Insurance Market 2019-2025
New Study Reports “Insurance Market 2019 Global Market Opportunities, Challenges, Strategies and Forecasts 2025”.
The insurance market is considered one of the major components of the economy by the virtue of the amount of premium it collects, the economic and social role it plays, and scale of its investment. The insurance industry across the globe has been improving over the past few years. Artificial Intelligence (AI) and Robotic Process Automation (RPA) will acquire the central stage in the insurance industry, which is further fuelled by improved data processing capabilities, new data channels, and advancements in AI. InsurTech company Lemonade’s business model, for instance, deploys behavioural and AI economics. While behavioural economics capabilities reduce fraud, AI eradicates paperwork and brokers, thus resulting in reduced effort, time, and cost.
Surging interest rates, sustained economic growth, and higher investment income further encourages the insurance market across the globe. The pace of digital acceleration is also likely to continue in the insurance industry in the years to come. IoT, wearable, and autonomous vehicles are some of the few major changes insurers require to adapt. Insurance stocks are likely to perform well in the long run due to enhanced global growth. Moreover, equity markets are likely to receive support from a sustained revival in surging commodity prices, which will further encourage the market’s growth in the near future.
Collaboration between InsurTech and traditional insurance firms will further give rise to revenue streams and new models, reduced operational costs, and higher profitability. On the contrary, economic slowdown, coupled with the ongoing disputes over trade rules and tariffs can cast a shadow on the growth of the insurance market in the foreseeable future.
Important Key Players Analysis: Allianz, AXA, Generali, Ping An Insurance, China Life Insurance, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, CPIC, Chubb, AIG, Aviva, Allstate, Swiss RE, Prudential Financial, Travelers and more.
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The insurance market has been segmented on the basis of type, sales channel, and application.
By type, the market is segregated into life insurance and non-life insurance. Of these, sustained improvement in advanced markets and a larger share of emerging markets is estimated to encourage the growth of the life insurance market. Meanwhile, the demand for non-life insurance is likely to increase with economic scenario across the world is improving with emerging markets continuing to be the major driver.
The sales channel of the insurance market constitutes of distribution channel and direct channel.
The application segment comprises brokers, agency, digital & direct channels, and Bancassurance.
Based on the region, the insurance market covers growth opportunities and latest trends across Europe, Asia Pacific, North America, South America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region performed the best and is majorly led by the Chinese insurers, which is further benefitted from huge rally in financial stocks and local technology.
The insurance market in Europe is likely to face immense growth opportunities due to the enhanced economic performance along with large-scale analyst rating upgrades.
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October 2019: ICICI Prudential Life Insurance has recently signed a corporate agency agreement with Airtel Payments Bank to ensure easy access to savings plans and life insurance for its customers. This will further enable them to build long-term savings and offer financial security to their families.
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