BANGALORE, India, May 11, 2022 /PRNewswire/ — The Global General Insurance Market is Segmented by Type (Motor Insurance, Travel Insurance, Home Insurance, Health Insurance, Commercial Insurance), by Application (Digital and Direct Channel, Agency, Brokers, Bancassurance): Opportunity Analysis and Industry Forecast, 2022–2028.
The Global General Insurance Market Revenue is about USD 7000 Billion in 2022 and will reach USD 8500 Billion in 2028, at a CAGR of about 3.3%.
Major factors driving the growth of General Insurance Market:
Government mandates, rising healthcare costs, and the growing need to protect homes from unforeseen catastrophic events, as well as cover the costs of property damage and liability claims, are expected to propel the General Insurance market forward.
Furthermore, digitization of insurance will further fuel the general insurance market, as it will enable easy buying and claims process.
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TRENDS INFLUENCING THE GROWTH OF THE GENERAL INSURANCE MARKET:
The general insurance market is expected to grow due to rising health insurance purchases. Health insurance safeguards you against unexpectedly high medical expenses. Even before you reach your deductible, you pay less for covered in-network health care. Even before you reach your deductible, you get free preventive care like vaccines, screenings, and some checkups. Furthermore, Health insurers can better gauge an individual’s health status, risks, and habits by collecting and analyzing data from wearable health-monitoring devices and quoting rates accordingly. Wearables can also be used by insurers to create custom incentive programs that encourage health plan members to engage in healthy behaviors in exchange for lower premiums.
Road accidents are a major source of concern all over the world. As a result, several governments around the world have made motor insurance mandatory, further fueling the market growth. Additionally, expanding the need to protect the vehicle owner from damage to the vehicle as well as pay for any liabilities owed by the vehicle owner as required by law is expected to drive the growth of the general insurance market. Furthermore, motor insurance can be priced at the point of sale using data analytics based on the driver’s driving history. By optimizing pricing and even creating new insurance services, the policyholder who is a good driver does not have to be lumped in with the bad drivers and pay the same premium. This factor is expected to drive the general insurance market.
The growth of the travel insurance market is expected to accelerate in 2022 as restrictions in many countries are lifted. This in turn is expected to fuel the general insurance market growth. Loss of passport and personal belongings coverage, loss of checked baggage coverage, and other risks are covered by travel insurance. These risks are covered, providing an extra layer of protection against financial loss.
Artificial Intelligence (AI), machine learning, and predictive analysis have all helped the insurance industry achieve operational efficiencies through digital transformation. Claims can now be processed instantly through the convenience of a mobile app, which has helped insurers cut down on “policy writing” time. Usage-based, on-demand and ‘all-in-one’ insurance lifestyle products will become more relevant in the digital economy. Customers will prefer personalized insurance coverage over the current one-size-fits-all options. Thus the increasing insurance digitization is expected to propel the general insurance market.
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GENERAL INSURANCE INDUSTRY SHARE
Based on type, Health insurance is expected to be the most lucrative. Increasing healthcare costs are expected to contribute to the market growth. Based on region, North America is expected to be the most lucrative region.
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- Ping An Insurance
- China Life Insurance
- Prudential PLC
- Munich Re
- Zurich Insurance
- Nippon Life Insurance
- Japan Post Holdings
- Berkshire Hathaway
- Manulife Financial
- Swiss RE
- Prudential Finance
- Legal and General.
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– In 2020, the global property insurance market revenue is USD 1613 Billion dollars; at a CAGR of 6.2% during the forecast period from 2021 to 2027. Besides, the United States accounts for about 40.48% Market share, which is 653 billion US dollars.
– The global Insurtech market size is projected to reach USD 11940 Million by 2027, from USD 1462.3 Million in 2020, at a CAGR of 34.4% during the forecast period 2021-2027.
– The global Health Insurance market size is projected to reach USD 138340 Million by 2028, from USD 27890 Million in 2021, at a CAGR of 25.4% during 2022-2028.
– The global usage-based insurance market size was valued at $28.7 Billion in 2019, and is projected to reach USD 149.2 Billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027.
– The global cyber insurance market size was valued at $4,852.19 million in 2018 and is projected to reach USD 28,602.10 Million by 2026, growing at a CAGR of 24.9% from 2019 to 2026.
– The global Critical Illness Insurance market size is projected to reach USD 107910 Million by 2027, from USD 40080 Million in 2020, at a CAGR of 15.2% during 2021-2027.
– The global insurance analytics market size was valued at $7.91 Billion in 2019, and is projected to reach $22.45 Billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027.
– The global Insurance Telematics market size is projected to reach USD 3556 Million by 2027, from USD 1574.2 Million in 2020, at a CAGR of 11.9% during 2021-2027.
– North America Travel Insurance Market is estimated to reach $8,165 million by 2022, growing at a CAGR of 8.8% from 2016 to 2022.
– The global Credit Insurance market size is projected to reach USD 14200 Million by 2028, from USD 12260 Million in 2021, at a CAGR of 2.1% during 2022-2028.
– The global Bancassurance market size is projected to reach USD 2291.7 Million by 2027, from USD 2008.8 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 1.9% during 2021-2027.
– The global Reinsurance market size is projected to reach USD 315360 Million by 2028, from USD 279860 Million in 2021, at a CAGR of 1.7% during 2022-2028.
– The global Home Insurance market size is projected to reach USD 4135 Million by 2028, from USD 3894.3 Million in 2021, at a CAGR of 0.9% during 2022-2028.
– Global Internet of Things (IoT) Insurance Market Size, Status and Forecast 2021-2027
– Global Blockchain In Trade Finance and Credit Insurance Market Size, Status and Forecast 2021-2027
– Global Blockchain Insurance Market Insights, Forecast to 2028
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