Rise in need for insurance policies among organizations to protect businesses from unforeseen losses is driving growth of insurance market
SURREY, BRITISH COLUMBIA, CANADA, November 14, 2021 /EINPresswire.com/ — The global Insurance market size is expected to reach USD 8,921.86 Billion at a steady revenue CAGR of 6.2% in 2028, according to latest analysis by Emergen Research. Rapid digitalization is enabling insurance providers to adapt to and adopt more advanced technologies, which is expected to drive market revenue growth in the coming years. Property insurance includes various policies such as renter’s insurance, homeowner’s insurance, earthquake insurance, and flood insurance.
Upsurge in cybercrimes and fraud and risks associated with online transactions is driving growth in demand for cyber insurance, which is further driving global insurance market growth. Cyber insurance covers business interruption, property theft, cyber extortion, software and data loss, cyber-crime and physical asset damage, and network failure liability. The pandemic has drastically affected the global economic landscape, thereby disrupting the operating mechanism of the Insurance market. Rapid digitalization is enabling insurance providers to adapt to and adopt more advanced technologies, which is expected to drive market revenue growth in the coming years. The report clearly defines the Insurance market position on a global level. The detailed insights into the market’s geographical spectrum offered by the report make it an excellent source of knowledge about the Insurance industry. Hence, the vital COVID-19 insights offered by the report are expected to help organizations manage their businesses effectively in extreme economic uncertainties.
Insurance Market Size – USD 5,802.89 Billion in 2020, Market Growth – at a CAGR of 6.2%, Market Trends – Increased demand due to COVID-19 pandemic Another key factor driving market revenue growth is easy availability of insurance cover of varying types and policies for a vast array of needs and requirements across all types of end-user bases and increasing number of individuals, groups, entities, establishments (private, governmental, and commercial) and various sectors and industries opting to safeguard against potential health issues, and losses and damages. Property insurance segment revenue is expected to increase at a significant rate during the forecast period. Property insurance includes financial reimbursement to the renter or owner for a structure or its content in case of theft or damage.
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Key players in the market include Berkshire Hathaway, AXA SA, China Life Insurance Co. Ltd., Aviva PLC, Prudential PLC, United Health Group Incorporated, Anthem Inc., Kaiser Foundation Group of Health Plans, Munich Reinsurance Company, and Centene Corporation.
Insurance Type Outlook (Revenue, USD Billion; 2018–2028)
Motor Insurance or Auto Insurance
Others (Travel, Marine, Guarantee, Home)
Service Providers Outlook (Revenue, USD Billion; 2018–2028)
Public Insurance Providers
Private Insurance Providers
End-use Providers Outlook (Revenue, USD Billion; 2018–2028)
Sales Channel Outlook (Revenue, USD Billion; 2018–2028)
Insurance Marketing Firm
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Key geographical areas:
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Technological and innovation landscape
Key questions addressed in the report:
What are the key factors driving the global Insurance market?
Who are the key manufacturers in this market space?
Who are the distributors, traders and dealers of this market?
What are the market opportunities and risks affecting the performance of the vendors in the global Insurance market?
What are the sales and revenue estimations for the top manufacturers in this market over the projected timeline?
Read More: https://www.emergenresearch.com/industry-report/insurance-market
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