Global Insurance, Reinsurance And Insurance Brokerage Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

13 Jan, 2021

The insurance, reinsurance and insurance brokerage market consists of sales of insurance by entities (organizations, sole traders and partnerships) that are engaged in providing insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, insurance brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal as well as the fees or commissions paid to brokers.

Global Insurance, Reinsurance And Insurance Brokerage Market Size And Drivers:

The global insurance, reinsurance and insurance brokerage market is expected to grow from $5227.08 billion in 2020 to $5847.93 billion in 2021 at a compound annual growth rate (CAGR) of 11.9%. 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 $7404.03 billion in 2025 at a CAGR of 6%.
The rapid growth in internet penetration and increased risks associated with internet use for critical transactions is driving the demand for cyber insurance.

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Trends In The Global Insurance, Reinsurance And Insurance Brokerage 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.

Global Insurance, Reinsurance And Insurance Brokerage Market Segments:

The global insurance, reinsurance and insurance brokerage market is further segmented based on type, mode, end user and geography.
By Type: Insurance, Insurance Brokers & Agents, Reinsurance
By Mode: Online, Offline
By End User: Corporate, Individual
Subsegments Covered: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance, Insurance Agencies, Insurance Brokers, Bancassurance, Other Intermediaries, Property & Casualty Reinsurance, Life & Health Reinsurance
By Geography: The global insurance, reinsurance and insurance brokerage market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America was the largest region in the global insurance, reinsurance and insurance brokerage market, accounting for 34% of the total market.

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Insurance, Reinsurance And Insurance Brokerage Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides insurance, reinsurance and insurance brokerage market overviews, analyzes and forecasts market size and growth for the global insurance, reinsurance and insurance brokerage market, insurance, reinsurance and insurance brokerage market share, insurance, reinsurance and insurance brokerage market players, insurance, reinsurance and insurance brokerage market segments and geographies, insurance, reinsurance and insurance brokerage market’s leading competitors’ revenues, profiles and market shares. The insurance, reinsurance and insurance brokerage market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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