The insurance industry comprises all establishments engaged in insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some firms might come under multiple categories. 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 top five companies covered are Unitedhealth Group, AXA, Munich Re, Allianz and Generali. UnitedHealth Group was the largest company in the insurance market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The global insurance market was valued at around $5 trillion in 2017. Asia Pacific was the largest region in the insurance market in 2017, accounting for around 34% market share. The USA was the largest country in the market in 2017, accounting for under 28% market share.
Nontraditional companies such as Google, Amazon and Walmart are entering the insurance intermediary market to capitalize on their brand image, capital and customer base. Their primary focus is on distribution of health, property and casualty insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures and alliances with other established insurance carriers to offer insurance products and services to their customers.
Reinsurers Bundle Their Offerings To Increase Revenues.
Mobile Payments Go Touchless.
Boutique Firms Expand Investment Banking Firms’ Business.
Strict Regulations Drive Innovative Payments Options.
Mobile Trading Makes Investors’ Life Easier.
How You Drive Matters A Lot To Your Insurer.
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