Property And Casualty Insurance Providers Global Market Report 2018

Property And Casualty Insurance Providers Global Market Report 2018
Starting Price : $ 4000.00 | Pages : 125 | Published : February 2018

SKU CODE : 3498 | Format :

Property and Casualty Insurance Providers are engaged in direct underwriting insurance policies that protect policy holders against future uncertain losses that may occur as a result of property damage or contingent liability. This market includes direct Insurance Providers which underwrite polices for protection against events such as natural calamities, burglary, fire accidents, riots and terrorism related incidents. Clients of these Insurance Providers are the general public/companies who buy property and casualty insurance policies, it can be either through intermediary or direct selling.

The global Property & Casualty Insurance Providers market was valued at $1207.3 billion in 2017.  Asia Pacific was the largest geographic region accounting for $407.8 billion or 33.7% of the global market. And the USA was the largest country accounting for $336.7 billion or 27.8% of the global Property & Casualty Insurance Providers market.

Global insurers are using big data analytics to enhance their performance. Big data is being used in claim management, pricing, underwriting and risk selection among others.  This growth is mainly driven by increasing points of contact including social media, which provides a bulk of data that can be transformed into insights and leveraged by insurers to efficiently execute the settlement process. Big data consists of high-volume, high-variety and high-velocity information, and benefits insurers in multiple ways such as faster identification and reporting of events, automatic claim assessment and calculation of loss reserves.  According to a recent survey by Wills Towers Watson, more than 40% of property & casualty insurance firms are already using big data and is expected to increase to 80% in the next two years.

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