The Global Insurance Market Report by The Business Research Company covers insurance market drivers and restraints, insurance market size, major players, and the impact of COVID-19 on the insurance market.

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 insurance providers market is segmented into life insurance, property & casualty insurance, and health & medical insurance.

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.

The global insurance market is expected to grow from $4474.49 billion in 2020 to $5050.31 billion in 2021 at a compound annual growth rate (CAGR) of 12.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $6390.73 billion in 2025 at a CAGR of 6%.

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Some insurance market trends include peer-to-peer insurance, it is gradually gaining prominence both in emerging and developed markets driven by 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 transparency of businesses.

Global insurance market segments include:

1) By Type: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance.

2) By End User: Corporate, Individual.

3) By Mode: Online, Offline

Subsegments covered: Term Life Insurance, Whole Life Insurance, Variable Life Insurance, Equity Indexed Life Insurance, Accidental Death Insurance, Other Life Insurance, Automobile Insurance Carriers, Malpractice/Indemnity Insurance Carriers, Fidelity Insurance Carriers, Mortgage Guaranty Insurance Carriers, Homeowners Insurance Carriers, Surety Insurance Carriers, Liability Insurance Carriers, Hospitalization Insurance, Hospital Daily Cash Benefit Insurance, Critical Illness Insurance, Domiciliary Insurance, Other Health & Medical Insurance.

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, LARGEST REGION accounts for the largest global insurance market share.

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The Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides insurance market overviews, analyzes and forecasts market size, share, insurance market players, insurance market segments and geographies, market’s leading competitors’ revenues, profiles and market shares.

The insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Where To Learn More:

Read Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 from The Business Research Company for information on the following:

Data Segmentations: Market Size, Global, By Region And By Country, Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries.

Market Players Covered: Unitedhealth Group, AXA, Allianz, Generali, Ping An.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

Other Information And Analyses: SWOT analysis, customer information, market product/service analysis – product examples, trends and opportunities, drivers and restraints, key mergers and acquisitions, suggested trend based strategies, impact of COVID-19 on the market, future outlook and potential analysis, key metrics covered: number of enterprises, number of employees, global market in 2021 – countries offering most new opportunities, conclusions and recommendations by expert analysts.

Sourcing And Referencing: Data and analysis throughout the report are sourced using end notes.

Strategies For Participants In The Insurance Industry: The report explains a number of strategies for companies in the market, based on industry trends and company analysis.

Opportunities For Companies In The Insurance Sector: The report reveals where the global industry will put on most $ sales up to 2023.

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