Premium Finance Market gains worldwide popularity with top players like UBS, Morgan Stanley, Citigroup Inc
Premium Finance Market
Market by Type (Recourse Premium Finance, Non-Recourse Premium Finance, Hybrid Premium Finance) and Interest Rate (Fixed Interest Rate, Floating Interest Rates)
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The global premium finance market is segmented on the basis of type, interest rate, and region. Based on type, the market is divided into Recourse Premium Finance, Non-Recourse Premium Finance, Hybrid Premium Finance. In terms of interest rate, the market is categorized into Fixed Interest Rate, Floating Interest Rates. Geographically, the market is analyzed across several regions such as
COVID-19 Scenario Analysis
In the COVID-19 pandemic, the demand for insurance products has increased, as consumers became more aware of the importance of insurance to protect people from financial losses during the time of emergency. Therefore, the increase in sales of insurance led to a rise in the demand for premium financing since consumers purchased insurance because of the rising awareness. However, to pay the premium amount, consumers adopted premium financing, which led to a growth of the market. Thus, COVID-19 positively impacted the premium finance market forecast.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increasing premium rates of insurance and customer satisfaction of the business are driving the growth of the market. However, the loan application process and risk of default in premium payment are expected to hamper the market growth. Contrarily, the rise in adoption of internet-of-things and the usage of artificial intelligence (AI) insurance platforms can be seen as an opportunity for the market.
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The Premium Finance Market Trends Are as Follows:
Increasing Premium Rates of Insurance Policies:
Due to the rising demand for insurance products and services, insurance companies are increasing the premium rates to increase profitability. Consumers have no other choice but to agree on the high price of the premium for the insurance. Therefore, premium finance offers customers to cover the cost of these high premiums, so that customers can afford to have insurance. Therefore, this is a major factor for the propelling growth of the premium finance market.
Risk of Default in Premium Payment:
The risk of default refers to a situation in which a borrower is unable to meet their premium payment obligations. Almost every type of insurance includes a default risk provision. Sometimes, insurance premiums are not paid back on time and therefore, secured assets are used to pay off the payment amount. Moreover, while a premium payment has defaulted, the company attempts to sue the defaulter in court for due payment. However, in light of the current pandemic situation, the financial position of firms has deteriorated dramatically, turning businesses into default and hampering the growth of the premium finance market, as these firms have to face huge losses because of the defaulters. Hence, this is a major factor hampering the growth of the premium finance market.
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Key Benefits of the Report:
This study presents an analytical depiction of the market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the premium finance market share.
The current market is quantitatively analyzed to highlight the premium finance market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed premium finance market analysis depending on the present and future competitive intensity of the market.
Key Market Players:
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