Global Insurance Market 2021-2026

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    GLOBAL INSURANCE MARKET

     

    INTRODUCTION

    Insurance, in economic terms, refers to a pooling mechanism for decreasing the downside of risk by reallocating resources from risk-free to high-risk areas of the world: Insurance compensates a person for a portion or the full amount of a financial loss resulting from an unforeseen occurrence or danger.

     

    This protection is provided through a system called a risk pool, which collects all of the people who are exposed to the same danger.

     

    Each participant pays a modest premium into the pool, which is subsequently used to reimburse those unfortunate enough to really incur a loss.

     

    infographic: Insurance Market, Insurance Market Size, Insurance Market Trends, Insurance Market Forecast, Insurance Market Risks, Insurance Market Report, Insurance Market Share

     

    In most cases, risk coverage comes in the form of an insurance policy from a provider. An insurer’s ability to let the insured take more risks and better manage exposure depends on how well it enables coverage (and how widely it spreads its risks assumptions).

     

    As a result, insurance markets are critical for economic growth and serve as a stimulant for the development of the capital market.

     

    Insurance markets help economic activity because they exist. This comes immediately from the concept that risk-averse people are ready to pay at least a reasonable premium to assure recompense should a certain event occur in the future. So some people can take on more risks by engaging in higher-risk activities.

     

    To know more about Global Health Insurance Market, read our report

     

    GLOBAL INSURANCE MARKET DEVELOPMENTS AND INNOVATIONS

    S No Overview of Development Development Detailing Region of Development Possible Future Outcomes
    1 India Likely to Block Chinese Investment in Insurance Giant LIC’s IPO New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations. India This would enhance better Adoption

     

     

    GLOBAL INSURANCE MARKET DYNAMICS

     

    SI No Timeline Developments
    1 Q1-2022

     

    Global leader in consumer specialty insurance, Allianz Partners partnered with Singapore Airlines to provide insurance products and services.
    2 Q4-2021 The rising forms of COVID-19 virus and increased spreading of the diseases caused the dramatic rise in the insurance signed..
    3 Q4-2021 The US life insurance experienced the biggest increase in payouts in the century due to the Covid-19 pandemic in 2020, since the 1918 flu pandemic according to the American Council of Life Insurers.
    4 Q4-2021 China’s biggest life insurer, China Pacific Life Insurance, expands life insurance business in the Hong Kong city due to increased market competitiveness in the region.
    5 Q4-2021 Hinduja Group partnered with Abu Dhabi Investment Authority to enter the Indian insurance sector by acquiring stakes in Bharti-AXA life insurance joint venture.
    6 Q4-2021 Indian life insurance companies saw a 42% increase in premium collections in the month of November 2021.

     

    Insurance plays an important role in the growth of the financial sector, not just as a complement to economic activity. Using equity capital, insurers join the market and offer insurance policies that serve as a replacement for loan capital.

     

    The money obtained via the issuance of both forms of capital is kept in a separate account until it is time to settle claims. Therefore, an efficient insurance sector is not only important for economic activity and for enabling risk sharing, but it also plays a key role in the investment of saved funds.

     

    The rise in gross premiums can be traced back to certain insurance classes like auto insurance. The reactions of the insurance industry to Brexit have also had a substantial impact on premium increase in several European nations.

     

    Traditionally, life insurance gives protection from hazards that directly impact the policyholder, together with investment or savings contracts (such as mutual funds and annuities).

     

    Premiums for non-investment-linked insurance have risen, while premiums for investment-linked products have decreased, according to Australian regulators.

     

    Life insurance contracts with guarantees had a rise in Belgium that was greater than the growth in unit-linked policies. Growth in non-life insurance may frequently be explained by growth in motor vehicle insurance, as insurers receive the majority of premiums in this area.

     

    This line of business has been highlighted as a key driver of non-life sector growth in countries like Poland and Lithuania, where it accounts for 60% or more of non-life premiums.

     

    Carriers’ performance in the primary EMEA regions has a significant impact on both top and bottom-line outcomes. As a result, in the EMEA region’s life insurance market, the performance shown in France, Italy, and the United Kingdom accounts for approximately 60% of the total.

     

    P&C markets in France, Germany, and the UK account for half of EMEA results in this line of business. France, Germany, and the Netherlands account for about 70% of the global market for health insurance.

     

    However, nations in the Middle East are seeing the most rapid development in the EMEA area, thanks to rising life expectancy, a growing middle class, and an increasing population.

