PUBLISHER: The Business Research Company | PRODUCT CODE: 1387593
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387593
“Insurance (Providers, Brokers and Re-Insurers) Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on insurance (providers, brokers and re-insurers) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for insurance (providers, brokers and re-insurers)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The insurance (providers, brokers and re-insurers) market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Insurance functions as an agreement in which an individual or entity gains financial security or compensation for losses from an insurance company.
The primary categories within the insurance domain consist of insurance providers, brokers, and agents, alongside reinsurance providers. Reinsurance providers are entities that offer insurance services to other businesses, meaning they assume insurance liabilities from other entities. These services are accessible through both online and offline channels and cater to corporate as well as individual end-users.
The insurance (providers, brokers, and re-insurers) research report is one of a series of new reports from The Business Research Company that provides insurance (providers, brokers, and re-insurers) statistics, including insurance (providers, brokers, and re-insurers) industry global market size, regional shares, competitors with insurance (providers, brokers, and re-insurers) share, detailed insurance (providers, brokers, and re-insurers) segmentation, market trends and opportunities, and any further data you may need to thrive in the insurance (providers, brokers, and re-insurers) industry. This insurance (providers, brokers, and re-insurers) research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The investigation and security services market size has grown strongly in recent years. It will grow from $388.69 billion in 2023 to $423.82 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%.
During the historical period, the growth in this sector was influenced by factors such as crime and threats, regulatory compliance, corporate security, and data security.
The investigation and security services market size is expected to see strong growth in the next few years. It will grow to $589.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the upcoming period is linked to aspects like terrorism and political instability, public safety concerns, the ongoing digital transformation, and security measures for remote work. Key trends expected in this period encompass digital transformation, advancements in security technology, and the integration of artificial intelligence and automation.
The global payments industry has experienced a rapid surge in the adoption of EMV technology. This surge is primarily attributed to the heightened level of data security provided by EMV chips and PIN cards compared to conventional magnetic stripe cards. EMV stands for a security standard utilized in various payment cards, such as debit, credit, charge, and prepaid cards. These cards include a chip that securely stores cardholder and account data, safeguarded by both hardware and software security measures. For example, as reported by Thales Group in August 2023, 69.25% of all issued payment cards worldwide were EMV chip-based in 2022, marking an increase from 77.52% in 2021 to 87.19% in 2022 in EMV card transactions.
The increasing occurrences of road accidents are anticipated to fuel growth in the insurance market in the future. Road accidents, encompassing incidents involving vehicles like cars, trucks, motorcycles, bicycles, and pedestrians, result in collisions with other vehicles or road obstacles, leading to vehicle damage and human injuries. Insurance serves as a financial safeguard to handle the monetary aftermath of road accidents, covering aspects such as damage to the insured vehicle, medical expenses for injuries, liability for injuries, and property damage caused to others. For example, in 2021, the National Highway Traffic Safety Administration (NHTSA), a division of the US Department of Transportation, recorded 42,915 fatalities in the US due to motor vehicle traffic crashes, marking a 10.5% increase from the 38,824 fatalities in 2020. Consequently, the surge in road accidents is steering the growth of the insurance market.
Major companies in the insurance market are advancing innovative technologies to maintain their market presence, including the introduction of specialized insurance products like robotic errors and omissions insurance. This specialized insurance is tailored to provide professional liability coverage exclusively designed for robotics services. For example, in September 2022, Koop Technologies, a US-based insurance technology company, introduced the robotic errors and omissions insurance product. This insurance is specifically crafted for various sectors engaging in manufacturing, operating, and providing services involving robots and off-road autonomous vehicles. It caters to automation risks and addresses the distinct requirements of the robotics ecosystem. Furthermore, this insurance coverage extends to legal expenses in instances where a third party claims financial loss caused by a robotics company.
Major companies operating in the insurance (providers, brokers and re-insurers) market include UnitedHealth Group, Axa S.A., Munich Re, Allianz SE, Generali Group, Swiss Re Ltd., Hannover Reinsurance S.E., Berkshire Hathaway Assurance, Progressive Corporation, Allstate Corporation, Liberty Mutual Insurance Group, The Travelers Companies Inc., USAA, Chubb Limited, Nationwide Mutual Insurance Company, American International Group Inc., American Family Insurance Group, Erie Insurance Group, Auto-Owners Insurance Group, CNA Financial Corporation, The Hartford Financial Services Group Inc., State Auto Financial Corporation, Cincinnati Financial Corporation, Mercury General Corporation, AmTrust Financial Services Inc., AXIS Capital Holdings Limited, Taiping Reinsurance Co. Ltd., Marsh McLennan Companies Inc., Aon PLC, Willis Towers Watson Holdings PLC, Arthur J. Gallagher & Co., Hub International Limited, Brown & Brown Inc., Lincoln Financial Group.
North America was the largest region in the insurance (providers, brokers, and re-insurers) market in 2023. Asia-Pacific was the second largest region in the global insurance (providers, brokers, and re-insurers) market. The regions covered in the insurance (providers, brokers, and re-insurers) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the insurance (providers, brokers and re-insurers) market report are: Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The insurance market consists of sales of insurance products by entities that undertake underwriting (assuming the risk and assigning premiums) on annuities and insurance policies. Insurance providers invest premiums to build up a portfolio of financial assets to be used against future claims. Direct insurance providers are entities that are engaged in primary underwriting and assuming the risk of annuities and insurance policies. Reinsurance providers are businesses that assume all or part of the risk associated with an existing insurance policy or set of policies, originally underwritten by another insurance carrier (direct insurance carrier). 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. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.