General Insurance Market Size to Reach USD 8500 Billion by 2028 with a CAGR of 3.3% | Valuates Reports
The Global General Insurance Market Revenue is about
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
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,
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Key Players:
- Allianz
- AXA
- Generali
Ping An Insurance - China Life Insurance
- Prudential PLC
- Munich Re
Zurich Insurance Nippon Life Insurance - Japan Post Holdings
- Berkshire Hathaway
- Metlife
- Manulife Financial
- CPIC
- Chubb
- AIG
- Aviva
- Allstate
- Swiss RE
- Prudential Financial
- Travelers
- AIA
- Aflac
- Legal and General.
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