The Insurance, Reinsurance And Insurance Brokerage by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Insurance, Reinsurance And Insurance Brokerage, The insurance, reinsurance and insurance brokerage market size has grown strongly in recent years. It will grow from $8277.04 billion in 2023 to $8898.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to impact of covid-19, reinsurance adoption for healthcare, rising healthcare costs, increase in home ownership and mortgages.
The insurance, reinsurance and insurance brokerage market size is expected to see strong growth in the next few years. It will grow to $11853.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, increasing government support, rapid urbanization, and increasing demand for insurance policies. Major trends in the forecast period include increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, increasing government support, rapid urbanization, and increasing demand for insurance policies
The rapid growth in internet penetration and the increased risks associated with internet use for critical transactions are 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 is increasing by 25 million every quarter. Therefore, the rapid growth in internet penetration and the increased risks associated with internet use drive the insurance, reinsurance, and insurance brokerage markets.
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The insurance, reinsurance and insurance brokerage market covered in this report is segmented –
1) By Type: Insurance, Insurance Brokers & Agents, Reinsurance
2) By Mode: Online, Offline
3) By End-User: Corporate, Individual
Sub Segments: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance, Property & Casualty Reinsurance, Life & Health Reinsurance, Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries
Major companies operating in the insurance, reinsurance, and insurance brokerage markets are adopting innovative technology platforms for specialty insurance to sustain their position in the market. A technology platform for specialty insurance typically encompasses a range of digital tools and solutions designed to cater to the specific needs of niche markets within the insurance industry. For instance, in August 2021, Mosaic Insurance, a US-based insurance agency, and DXC Technology, a US-based company that provides consulting and services in information technology, together launched an innovative technology platform for specialty insurance. The platform’s features include support for AI underwriting, access to real-time data enabled by blockchain, and sophisticated automation. It assures a greatly enhanced customer experience, decreases the time and cost associated with processing claims, and significantly boosts the efficiency and accuracy of the underwriting process. The platform has received recognition for its ground-breaking insurtech platform, which is revolutionizing risk management and streamlining the industry.
The insurance, reinsurance and insurance brokerage market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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