Global insurance, reinsurance and insurance brokerage market
Dublin, April 04, 2022 (GLOBE NEWSWIRE) — The “Global Insurance, Reinsurance and Insurance Brokerage Market Opportunities and Strategies to 2030, by Type, Mode, End User” report has been added to from ResearchAndMarkets.com offer.
The insurance, reinsurance and insurance brokerage market reached a value of nearly $5,227.1 billion in 2020, after growing at a compound annual growth rate (CAGR) of 0.7 % since 2015. The market is expected to grow from $5,227.1 billion in 2020 to $7,404.0 billion in 2025 at a rate of 7.2%. The market is then expected to grow at a CAGR of 5.5% from 2025 and reach $9,670.1 billion in 2030.
Growth during the historical period resulted from strong economic growth in emerging markets, rising healthcare costs, increased natural disasters and government-led insurance reforms.
Going forward, the rise of chronic disease and disability, the impact of COVID-19, the adoption of reinsurance for healthcare, the growth of the middle class in emerging markets, and the increase in home ownership and mortgages will drive growth. Some of the factors that may impede the growth of the insurance, reinsurance and insurance brokerage market in the future include lack of trust in insurance companies and non-investment grade.
North America was the largest region in the insurance, reinsurance and insurance brokerage market, accounting for 33.5% of the total in 2020. It was followed by Asia-Pacific, then others regions. Going forward, the fastest growing regions in the insurance, reinsurance and insurance brokerage market will be South America and Africa, where growth will be at CAGRs of 16.4% and 10.9% respectively. This is followed by the Middle East and Asia-Pacific, where the markets are expected to grow at CAGRs of 9.5% and 8.4% respectively.
The global insurance, reinsurance and insurance brokerage market is fragmented, with a large number of high profile players and small players. The top ten competitors in the market accounted for 18.84% of the total market in 2020. The market consolidation can be attributed to partnerships and collaborations between industry players to reduce costs, improve their product offerings and expand geographically.
The market is expected to be concentrated in the near future with the adoption of acquisition and merger strategies by players to enter and expand into new geographies. Berkshire Hathaway was the main competitor with 3.90% market share, followed by Allianz with 2.98%, Ping An Insurance with 2.32%, AXA with 2.13%, China Life Insurance Company Limited with 1, 77%, People’s Insurance Company of China with 1.62%. %, Munich Re with 1.24%, Japan Post Holdings with 1.18%, Assicurazioni Generali with 0.86% and Swiss Re Ltd. with 0.84%.
The best opportunities in the insurance, reinsurance and insurance brokerage market segmented by type will arise in the insurance segment, which will earn $1,916.2 billion in global annual sales by 2025 The primary segment opportunities by mode will arise in the offline segment, which will earn $1.137.6 billion in global annual sales by 2025.
The best opportunities in the end-user segment will arise in the corporate segment, which will earn $1.183.5 billion in global annual sales by 2025. The size of the insurance, reinsurance and brokerage market insurance will earn the most in the United States with $462.7 billion.
Main topics covered:
1. Executive Summary of Insurance, Reinsurance and Insurance Brokerage Market
2. Table of Contents
3. List of Figures
4. List of tables
5. Structure of the report
6.1. Segmentation by geography
6.2. Segmentation by type
6.3. Segmentation by mode
6.4. Segmentation by end user
7. Characteristics of the insurance, reinsurance and insurance brokerage market
7.1. Market definition
7.2. Market segmentation by type
7.2.2. Insurance brokers and agents
7.3. Market segmentation by mode
7.3.1. In line
7.4. Market segmentation by end user
8. Insurance, Reinsurance and Insurance Brokerage Market, Supply Chain Analysis
8.1.1. Real Estate Developers, Buildings And Infrastructures
8.1.2. Hardware and software vendors
8.1.3. Utility Providers
8.1.4. Human ressources
8.2. Other Service Providers
8.3. Insurance, reinsurance and insurance brokerage providers
8.4. end users
9. Insurance, Reinsurance and Insurance Brokerage Market Product Analysis – Product Examples
10. Information on customers in the insurance, reinsurance and insurance brokerage market
10.1. COVID-19 Fuels Demand for Insurance Products Across Asia-Pacific
10.2. Personalization and increased digital interactions to shape the future of insurance
10.3. Job Security and Financial Stress Caused by COVID-19 in the United States
10.4. Digitization and consumer education identified as key elements
10.5. Simplicity and adaptability key to the future of home and auto insurance
11. Insurance, Reinsurance and Insurance Brokerage Market Trends and Strategies
11.1. Technologies to facilitate insurance automation
11.2. Coverage for pandemics
11.3. Use of Blockchain Technology
11.4. Adoption of automated reinsurance platforms
11.5. InsurTech Partnerships
11.6. Advanced analytics and proactivity
11.7. Growing application of artificial intelligence
11.8. Implementation of digital processes in insurance
11.9. Increased cybersecurity as a top priority
12. Impact of COVID-19 on the insurance, reinsurance and insurance brokerage market
12.2. Growing demand for life insurance
12.3. The digitization wave
12.4. Increased premium income for reinsurance companies
12.5. Financial impact
12.6. Future prospects
13. Global insurance, reinsurance and insurance brokerage market size and growth
13.1. Market size
13.2. Historical Market Growth, 2015 – 2020, Value (USD Billion)
13.2.1. Market drivers 2015 – 2020
13.2.2. Market Constraints 2015 – 2020
13.3. Market Growth Forecast, 2020 – 2025, 2030F Value (USD Billion)
13.3.1. Market Drivers 2020 – 2025
13.3.2. Constraints on the market 2020 – 2025
For more information on this report, visit https://www.researchandmarkets.com/r/gzt5a8
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