Global Overview of the Finance and Insurance Industry

May 2022

This briefing examines how the finance and insurance industry is performing globally, and in the largest countries in terms of finance and insurance output. The report also provides data for production, market size, imports, exports, industry costs, industry profitability and number of companies. The industry and market overview provide benchmarks against other countries globally.

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Key findings

Home delivery sales spike during the pandemic

The LSR channel was able to weather the pandemic better than most other areas of foodservice, helped by the fact that many players were already set up for takeaway or home delivery, which could easily substitute eat-in during periods when COVID-19 case numbers were spiking. Home delivery will continue growing over the forecast period, although LSR players are likely to increasingly move away from third party delivery services, which cut into their margins, and launch D2C ordering systems as they look to keep costs down.

Japanese convenience store LSR expand their offer

As Japan’s convenience store LSR see increasing competition from other foodservice players, they are expanding their own offer. For example, Lawson launched Yaki-imo, a slow-baked sweet potato that is a common winter snack traditionally sold through food trucks/carts, while Seven-Eleven introduced freshly baked bread from June 2021, and FamilyMart renewed the coffee line-up for its Famima Café, using more high-quality coffee beans and a new drip method.

Chained LSR dominate value sales

While independent LSR still dominate outlet numbers, chained operators lead in terms of value sales. Chained players also performed better when the pandemic hit the region in 2020 thanks to having greater financial resources to invest in improving digitalisation and takeaway/home delivery operations.

Positive growth expected over the forecast period

Asia Pacific returned to positive growth in real value terms in 2021, with this expected to continue throughout the 2021-2026 period, although the renewed lockdowns in China in 2022 could see the current forecasts downgraded. Digital technologies will help LSR players to reduce costs, enhance the consumer experience and build customer loyalty. A focus on digitalisation is therefore expected to play an important role in driving growth over the forecast period.

Asia Pacific returned to positive growth in real value terms in 2021, with this expected to continue throughout the 2021-2026 period, although the renewed lockdowns in China in 2022 could see the current forecasts downgraded. Digital technologies will help LSR players to reduce costs, enhance the consumer experience and build customer loyalty. A focus on digitalisation is therefore expected to play an important role in driving growth over the forecast period.

Introduction

Scope
Examining four trends shaping the finance and insurance industry
Key trends impacting the industry in 2022

Global Overview

Finance and insurance industry proved resilient during the COVID-19 pandemic
The industry experienced solid growth in 2021
US and China remain the largest financial services industries globally
Increasing interest rates to support banks’ profit growth
Strong B2B demand and rising household spending on financial services drive market growth
Soaring energy and commodity prices boost operating costs
But financial institutions are set to benefit from rising interest rates

Leading Companies

JP Morgan Chase & Co remains the largest financial services provider globally
The number of financial service providers continues to increase across most major countries
Industry concentration is expected to grow amid intensifying competition and rising costs

Global Outlook

The finance and insurance industry to record sustained growth over 2021-2026
Latin America to witness prolonged recovery from COVID-19 shock
Key future trends shaping the global industry

Country Snapshots

US: Industry growth is set to slow in the medium term
Industry to expand at a moderate rate over the forecast period
China: After a strong performance in 2021, the industry to witness a slowdown in 2022
Financial stability risks are growing due to the steep rise in China’s indebtedness
Japan: industry to experience sluggish growth over 2021-2026
Rising economic uncertainty and ultra-low interest rates hinder industry growth
Germany: Industry is projected to shrink slightly in real terms through to 2026
German banking industry on a path towards reorganisation
UK: Industry growth is forecast to decelerate over the forecast period
Economic and regulatory uncertainty could hinder industry growth
Australia: Industry to experience sustained growth in the medium term
The Australian central bank is expected to tighten monetary policy further
France: Industry to expand at a sluggish pace
France has strong potential to become the main EU financial hub
India: Industry is forecast to expand at a strong pace over 2021-2026
Booming fintech market and industry liberalisation to support industry growth
Canada: Industry is projected to witness moderate growth
Canadian banks continue to focus on digital transformation
Italy: Finance and insurance companies are set to record subdued growth
Consolidation across Italian financial institutions continues
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