Global Insurance, Reinsurance and Insurance Brokerage Market Report 2022 – Market Forecast, Trends And Strategies

The global insurance, reinsurance and insurance brokerage market size is expected to grow from $6.25 trillion in 2021 to $6.90 trillion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The global insurance, reinsurance, brokerage market size is then expected to grow to $9.76 trillion in 2026 at a CAGR of 9%.

What is the Global Insurance, Reinsurance and Insurance Brokerage Market?

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 based on 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 based on 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.

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What drives the Global Insurance, Reinsurance and Insurance Brokerage Market?

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 instance, in 2021, according to the National Health Authority of India, an Indian government agency, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India, which are increasing by 25 million every quarter. Therefore, the rapid growth in internet penetration and increased risks associated with internet use drives the insurance, reinsurance, and insurance brokerage market.

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Global Insurance, Reinsurance and Insurance Brokerage Market Segments
The global insurance, reinsurance and insurance brokerage market is segmented:
By Type: Insurance, Insurance Brokers and Agents, Reinsurance
By Mode: Online, Offline
By End-User: Corporate, Individual
By Geography: The regions covered in the insurance, reinsurance and insurance brokerage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Insurance, Reinsurance and Insurance Brokerage Global Market Report 2022provides market size and growth forecasts for the global insurance, reinsurance and insurance brokerage market, global insurance, reinsurance and insurance brokerage market share, insurance, reinsurance and insurance brokerage market segments and geographies, insurance, reinsurance and insurance brokerage market competitive landscape including 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.

Global Insurance, Reinsurance and Insurance Brokerage Industry Playersinclude Allianz Group, Ping An Insurance, Axa Group, Anthem Inc., China Life Insurance, Centene, People's Insurance Company of China, Humana, Assicurazioni Generali S.p.A., and Japan Post Group. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.