The insurance providers industry comprises establishments engaged in underwriting (assuming the risk and assigning premiums) 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 companies that are engaged in assuming 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).
The global insurance providers market was valued at above $4.5 trillion in 2017. Asia Pacific was the largest region in the insurance providers market in 2017, accounting for under 34% market share. The USA was the largest country in the market in 2017, accounting for under 28% market share.
UBI, which allows insurance providers to vary premiums depending on the behavior of consumers, is gaining traction amongst auto insurers. In particular it is used in vehicle insurance based on the vehicle usage and driving behavior of drivers. The popularity of UBI is driven by the increased use of smartphones with features such as Global Positioning System (GPS), accelerometers and g-force tracking, which can be used to substitute telematics devices with mobile apps. Under UBI, auto insurers are offering pay as you drive (PAYD) and pay how you drive (PHYD) services. While PAYD insurance premium is calculated based on the distance covered by a vehicle, PHYD insurance premium is calculated based on the driving behavior of insured consumers. UBI is rapidly growing in regions such as Europe, Asia and America.
The top five companies covered are Unitedhealth Group, AXA, Allianz, Generali and Ping An. UnitedHealth Group was the largest company in the insurance providers 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 insurance providers market is segmented into Life Insurance Providers, Property & Casualty Insurance Providers and Health & Medical Insurance Providers.
Life Insurance Providers are entities engaged in direct underwriting annuities and life insurance policies, disability income insurance policies and accidental death and dismemberment insurance policies. This includes both government and private owned insurance providers that underwrite both linked policies which act as insurance as well as investment policies and non-linked polices or annuities against events such as death, permanent disability and temporary disability. Clients of these insurance providers are the general public who buy life insurance policies, it can be either through intermediary or direct selling.
Health and Medical Insurance Providers are companies primarily involved in directly underwriting health and medical insurance policies. Group hospitalization plans and health maintenance organization HMO establishments (except those providing health care services) that provide health and medical insurance policies are included in this industry. Clients of these insurance providers are the general public/companies who buy medical and health insurance policies, it can be either through intermediary or direct selling.
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.