Cards And Payments Market - By Type (Cards, Payments), By Institution Type (Banking Institutions, Non-Banking Institutions), And By Region, Opportunities And Strategies – Global Forecast To 2023

The reinsurance providers market consists of sales of reinsurance by entities (organizations, sole traders, and partnerships) that assume all or part of the risk of existing insurance policies originally underwritten by other insurance providers (direct insurance carriers). Reinsurance providers invest premiums collected from insurance providers to build up a portfolio of financial assets to be used against future claims. The size of the market is based on the value of the premiums reinsured.  The main types of reinsurance providers are property and casualty reinsurance providers, life and health reinsurance providers. Property and casualty reinsurance is a contract in which two property-casualty insurers agree to share the financial implications of a loss. The services are provided to domestic and international organizations through online and offline modes. The various distribution channels include direct writing and brokers. The reinsurance providers research report is one of a series of new reports from The Business Research Company that provides reinsurance providers statistics, including reinsurance providers industry global market size, regional shares, competitors with reinsurance providers share, detailed reinsurance providers segments, market trends and opportunities, and any further data you may need to thrive in the reinsurance providers industry. This reinsurance providers research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global reinsurance providers market is expected to grow from $455.13 billion in 2021 to $506.69 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The reinsurance providers market is expected to grow to $697.09 billion in 2026 at a CAGR of 8.3%. Cyber reinsurance is growing in demand with increasing incidents of internet fraud and cyber risk. Cyber insurance is becoming popular due to the high cyber risk factor involved in banking and information technology industries, which are susceptible to data breaches and internet fraud. Cyber-related fraud costs reached $2 trillion in 2019. Major players in the reinsurance providers market are AXA, Swiss Re, Munich Re, Hannover Re, and SCOR SE. Western Europe was the largest region in the reinsurance providers market in 2021. Asia Pacific was the second-largest region in the reinsurance providers market. The regions covered in the reinsurance providers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the reinsurance providers market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global reinsurance providers market is segmented - 1) By Type: Property And Casualty Reinsurance Providers; Life And Health Reinsurance Providers 2) By Distribution Channel: Direct Writing; Broker 3) By Mode: Online; Offline 4) By Organization Location: Domestic; International

Asset Management Market Definition

The asset management market consists of sales of asset management services by entities (organizations, sole traders and partnerships) that develop, operate, maintain, and sell assets in a cost-effective manner. Asset management companies (AMC) are the companies that pool funds from clients, and invest the capital in several financial products such as stocks, bonds, mutual funds, index funds, and hedge funds among others, with the aim of maximizing returns. Asset management companies make investment decisions considering several factors such as client’s risk and investment preferences, tax needs, liquidity needs, and moral and ethical beliefs. Clients of asset management companies include the general public, corporations, government and non-government institutions whose assets are managed by these companies. Asset management companies provide investors with diverse investing options. A large customer base allows these companies to leverage economies of scale, with the ability to distribute the associating expenses of investment, such as stock purchases, between clients.

Variable life insurance refers to a type of permanent life insurance that allows the policyholder to invest the cash value of the policy in a variety of investment options, such as stocks, bonds, and mutual funds. It works best for people who can afford to pay possibly higher premiums and put up with market volatility. An investment and life insurance are both included in a variable life insurance policy. The major types of variable life insurance are fixed premium and variable universal life insurance. A fixed premium is a set amount of money that is regularly paid to an insurance company in exchange for coverage under a specific insurance policy. The major components included are death benefits and add-on benefits. These are used by several end-users, such as agency, brokers, bancassurance, and digital and direct channel. The global variable life insurance market is segmented - 1) By Type: Fixed Premium, Variable Universal Life Insurance 2) By Components: Death benefits, Add-on benefits 3) By End-User: Agency, Brokers, Bancassurance, Digital and Direct Channel The global variable life insurance market size is expected to grow from $115.71 billion in 2022 to $123.41 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global variable life insurance market size is expected to reach $156.97 billion in 2027 at a CAGR of 6.2%. The rapid growth of the overall insurance industry is expected to propel the growth of the variable life insurance market. The growth in the insurance industry can be attributed to factors such as increasing awareness of the need for insurance, a growing middle class, and economic development. As the insurance industry grows, more people have access to insurance products, including variable life insurance, which allows policyholders to invest a portion of their premiums in a variety of investment options, such as stocks and bonds. For instance, in 2020, according to the Organisation for Economic Co-operation and Development, a France-based intergovernmental organization with 38 member countries, the total gross premiums in the OECD countries increased to $5225 billion as compared to $5031 billion in 2019. Major