How Is The Insurance (Providers, Brokers and Re-Insurers) Market Segmented?
The insurance (providers, brokers and re-insurers) market covered in this report is segmented –
1) By Type: Insurance Providers, Insurance Brokers And Agents, Reinsurance Providers
2) By Mode: Online, Offline
3) By End User: Corporate, Individual
Subsegments:
1) By Insurance Providers: Life Insurance, Health Insurance, Property And Casualty Insurance, Auto Insurance, commercial insurance, Others (Travel Insurance, Pet Insurance)
2) By Insurance Brokers and Agents: Independent Brokers, Captive Agents, Direct Brokers, Online Brokers
3) By Reinsurance Providers: Life Reinsurance, Non-life Reinsurance, Facultative Reinsurance, Treaty Reinsurance
What Is Driving The Insurance (Providers, Brokers and Re-Insurers) Market? Rapid Adoption Of Emv Technology For Insurance Market
The global payments industry has witnessed a rapid increase in the adoption of EMV technology. This growth is driven by the higher level of data security offered by EMV chips and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards, including debit, credit, charge, and prepaid cards. The chip carries data for the cardholder and the account, which is protected using both hardware and software security measures. For instance, in August 2023, according to Thales Group, a France-based manufacturer of electrical systems, in 2023, 69.25% of all issued payment cards worldwide were EMV chip-based in 2022. EMV card transactions increased from 77,52% in 2021 to 87,19% in 2022.
What Is Driving The Insurance (Providers, Brokers and Re-Insurers) Market? Rising Number Of Road Accidents In Insurance Market
The rising number of road accidents is projected to drive insurance market growth in the future. Road accidents, or traffic accidents or car accidents, are incidents that occur when vehicles, such as cars, trucks, motorcycles, bicycles, or pedestrians, collide with one another or with obstacles on the road and cause damage to vehicles and injuries to people. Insurance is provided as financial protection and to manage the financial consequences of road accidents, including coverage for damage to the insured vehicle, medical expenses for injuries, liability for injuries, and property damage caused to others. For instance, in October 2023, according to the Ministry of Road Transport & Highway, an India-based nodal agency, in 2022, India recorded 4,61,312 road accidents, resulting in 1,68,491 fatalities and 4,43,366 injuries. This marked an 11.9% increase in accidents and a 9.4% increase in fatalities compared to the previous year. Therefore, rising road accidents are driving the growth of the insurance market.
Who Are The Major Players In The Global Insurance (Providers, Brokers and Re-Insurers) Market?
Major companies operating in the insurance (providers, brokers and re-insurers) market include UnitedHealth Group, Axa S.A., Munich Re, Allianz SE, Generali Group, Swiss Re Ltd., Hannover Reinsurance S.E., Berkshire Hathaway Assurance, Progressive Corporation, Allstate Corporation, Liberty Mutual Insurance Group, The Travelers Companies Inc., USAA, Chubb Limited, Nationwide Mutual Insurance Company, American International Group Inc., American Family Insurance Group, Erie Insurance Group, Auto-Owners Insurance Group, CNA Financial Corporation, The Hartford Financial Services Group Inc., State Auto Financial Corporation, Cincinnati Financial Corporation, Mercury General Corporation, AmTrust Financial Services Inc., AXIS Capital Holdings Limited, Taiping Reinsurance Co. Ltd., Marsh McLennan Companies Inc., Aon plc, Willis Towers Watson Holdings plc, Arthur J. Gallagher & Co., Hub International Limited, Brown & Brown Inc., Lincoln Financial Group.
What Are The Key Trends Of The Global Insurance (Providers, Brokers and Re-Insurers) Market? Innovations In The Insurance Market With Robotic Errors And Omissions Insurance
Major companies operating in the insurance market are innovating new technologies, such as robotic errors and omissions insurance product, to sustain their position in the market. Robotic errors and omissions insurance is a specialized insurance product that provides professional liability coverage specifically geared towards robotics services. For instance, in September 2022, Koop Technologies, a US-based insurance technology company, launched the robotic errors and omissions Insurance Product. Robotic Errors and Omissions Insurance is a type of professional liability insurance. This is designed for manufacturers, operators, and service providers of robots and off-road autonomous vehicles from a range of sectors. This insurance coverage focuses on automation risks and serves the unique needs of the robotics ecosystem. This also covers the legal costs if a third party claims that a robotics company caused them financial loss.
What Is The Regional Outlook For The Global Insurance (Providers, Brokers and Re-Insurers) Market?
North America was the largest region in the insurance (providers, brokers, and re-insurers) market in 2024. Asia-Pacific was the second largest region in the global insurance (providers, brokers, and re-insurers) market. The regions covered in the insurance (providers, brokers, and re-insurers) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the insurance (providers, brokers and re-insurers) market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Insurance (Providers, Brokers and Re-Insurers) Market?
The insurance market consists of sales of insurance products by entities that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. Insurance providers invest premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies. Reinsurance providers are businesses that assume all or part of the risk associated with an existing insurance policy or set of policies, originally underwritten by another insurance carrier (direct insurance carrier). The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Insurance (Providers, Brokers and Re-Insurers) Industry?
The insurance (providers, brokers, and re-insurers) research report is one of a series of new reports from The Business Research Company that provides insurance (providers, brokers, and re-insurers) statistics, including insurance (providers, brokers, and re-insurers) industry global market size, regional shares, competitors with insurance (providers, brokers, and re-insurers) share, detailed insurance (providers, brokers, and re-insurers) segmentation, market trends and opportunities, and any further data you may need to thrive in the insurance (providers, brokers, and re-insurers) industry. This insurance (providers, brokers, and re-insurers) research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
