Global Insurance, Reinsurance and Insurance Brokerage Market Report 2022: Personalization and Increasing Digital Interactions to Shape the Future of Insurance

DUBLIN, April 1, 2022 /PRNewswire/ -- The "Insurance, Reinsurance And Insurance Brokerage Global Market Opportunities And Strategies To 2030, By Type, Mode, End User" report has been added to ResearchAndMarkets.com's offering.

The insurance, reinsurance and insurance brokerage market reached a value of nearly $5,227.1 billion in 2020, having increased 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 in the historic period resulted from strong economic growth in emerging markets, rising healthcare costs, increase in natural disasters and government led insurance reforms.

Going forward, increase in chronic diseases and disabilities, impact of COVID-19, reinsurance adoption for healthcare, growth of the middle-class in emerging markets and increase in home ownership and mortgages will drive the growth. Factors that could hinder 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, and then the other 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. These will be followed by 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 top players and small players. The top ten competitors in the market made up to 18.84% of the total market in 2020. The market consolidation can be attributed to the partnerships and collaborations among the players in the industry to save costs, enhance their product offerings and expand geographically.

The market is expected to be concentrated state in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies. The Berkshire Hathaway was the largest competitor with 3.90% share of the market, 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 top opportunities in the insurance, reinsurance and insurance brokerage market segmented by type will arise in the insurance segment, which will gain $1,916.2 billion of global annual sales by 2025. The top opportunities in segment by mode will arise in the offline segment, which will gain $1,137.6 billion of global annual sales by 2025.

The top opportunities in segment by end-user will arise in the corporate segment, which will gain $1,183.5 billion of global annual sales by 2025. The insurance, reinsurance and insurance brokerage market size will gain the most in the USA at $462.7 billion.

Key Topics Covered:

1. Insurance, Reinsurance And Insurance Brokerage Market Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction

6.1. Segmentation By Geography6.2. Segmentation By Type6.3. Segmentation By Mode6.4. Segmentation By End-User

7. Insurance, Reinsurance And Insurance Brokerage Market Characteristics

7.1. Market Definition

7.2. Market Segmentation By Type

7.2.1. Insurance

7.2.2. Insurance Brokers & Agents

7.2.3. Reinsurance

7.3. Market Segmentation By Mode

7.3.1. Online

7.3.2. Offline

7.4. Market Segmentation By End User

7.4.1. Individuals

7.4.2. Corporate

8. Insurance, Reinsurance And Insurance Brokerage Market, Supply Chain Analysis

8.1. Resources8.1.1. Real Estate, Building And Infrastructure Developers8.1.2. Hardware And Software Suppliers8.1.3. Utilities Providers8.1.4. Human Resources8.2. Other Service Providers8.3. Insurance, Reinsurance, And Insurance Brokerage Providers8.4. End-Users8.4.1. Corporate/Businesses8.4.2. Individuals

9. Insurance, Reinsurance And Insurance Brokerage Market Product Analysis -Product Examples

10. Insurance, Reinsurance And Insurance Brokerage Market Customer Information

10.1. COVID-19 Is Fueling Demand for Insurance Products Across Asia Pacific10.2. Personalization And Increasing Digital Interactions To Shape The Future Of Insurance10.3. Job Security And Financial Stress Caused By COVID-19 In The United States10.4. Digitalization And Consumer Education Identified As Key Elements10.5. Simplicity and Adjustability Among Key Elements Of The Future Of Home And Motor Insurance

11. Insurance, Reinsurance And Insurance Brokerage Market Trends And Strategies

11.1. Technologies To Aid Automation Of Insurance

11.2. Cover For Pandemics

11.3. Use Of Blockchain Technology

11.4. Adoption Of Automated Reinsurance Platforms

11.5. InsurTech Partnerships

11.6. Advanced Analytics & Proactiveness

11.7. Increasing Application Of Artificial Intelligence

11.8. Digital Process Implementation In Insurance

11.9. Increase In Cybersecurity As Top Priority

12. Impact Of COVID-19 On The Insurance, Reinsurance And Insurance Brokerage Market

12.1. Introduction12.2. Growing Demand For Life Insurance12.3. The Wave Of Digitalization12.4. Increase In Premium Income For Reinsurance Companies12.5. Financial Impact12.6. Future Outlook

13. Global Insurance, Reinsurance And Insurance Brokerage Market Size And Growth

13.1. Market Size

13.2. Historic Market Growth, 2015 - 2020, Value ($ Billion)

13.2.1. Drivers Of The Market 2015 - 2020

13.2.2. Restraints On The Market 2015 - 2020

13.3. Forecast Market Growth, 2020 - 2025, 2030F Value ($ Billion)

13.3.1. Drivers Of The Market 2020 - 2025

13.3.2. Restraints On The Market 2020 - 2025

Companies Mentioned