countries such as the United States and the United Kingdom reported total gross premiums of $2934 billion and $380.90 billion, respectively, in the insurance sector. Therefore, the rapid growth of the overall insurance industry is significantly contributing to the growth of the variable life insurance market. Major players in the variable life insurance market are Allianz, AXA SA, Generali, Ping An Insurance, Aflac, Prudential PLC, Munich Re, Zurich Insurance, Nippon Life Insurance, Japan Post Holdings, Berkshire Hathaway, Metlife, Manulife Financial, Chubb, AIG, Aviva, Allstate, Swiss RE, and AIA Group. New product development has emerged as the major trend gaining popularity in the variable life insurance market. Major companies operating in the variable life insurance market are introducing new innovative life insurance products to strengthen their position in the market. For instance, in November 2022, Prudential Financial, Inc., a US-based insurance company, introduced Prudential FlexGuard® Life, an innovative index-variable universal life insurance policy that provides a versatile blend of coverage, growth potential, and accessibility to cater to the evolving life insurance requirements of customers. Prudential FlexGuard® Life offers death benefit protection with fixed duration options, various methods to increase cash values, and the flexibility to access death benefits early in case of chronic or terminal illness if the required rider is added to the policy. Customers have the option to take charge of their future because the solution is adaptable and can be modified in response to changing needs. When necessary, it gives them access to cash values, giving them a unique opportunity to leave a legacy and increasing their ability to receive living benefits. In February 2021, KKR & Co. Inc. a US-based investment management company acquired Global Atlantic Financial Group Limited for an amount of $90 billion. Through this acquisition, KKR & Co. Inc. aims to reinforce its status as a top annuity and life insurance provider in the USA, as well as improve its capability to offer attractive options for clients and secure more long-term funding. Global Atlantic Financial Group Limited is US-based insurance company that offers a wide range of life insurance products. North America was the largest region in the variable life insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global variable life insurance market report during the forecast period. The regions covered in the global variable life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the variable life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The variable life insurance market includes revenues earned by entities by providing cash value, investment variety, and flexible premiums. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The variable life insurance market research report is one of a series of new reports from The Business Research Company that provides variable life insurance market statistics, including variable life insurance industry global market size, regional shares, competitors with a variable life insurance market share, detailed variable life insurance market segments, market trends and opportunities, and any further data you may need to thrive in the variable life insurance industry. This variable life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Whole life insurance, often known as permanent life insurance, refers to life insurance plans that include an investment component and are designed to last until death. In contrast to term life insurance, which only covers a specified number of years, the insurance policy offers a death benefit when the policyholder passes away, as long as the appropriate payments are paid. A whole life insurance policy's premiums fund both an investment account and the policy's guaranteed death benefit. The main types of whole life insurance are non-participating whole life and participating whole life. Non-participating whole life is one type of whole life insurance where policyholders do not receive dividends but premiums are generally lower. The various applications involved are agencies, brokers, bancassurance, and digital and direct channels. The global whole life insurance market is segmented - 1) By Type: Non-Participating Whole Life, Participating Whole Life 2) By Application: Agency, Brokers, Bancassurance, Digital And Direct Channels The global whole life insurance market size is expected to grow from $170.72 billion in 2022 to $175.67 billion in 2023 at a compound annual growth rate (CAGR) of 2.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global whole life insurance market size is expected to grow to $196.36 billion in 2027 at a CAGR of 2.8%. The increasing demand for whole life insurance products is expected to propel the growth of the whole life insurance market going forward. Whole life insurance is a type of perpetual life insurance, meaning that as long as payments are paid on time, the insured persons will be protected for the length of their life. Some of the whole life insurance services offered are single whole premium life insurance, variable whole life insurance, guaranteed issue whole life insurance and others, that are gaining traction due to the benefits and coverage offered. For instance, according to Life Happens a non-profit organization which focuses on smart insurance policies, in 2020, concern for life insurance moved into the third layer of the financial concern hierarchy and remains there today, which suggests the average consumer is now willing to pay more attention, and financial resources, to their household’s life insurance needs. Thus, the increasing demand for whole life insurance products will drive the growth of the whole life insurance market. Major players in the whole life insurance market are China Life Insurance Company Limited, MetLife Inc., Ping An Insurance Company of China Ltd., Allianz Life Insurance, Axa SA, Generali Group, Prudential PLC., Munich Re Group, Zurich Insurance Group Ltd., Nippon Life Insurance Company, Japan Post Holdings Company Ltd., Berkshire Hathaway Inc., Manulife Financial Corporation, China Pacific Insurance Co. Ltd., Chubb Corp., American International