Major companies in the insurance market include Allianz Group, Ping An Insurance, Axa Group, Anthem Inc. , China Life Insurance, Centene, People’s Insurance Company of China, Humana, Assicurazioni Generali S.
New York, May 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insurance Global Market Report 2022" - https://www.reportlinker.com/p06277926/?utm_source=GNW
p.A., and Japan Post Group.
The global insurance market is expected to grow from $5,376.92 billion in 2021 to $5,938.41 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The market is expected to grow to $8,398.11 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.
The insurance market consists of sales of insurance products by entities (organizations, sole traders, and partnerships) 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 main types of insurance are life insurance, property and casualty insurance, health and medical insurance.Life insurance refers to the insurance that covers the package of lifetime critical benefits for the individual.
The various mode is online, offline. The services are used by corporate, and individual end-users.
North America was the largest region in the insurance market in 2021.Asia Pacific was the second largest region in the insurance market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rapid growth in internet penetration and increased risks associated with internet use for critical transactions is driving the demand for cyber insurance.Cyber insurance covers internet-based risks and risks related to information technology infrastructure.
It also covers property theft, business interruption, software and data loss, cyber extortion, network failure liability, cyber-crime, and physical asset damage. For instance, in 2021, according to the National Health Authority of India, an Indian government agency, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India, which are increasing by 25 million every quarter. Therefore, the rapid growth in internet penetration and increased risks associated with internet use drives the insurance market.
Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets driven by the reduced cost of premium in emerging countries resulting from improved internet penetration in those regions.Peer-to-peer insurance is based on pooling insurance premiums of participating individuals that can be used to compensate future uncertain losses and share the left-over amount among participants.
It aims to reduce premium and overhead costs than traditional Insurance Providers, decrease inefficiencies, and increase the transparency of businesses.
The countries covered in the insurance market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
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