     

    infographic: Insurance Market, Insurance Market Size, Insurance Market Trends, Insurance Market Forecast, Insurance Market Risks, Insurance Market Report, Insurance Market Share

     

    GLOBAL INSURANCE MARKET SEGMENTATION

     

    The Global Insurance Market can be segmented into following categories for further analysis.

     

    Insurance Market By Component of Application Type

    • Health Insurance
    • Life Insurance
    • Marine Insurance
    • Vehicle Insurance
    • Non-Life Insurance
    • Property Insurance
    • Loan Insurance

     

    Insurance Market By Application

    • Residential / Personal Application
    • Commercial Application
    • Industrial Application
    • Military Application
    • High-Capacity User Application

     

    Insurance Market By Integration / Structure Type

    • Private Partnership Only
    • Public Private Partnership
    • Program based Public Private Partnership

     

    Insurance Market By End Insurance Type

    • Cargo Based Insurance
    • Onshore Energy Insurance
    • Hull Insurance
    • Marine Liability Insurance
    • Onboard Machinery Insurance

     

    Insurance Market By Ownership Model Operation Type

    • Self-Paying Individuals
    • Government Sponsored establishments
    • Commercial establishments

     

    Insurance Market By Distribution Channel Type

    • Wholesalers
    • Retail Brokers
    • Traders

     

    Insurance Market By Regional Classification

    • Asia Pacific Region – APAC
    • Middle East and Gulf Region
    • Africa Region
    • North America Region
    • Europe Region
    • Latin America and Caribbean Region

     

    RECENT TECHNOLOGICAL TRENDS IN GLOBAL INSURANCE MARKET

     

    SI No Timeline Company Developments
    1 Q4-2021 Sampo Plc Nordic insurance group Sampo Plc will acquire UK based Hastings Insurance Services for GBP 685 Million to expand its market across Europe.
    2 Q4-2021 Aviva Life Insurance Aviva Life Insurance introduced Nivesh Bima scheme which is life insurance of a non linked, non participating, individual savings plan that provides guaranteed money back at every fifth policy year including lump sum payout at maturity.
    3 Q4-2021 Aviva Plc Aviva Plc sold its France insurance business to mutual insurance group Aema Groupe for $3.8 Billion to diversify its business into new strategies.
    4 Q4-2021 ICICI Prudential Life Insurance ICICI Prudential Life Insurance started its new product ICICI Pru Guaranteed Income for Tomorrow, is a non participating savings product with two options of guaranteed tax free income or income with 110% return of premium.
    5 Q4-2021 Allianz SE and CNP Assurances Allianz SE and CNP Assurances acquired the Italian insurance business from multinational insurance company Aviva Plc for $ 1.1 billion.
    6 Q4-2021 Edelweiss and Tokio Marine The Indian financial service provider Edelweiss partnered with Japanese Tokio Marine with a joint venture agreement, the insurance venture agreement ended in November 2021 after a decade.
    7 Q4-2021 Bestow and Equitable Life insurance company Bestow and financial service provider Equitable partnered to launch new digital term insurance called Term-in-10.
    8 Q4-2021 HDFC Life Insurance Exide Industries life insurance is acquired by HDFC Life Insurance  in a cash and stock deal valued at INR 6,687 crore.
    9 Q4-2021 Reliance Nippon Life Insurance Reliance Nippon Life Insurance introduced its new plan, Samrudhi, a non participating, non linked individual life insurance which also offers tax free guaranteed returns.
    10 Q4-2021 Bajaj Allianz Bajaj Allianz Life Insurance partnered with India Post Payments Bank and Department of Posts to set up two new insurance products Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal which are term and annuity products respectively.

     

    The Property & Casualty business has already embraced advanced insurance technology, with benefits accruing to both carriers and insureds.

     

    Insurance quotations may now be obtained via a smartphone app, and traditional insurance cards are becoming increasingly rare. In 2021, insurance technology will have advanced considerably farther.

     

    A defined omnichannel approach to customer service, as well as digital insurance solutions, are propelling the P&C insurance industry’s transformation. In addition, insurance businesses of all sizes are looking for evergreen solutions technology that can expand and adapt with changing demands and capabilities to help them remain ahead of rivals.

     

    Many insurers utilize predictive analytics to gather a wide range of information to better understand and anticipate consumer behavior. Data accuracy may increase by utilizing it in innovative ways.

     

    Artificial intelligence (AI) is being used more and more, and AI-enabled gadgets are already widespread in households across the world. Customers, especially those purchasing critical products like property and casualty insurance, are constantly on the lookout for tailored experiences.

