Major companies in the insurance market include Unitedhealth Group; AXA; Allianz; Generali and Ping An. The global insurance market is expected to grow from $4474. 49 billion in 2020 to $5050.
New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insurance Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018781/?utm_source=GNW
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%.
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.
North America was the largest region in the global insurance market, accounting for 34% of the market in 2020. Asia Pacific was the second largest region accounting for 31% of the global insurance market. Eastern Europe was the smallest region in the global insurance market.
Peer-to-peer insurance 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.
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 example, according to a report by McAfee and Center for Strategic and International Studies in 2018, cybercrimes costed businesses $600 billion globally. To capitalize on the concerns associated with cybercrimes, insurers are offering cyber insurance to customers to businesses with high exposure to cyberattacks.
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