going forward. On the contrary, data privacy and security concerns, high costs of implementation, lack of trust and transparency, and limited availability of skilled workforce are expected to be key restraints for generative AI in insurance industry across the forecast period and beyond.