Global B2B2C Insurance Market Report 2022 – Market Forecast, Trends And Strategies
21 Jun, 2022
The global B2B2C insurance market size is expected to grow from $3.27 billion in 2021 to $3.55 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The global B2B2C insurance market size is then expected to grow to $4.49 billion in 2026 at a CAGR of 6%.
What is the Global B2B2C Insurance Market?
The B2B2C insurance market consists of sales of B2B2C insurance services by entities (organizations, sole traders, and partnerships) that are engaged in providing both life insurance and general insurance services. Business-to-business-to-consumer (B2B2C) insurance applies to the sale of life and general insurance products and services through non-insurance mediators other than traditional insurance intermediaries such as brokers, independent financial advisors, and agents. It also includes the direct sale of insurance to consumers.
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What drives the Global B2B2C Insurance Market?
The expansion of the automobile industry is expected to propel the growth of the B2B2C insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. B2B2C insurance protects the policyholder's belongings and assets, such as automobiles, from financial losses and damage. Car insurance is similar to a long-term contract that covers the price of various damages that may arise as a result of unanticipated events. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the B2B2C insurance market.
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Global B2B2C Insurance Market Segments
The global B2B2C insurance market is segmented:
By Type: Life Insurance, Non-Life Insurance
By Distribution Channel: Online, Offline
By End-Use Industry: Bank and Financial Institutions, Automotive, Utilities, Retailers, Telecom, Others
By Geography: The regions covered in the B2B2C insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
B2B2C Insurance Global Market Report 2022provides market size and growth forecasts for the global B2B2C insurance market, global B2B2C insurance market share, B2B2C insurance market segments and geographies, B2B2C insurance market competitive landscape including leading competitors’ revenues, profiles and market shares. The B2B2C insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global B2B2C Insurance Industry Playersinclude AXA, Allianz, Assicurazioni Generali, Zurich Insurance, Prudential, China Life Insurance, UnitedHealth Group, Munich Re Group, Japan Post Holding, and BNP Paribas Cardif. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.