Insurance Providers Market Characteristics
The insurance providers market consists of sales of insurance products by entities (organizations, sole traders and partnerships) that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. 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. Reinsurance providers are businesses that assume all or part of the risk associated with an existing insurance policy or set of policies, originally underwritten by another insurance carrier (direct insurance carrier).
Competitive Landscape of the Insurance Providers Market
Major players in the global Insurance Providers market include Unitedhealth Group, AXA, Allianz, Generali, Ping An.
Insurance Providers Market Size
The Insurance Providers market size is expected to reach above $5 trillion by 2022, significantly growing at a CAGR of around 6.8% during the forecast period. The growth in the Insurance Providers market is due to introduction of additional security features such as EMV, launch of innovative products and rising penetration of contact less cards which are easy to use.
However, the market for Insurance Providers is expected to face certain restraints from several factors such as increasing digitization and rising demand for payment services post financial crisis as global economies recovered.
Insurance Providers Market Segmentation
The global insurance providers market is further segmented based on type and geography.
By Type - The Insurance Providers market is segmented into life insurance providers, property & casualty insurance providers, health & medical insurance providers, among these segments, the life insurance providers market accounts for the largest share in the global Insurance Providers market.
By Geography - The global Insurance Providers is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific Insurance Providers market accounts the largest share in the global Insurance Providers market.
Trends in the Insurance Providers Market
Usage-Based Insurance (UBI) is gaining prominence within auto insurers, cyber insurance market growing rapidly, increasing usage of big data by global insurers, are the major trends witnessed in the global Insurance Providers market.
Potential Opportunities in the Insurance Providers Market
With increase in positive economic outlook, improved earning capacity, emerging markets growth, the scope and potential for the global Insurance Providers market is expected to significantly rise in the forecast period.