Harrisburg, NC -- (SBWIRE) -- 10/14/2020 -- The Global Insurance Providers Market Research Report 2020 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The report describes various segments as well as analysis of the trends and factors that are playing a substantial role in the market. It provides an in-depth study of the Insurance provider market by using SWOT analysis. This gives a complete analysis of drivers, restraints, and opportunities of the market. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global insurance providers market is expected to decline from $5139 billion in 2019 to $5010.2 billion in 2020 at a compound annual growth rate (CAGR) of -2.6%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $5860 billion in 2023.
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Top Key Players in the Global Insurance Providers Market: Unitedhealth Group; AXA; Allianz; Generali; Ping An.
North America was the largest region in the global insurance providers market, accounting for 34% of the market in 2019. The Asia Pacific was the second largest region accounting for 31% of the global insurance providers market. Eastern Europe was the smallest region in the global insurance providers market.
UBI, which allows Insurance Providers to vary premiums depending on the behavior of consumers, is gaining traction amongst auto insurers. In particular, it is used in vehicle insurance based on vehicle usage and driving behavior of drivers. The popularity of UBI is driven by the increased use of smartphones with features such as Global Positioning System (GPS), accelerometers and g-force tracking, which can be used to substitute telematics devices with mobile apps. Under UBI, auto insurers are offering pay as you drive (PAYD) and pay how you drive (PHYD) services. While PAYD insurance premium is calculated based on the distance covered by a vehicle, PHYD insurance premium is calculated based on the driving behavior of insured consumers. UBI is rapidly growing in regions such as Europe, Asia and America. According to a report by EY, global market penetration of UBI services is expected to increase from about 1% in 2015 to 15% by 2020.
The insurance providers market consists of sales of insurance products by entities (organizations, sole traders and partnerships) 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).
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Regional Analysis for Market:
For a comprehensive understanding of market dynamics, the global Insurance Providers market is analyzed across key geographies namely: United States, China, Europe, Japan, South-east Asia, India, and others. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.
Table of Contents:
Executive Summary: It includes key trends of the Insurance Providers market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the Insurance Providers market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Insurance Providers market.
Market Segments: This part of the report discusses product type and application segments of the Insurance Providers market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
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Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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