5 Major Insights Into The Insurance (Providers, Brokers and Re-Insurers) Market Report 2024
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The Business Research Company’s Insurance (Providers, Brokers and Re-Insurers) Global Market Report 2023 offers crucial insights into the insurance (providers, brokers and re-insurers) market help businesses analyse and build stronger strategies.
The insurance market, encompassing providers, brokers, and re-insurers, has exhibited robust growth in recent years. This growth trend is set to continue, with the market projected to reach $8,898.43 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.5%. The drivers behind this expansion include risk management needs, regulatory requirements, population growth, and the impact of catastrophic events.
Continued Growth and Emerging Trends
Market Expansion
The positive trajectory is expected to persist, with the market reaching $11,853.99 billion in 2028, fueled by a CAGR of 7.4%. This growth is attributed to emerging risks, digital transformation, demographic changes, sustainable and ESG focus, globalization, and trade. Noteworthy trends in this forecast period include the rise of usage-based insurance (UBI), insurtech innovation, parametric insurance, cyber insurance, and peer-to-peer (P2P) insurance.
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EMV Technology’s Impact on the Insurance Market
Adoption of EMV Technology
The global payments industry has witnessed a surge in the adoption of EMV (Europay, Mastercard, and Visa) technology, with implications for the insurance sector. This growth is driven by the enhanced data security offered by EMV chips and PIN cards compared to traditional magnetic stripe cards. Thales Group reported that 69.25% of all issued payment cards worldwide were EMV chip-based in 2022. The insurance market is not immune to this shift, as evidenced by the rising percentage of EMV card transactions.
Key Players and Market Segmentation
Market Giants
Major players in the insurance market include UnitedHealth Group, Axa S.A., Munich Re, Allianz SE, and others. These industry leaders play a crucial role in shaping the landscape through their strategic initiatives and innovations.
Market Segmentation
The market is segmented based on type (Insurance Providers, Insurance Brokers and Agents, Reinsurance Providers), mode (Online, Offline), and end user (Corporate, Individual). This segmentation allows for a nuanced understanding of the diverse dynamics at play within the insurance landscape.
Innovations Shaping the Future
Robotic Errors and Omissions Insurance
In response to the evolving landscape, companies are embracing innovative technologies, such as robotic errors and omissions insurance. Koop Technologies, a US-based insurance technology company, launched this specialized insurance product to provide professional liability coverage tailored to robotics services. This type of insurance focuses on the unique risks associated with automation and addresses the distinct needs of the robotics ecosystem, covering legal costs in case of financial loss claims by third parties.
Regional Dominance
North America’s Leadership
In 2023, North America emerged as the largest region in the insurance market, encompassing providers, brokers, and re-insurers. This regional dominance underscores the significance of the North American market in shaping global insurance trends.
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The Insurance (Providers, Brokers and Re-Insurers) Global Market Report 2023 provides a comprehensive outlook of the insurance (providers, brokers and re-insurers) market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The insurance (providers, brokers and re-insurers) market forecast offers a thorough analysis on insurance (providers, brokers and re-insurers) market size, insurance (providers, brokers and re-insurers) market share, prominent players and their strategies.
The Table Of Content For The Insurance (Providers, Brokers and Re-Insurers) Market Include:
1. Insurance (Providers, Brokers and Re-Insurers) Market Executive Summary
2. Insurance (Providers, Brokers and Re-Insurers) Market Segments
3. Insurance (Providers, Brokers and Re-Insurers) Market Size And Insurance (Providers, Brokers and Re-Insurers) Market Growth Rate
4. Key Insurance (Providers, Brokers and Re-Insurers) Market Trends
5. Major Insurance (Providers, Brokers and Re-Insurers) Market Drivers
……
25. Key Mergers And Acquisitions In The Insurance (Providers, Brokers and Re-Insurers) Market
26. Top Insurance (Providers, Brokers and Re-Insurers) Companies
27. Insurance (Providers, Brokers and Re-Insurers) Market Opportunities And Strategies
28. Insurance (Providers, Brokers and Re-Insurers) Market, Conclusions And Recommendations
29. Appendix
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