Group, Aviva Plc., Allstate Corporation, Swiss Reinsurance Company Ltd., and Prudential Financial Inc. Major companies operating in whole life insurance are focusing on incorporating advanced technologies for simplified operations and strengthen their market position. For instance, in December 2022, Modern Life Insurance Group Inc., a US-based insurance group, announced the launch of its latest technology platform, where life insurance advisors can take advantage of a variety of cutting-edge tools and solutions from the new stack. These include the ability to manage all client and brokerage needs in one location, enhanced customer involvement, entirely digital applications, and comparison and pricing capabilities. In September 2021, ICICI Lombard General Insurance, an India-based general insurance company merged with Bharti AXA General Insurance for an undisclosed amount. Through the merger, distribution will be improved and supported by over 100,000 partners and a wide range of practical digital platforms. Bharti AXA General Insurance is an India-based life insurance company that provides a wide range of life insurance policies. North America was the largest region in the whole life insurance market in 2022. Europe is expected to be the fastest-growing region in the global whole life insurance market report during the forecast period. The regions covered in the global whole life insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the whole life insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The whole life insurance market includes revenues earned by entities by providing universal life insurance, and variable life insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The whole life insurance market research report is one of a series of new reports from The Business Research Company that provides whole life insurance market statistics, including whole life insurance industry global market size, regional shares, competitors with whole life insurance market share, detailed whole life insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the whole life insurance industry. This whole life insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Financial services are products and services provided by financial institutions that facilitate various financial transactions and other financial activities like loans, insurance, credit cards, investment opportunities, and money management. The main types of financial services are lending and payments; insurance; reinsurance; insurance brokerage; investments; and foreign exchange services. The lending and payments market refers to the lender's making funds and making them available to a person. The services are offered to small- and medium-sized businesses as well as large businesses. The services are used by individuals, corporations, governments, and investment institutions. The global financial services market is segmented - 1) By Type: Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services 2) By Size Of Business: Small And Medium Business, Large Business 3) By End User: Individuals, Corporates, Government, Investment Institution Subsegments Covered: Lending, Cards & Payments, Insurance, Insurance Brokers & Agents, Reinsurance, Wealth Management, Securities Brokerage And Stock Exchange Services, Investment Banking The global financial services market size grew from $25848.74 billion in 2022 to $28115.02 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global financial services market is expected to grow to $37484.37 billion in 2027 at a CAGR of 7.5%. The global payments industry has witnessed a rapid increase in the adoption of EMV technology. This growth is driven by the higher level of data security offered by EMV chips and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards, including debit, credit, charge, and prepaid cards. Major companies in the financial services market include Allianz Group, Industrial and Commercial Bank of China, JPMorgan Chase & Co., Ping An Insurance, Axa Group, Anthem, Inc., Agricultural Bank Of China, China Life Insurance, China Construction Bank, and Centene. The chip carries data for the cardholder and the account, which is protected using both hardware and software security measures. According to the global technical body EMVCo, the number of EMV chip payment cards across the world reached 10.8 billion in 2020. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in the world, reaching 71.7% in Canada, Latin America, and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in the Asia-Pacific region. Banks and financial institutions are adopting digitization to modernise their commercial lending business. This move is mainly a result of increased competition among banks and growing demand for a simplified and quick commercial lending process. Digitization leads to improved customer satisfaction in obtaining a commercial loan, which can otherwise be a complex and slow process. It also enables banks to target new customer categories and offer customer-centric solutions, which leads to improved efficiencies in the commercial lending business. Some of the banks that have incorporated digitization into lending are Commonwealth Bank of Australia, Hana Bank, and Fidor Bank. Many wealth management companies are investing in big data analytics capabilities to generate insights about clients. Big data solutions are being implemented to deliver insights around client segments, product penetration, and training programme effectiveness. These technologies are being implemented to assess existing and prospective clients’ inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern, and the ability of the client to take risks. They are also helping wealth management companies to track business performance, increase client acquisition and retention rates, increase sales, and offer real-time investment advice. For instance, CargoMetrics, an investment firm based in Boston, used the Automatic Identification System (AIS) to collect data on commodity movement such as cargo location and cargo size to develop an analytics platform for trading commodities, currencies, and equity index funds. This tool was also sold to other hedge funds and wealth managers. Western Europe was the largest region in the financial services market share in 2022. North America was the second-largest region in the financial services market. The regions covered in the global financial services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa The countries covered in the financial services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The financial services market includes revenues earned by entities by providing financial or money related services such as lending, investment management, insurance, brokerages, payments, and fund transfer services. The financial services industry is categorized on the basis of the business model of the firms present in the industry, and most firms offer multiple services. Revenues include fees, interest payments, commissions, or transaction charges. