Major companies in the insurance, reinsurrance and insurance brokerage market include Unitedhealth Group; AXA; Munich Re; Allianz and Generali. The global insurance, reinsurance and insurance brokerage market is expected to grow from $5227.
New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Insurance, Reinsurance And Insurance Brokerage Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018832/?utm_source=GNW
08 billion in 2020 to $5847.93 billion in 2021 at a compound annual growth rate (CAGR) of 11.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7404.03 billion in 2025 at a CAGR of 6%.
The insurance, reinsurrance and insurance brokerage market consists of sales of insurance by entities (organizations, sole traders and partnerships) that are engaged in providing insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, insurance brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal as well as the fees or commissions paid to brokers. The insurance market is segmented into insurance; insurance brokers & agents and reinsurance.
North America was the largest region in the global insurance, reinsurance and insurance brokerage market, accounting for 34% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global insurance, reinsurance and insurance brokerage market. Eastern Europe was the smallest region in the global insurance, reinsurance and insurance brokerage market.
Peer-to-peer insurance is gradually gaining prominence both in emerging and developed markets driven by reduced cost of premium in emerging countries resulting from improved internet penetration in those regions. Peer-to-peer insurance is based on pooling insurance premiums of participating individuals that can be used to compensate future uncertain losses and share the left-over amount among participants. It aims to reduce premium and overhead costs than traditional Insurance Providers, decrease inefficiencies and increase transparency of businesses.
The rapid growth in internet penetration and increased risks associated with internet use for critical transactions is driving the demand for cyber insurance. Cyber insurance covers internet-based risks and risks related to information technology infrastructure. It also covers property theft, business interruption, software and data loss, cyber extortion, network failure liability, cyber-crime and physical asset damage. For example, according to a report by McAfee and Center for Strategic and International Studies in 2018, cybercrimes costed businesses $600 billion globally. To capitalize on the concerns associated with cybercrimes, insurers are offering cyber insurance to customers to businesses with high exposure to cyberattacks.
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