The Global Insurance Providers Market Report.
The insurance providers industry comprises of establishments engaged in underwriting (assuming the risk and assigning premiums) 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 companies that are engaged in assuming 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 major reason why the global insurance providers market is expected to grow from USD 5 trillion in 2017 to USD 5.4 trillion by 2021 is because the demand for cyber insurance is growing rapidly among small and large enterprises. Cyber insurance covers internet-based risks and risks related to information technology infrastructure.
Insurance provider market in The Business Research Company’s report is segmented into life insurance, property & casualty insurance and health & medical insurance. While the first two segments account for more than 75% of the market share, the remaining is attributed to the health & medical insurance provider segment.
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The USA was the largest country in the insurance providers market in 2017, accounting for more than one-fifth of the market share. This was a result of the presence of a large number of commercial establishments seeking property and casualty insurance. USA was followed by China and Japan as the next largest countries in the market.
UnitedHealth Group was the largest competitor in the insurance providers market, followed by AXA and Allianz. United Health Group’s growth strategy aims at expanding its health care insurance business by acquiring companies in similar industries. In 2017, the company acquired Banmedica S.A., a Chile based private health insurance company.
About The Business Research Company.
The Business Research Company is a Business Intelligence Company which excels in company, market and consumer research. It has offices in the UK, the US and India and a network of trained researchers in 15 countries globally.
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