The latest research report by Emergen Research, named ‘Global Insurance Market – Forecast to 2030’, entails a comprehensive review of the global Insurance market’s present and future trends. Convolutional neural networks and other emerging deep learning tools, as well as Artificial Intelligence (AI), are having a beneficial impact on market revenue growth. AI has the capacity to successfully replicate perception, learning, and problem-solving processes. Insurance providers can change their existing strategy of “detect and repair” to “predict and prevent” with AI, completely changing the insurance sector. Customers will become more skilled at leveraging cutting-edge technologies to enhance decision-making, purchase decisions, save costs, and optimise customer experience as industry trends change.
According to the most recent analysis by Emergen Research, the size of the global insurance market is anticipated to reach USD 10,300.96 billion in 2030 and to have a consistent revenue CAGR of 10.0% during the projected period. The rising incidence of numerous diseases including dengue, cancer, and diabetes is a major factor influencing demand for health insurance, which in turn is influencing the growth of the global insurance market’s revenue.
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The report closely studies the growth trajectory of the global Insurance market. It brings to light the global dominance of the leading regional segments, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Some major companies in the market report 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.
Some Key Highlights from the Report
- On 3 May 2022, International Medical Group (IMG), which is an award-winning global insurance benefits and assistance services company, announced a new partnership with Roamly Insurance Group. Roamly is the first embedded insurtech for travel enthusiasts with unique RV insurance offerings. IMG will offer three travel and health safety products created for Roamly, and these will initially be available to travelers booking trips on RV rental marketplace Outdoorsy, as well as other travel marketplace platforms and companies.
- Property insurance segment revenue is expected to register a significantly rapid rate during the forecast period, owing to increasing number of owners taking coverage to protect property. The policy cavers financial reimbursement to renter or owner for a structure or its content in case of theft or damage. Property insurances include various number of policies such as renter’s insurance, homeowner’s insurance, earthquake insurance, and flood insurance.
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Asia Pacific insurance market revenue is expected to increase at a rapid rate during the forecast period. This can be attributed to untapped opportunities and high demand from countries such as Japan, China, Australia, South Korea, and India.
Emergen Research has segmented the global insurance market on the basis of insurance type, service providers, end-use, sales channel, and region:
- Insurance Type Outlook (Revenue, USD Billion; 2018–2030)
- Life Insurance
- Property Insurance
- Health Insurance
- Liability Insurance
- Fire Insurance
- Motor Insurance or Auto Insurance
- Social Insurance
- Others (Travel, Marine, Guarantee, Home)
- Service Providers Outlook (Revenue, USD Billion; 2018–2030)
- Public Insurance Providers
- Private Insurance Providers
- End-use Outlook (Revenue, USD Billion; 2018–2030)
- Individuals
- Corporate
- Others
- Sales Channel Outlook (Revenue, USD Billion; 2018–2030)
- Direct Sales
- Brokers
- Insurance Agents
- Web Aggregators
- Insurance Marketing Firm
- Online
Demand for cyber insurance and health insurance is also rising in the region due to increasing incidence of cyberattacks and rise in medical treatment costs.
Elucidating the competitive landscape of the Global Insurance Market:
- The global Insurance market report offers viable insights into the competitive spectrum of the Insurance business sphere.
- The report systematically profiles the company information of each market player.
- It identifies the estimated industry share, production facilities, development prospects, and geographies served by each market player.
- The study showcases the extensive product portfolios of the prominent market contenders.
- It offers critical data & information about the product application scope and the end-user landscape.
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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