     

    As a result of AI, insurers are now able to provide customers with more personalised experiences that keep pace with contemporary consumer expectations.

     

    Utilizing artificial intelligence (AI) and the vast quantities of customer data accessible will be critical in creating highly personalised experiences.

     

    Machine learning has the potential to not only enhance the claims processing process, but to fully automate it. By employing pre-programmed algorithms, files that are digital and available through the cloud may be processed more quickly and accurately.

     

    This automated evaluation can have an influence on more than just claims; it can be utilised for policy administration and risk assessment as well. You don’t want to be left behind when it comes to utilising machine learning skills. Machine learning is on its way to becoming a standard tool in the insurance industry.

     

    infographic: Insurance Market, Insurance Market Size, Insurance Market Trends, Insurance Market Forecast, Insurance Market Risks, Insurance Market Report, Insurance Market Share

     

    INSURANCE MARKET COMPETITIVE LANDSCAPE

     

    SI No Timeline Company Developments
    1 Q4-2021 Marsh International Holdings Global insurance firm Marsh International Holdings buys its stake from 49% to 98% from its joint venture between Indian company Rampart Trust to take full control and to maximize its market share in India.
    2 Q4-2021 Life Insurance Corporation Life Insurance Corporation of India plans to file an IPO in the 1st or 2nd  quarter of 2022, which will be the biggest IPO in India.
    3 Q4-2021 Japan Post Insurance Japan Post Insurance provides life insurance services, and recorded its total profit in second and third quarters of six months ending September of upto 80.5 billion Japanese Yen.
    4 Q4-2021 OP Financial Group Largest financial companies in Finland, OP Financial Group earned net income of EUR 542 million with 14% growth during the nine months period of January to September 2021.
    5 Q4-2021 HDFC Life Insurance HDFC Life Insurance earned INR 274 crore profit in the second quarter, with a 16% decrease in income compared with the same period in the last fiscal year.
    6 Q4-2021 Star Health Insurance Star Health Insurance of India filed for INR 6,400 Crore IPO and the company used the fresh issue to increase its capital base.
    7 Q4-2021 Generali Generali announced its nine months revenue till september 2021 of EUR 4.4 billion, with an increase of 10% from last year in the same period.
    8 Q3-2021 SBI Life Insurance Indian government owned insurance company SBI Life Insurance’s  revenue in the second quarter of FY-2022 was INR 223 crore with 43% decline

     

    Today’s insurers must be capable of managing software platforms, deploying upgrades, and bringing new products to market quickly and accurately. While this procedure used to necessitate the employment of a trained developer or IT team, new developments in software-specific coding platforms have made it easier than ever before.

     

    A vehicle’s insurance policy will be influenced for some time to come by telematics. Think of telematics as a car version of smartwatches or other wearables.

     

    Cars may now be fitted with monitoring devices that collect data on a variety of indications, such as speed, location, accidents, and more. This data is then analysed with analytics software to help you calculate your insurance rate.

     

    Allianz Global Corporate & Specialty (AGCS) provides global marine and shipping insurance for all types of marine risk, from single vessels and shipments to the most complex fleets and multinational logistics businesses.

     

    The organisation operates on varied levels of products which includes Protecting specialist shipments of project-critical equipment for large civil, production facility and infrastructure projects around the world alongside Hull and machinery coverage for all types of blue- and brown-water shipping, plus shipyards and building risks, as well for mega yachts, yachts, and pleasure craft.

     

    BNP Paribas has been part of a major insurance development requirements in the Aviation and other important heavy sectors of industries operating on a global scale.

     

    Back Market, the first marketplace for refurbished devices, is teaming with insurer BNP Paribas Cardif and insurtech i-surance to launch a new insurance offer for refurbished smartphones, tablets, and laptops, with support from affinity program specialist ARROS.

     

    Initially available in France, Spain and Germany, this new offer will progressively be rolled out in several other European markets.

     

    The insurance offered by Back Market covers refurbished mobile devices against everyday risks such as breakage, rust, or theft. The insurance also covers accidental damage or damage due to negligence.

     

    To know more about Global Motor Insurance Market, read our report

     

    INSURANCE MARKET COMPANIES PROFILED

     

    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2021-2026
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2021-2026
    19 Market Segmentation, Dynamics and Forecast by Application, 2021-2026
    20 Market Segmentation, Dynamics and Forecast by End use, 2021-2026
    21 Product installation rate by OEM, 2021
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2021
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

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