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The financial services research report is one of a series of new reports from The Business Research Company that provides financial services statistics, including financial services industry global market size, regional shares, competitors with financial services share, detailed financial services segments, market trends and opportunities, and any further data you may need to thrive in the financial services industry. This financial services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Drone insurance is the insurance that covers the costs associated with accidental bodily harm or damage caused to property or any assets due to drone operations. The drone insurance also covers the cost associated with damage in drones. The drone insurance provides insurance coverage for drones. The drone insurance market covered in the report is segmented by coverage type into liability coverage, hull damage, theft coverage, loss or flyaway coverage, payload coverage, personal injury coverage, ground equipment coverage, and others, by pricing into hourly, monthly, annually, by application into commercial, personal, others. The global drone insurance market is segmented - 1) By Coverage Type: Liability Coverage, Hull Damage, Theft Coverage, Loss or Flyaway Coverage, Payload Coverage, Personal Injury Coverage, Ground Equipment Coverage, Other Coverage Types 2) By Pricing: Hourly, Monthly, Annually 3) By Application: Commercial, Personal, Other Applications The global drone insurance market size will grow from $1.22 billion in 2022 to $1.31 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global drone insurance is expected to grow to $1.81 billion in 2027 at a CAGR of 8.4%. The increasing number of drone accidents is expected to drive the growth of the drone insurance market over the coming years. Drones are currently engaged in a variety of sectors that rely on aerial imagery, such as agriculture, insurance, manufacturing, electricity and others. As drones become more and more prominent, the risks of a catastrophic crash happening are increasing. According to Injury Justice Law Firm, a California-based organization, in 2020, two drone-to-helicopter collisions occurred in California, one involving an LAPD helicopter and the other recording an off-road race in Southern California. Additionally, two military drone helicopter crashes happened in Southern California in 2020. Therefore, the increasing number of drone accidents drives the growth of the drone insurance market. Major players in the drone insurance market are Allianz Global Corporate & Specialty, AIG US, Avion Insurance, Driessen Assuradeuren, Coverdrone, SkyWatch.AI, Flock, CapriCMW Insurance Services Ltd., Hub International, and Air1 Insurance. The high cost of drone insurance is expected to hamper the growth of the drone insurance market in the coming years. Drone Insurance provides coverage under technical liability and general liability insurance categories. The cost of drone insurance relies on the price of each piece of drone equipment. For example, in 2020 commercial insurance plans vary from $500 to $750 for DJI Phantom drones. Therefore, the high cost of drone insurance limits the growth of the drone insurance market. The launch of different and innovative insurance products is a major trend gaining popularity in the drone insurance global market. Major companies operating in the drone insurance sector are focusing on developing advanced solutions for drone insurance. For instance, in June 2020, India-based insurer HDFC ERGO collaborated with TropoGo, a broad tech start-up, to introduce Pay as you fly insurance for drone operators in India. This insurance policy can include coverage for commercial drone owners and users for third-party liability actions for property damages and bodily injury. North America was the largest region in the drone insurance market in 2022. The regions covered in the global drone insurance market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the drone insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The drone insurance market includes revenues earned by entities by cyber liability and commercial property insurance The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The drone insurance market research report is one of a series of new reports from The Business Research Company that provides drone insurance global market statistics, including drone insurance industry global market size, regional shares, competitors with a drone insurance global market share, detailed drone insurance global market segments, market trends and opportunities, and any further data you may need to thrive in the drone insurance industry. This drone insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Cyber Insurance Market Definition

The cyber insurance market consists of sales of cyber insurance products and related services by entities (organizations, sole traders and partnerships) that are involved in underwriting (assuming the risk and assigning premiums) annuities and cyber insurance policies. A cyber insurance policy, also referred to as cyber risk insurance or cyber liability insurance coverage, is an insurance product designed to help businesses mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event such as malware, ransomware, and distributed denial-of-service (DDoS) attacks. Cyber 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.