General Insurance Market Size to Reach USD 8.5 Trillion by 2028 at a CAGR of 3.3%

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BANGALORE, India, May 11, 2022 /PRNewswire/ — Global General Insurance Market Segmented by Type (Car Insurance, Travel Insurance, Home Insurance, Health Insurance, Commercial Insurance), by Application (Digital and Direct Channel, Agency, Brokers, Bancassurance): Analysis Opportunities and Industry Forecast, 2022-2028.

The turnover of the global general insurance market is around $7 trillion in 2022 and will reach 8.5 trillion dollars in 2028, a CAGR of around 3.3%.

Key Factors Driving General Insurance Market Growth:

Government mandates, rising healthcare costs, and the growing need to protect homes from unforeseen catastrophic events, as well as cover the costs of property damage and liability claims, are expected to propel the insurance market general forward.

Furthermore, the digitization of insurance will further fuel the general insurance market as it will facilitate the purchase and claims process.

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TRENDS INFLUENCING THE GROWTH OF THE GENERAL INSURANCE MARKET:

The general insurance market is expected to grow due to the increase in health insurance purchases. Health insurance protects you against unexpected medical expenses. Before you even reach your deductible, you pay less for health care covered in the network. Even before reaching your deductible, you benefit from free preventive care such as vaccinations, screenings and certain examinations. Additionally, health insurers can better assess an individual’s health status, risks and habits by collecting and analyzing data from wearable health monitoring devices and pricing accordingly. Wearable devices can also be used by insurers to create personalized incentive programs that encourage health plan members to adopt healthy behaviors in exchange for lower premiums.

Road accidents are a major source of concern all over the world. As a result, several governments across the globe have made auto insurance compulsory, further fueling the growth of the market. Additionally, expanding the need to protect the vehicle owner from harm to the vehicle along with paying any liability owed by the vehicle owner as required by law is expected to drive the growth of the market for general insurance. Additionally, auto insurance can be priced at the point of sale using data analytics based on the driver’s driving history. By optimizing pricing, or even by creating new insurance services, policyholders who are good drivers do not have to be confused with bad drivers and pay the same premium. This factor is expected to boost the property and casualty insurance market.

Travel insurance market growth is expected to accelerate in 2022 as restrictions are lifted in many countries. This in turn is expected to fuel the growth of the general insurance market. Coverage for loss of passport and personal effects, coverage for loss of checked baggage and other risks are covered by travel insurance. These risks are hedged, providing an extra layer of protection against financial loss.

Artificial intelligence (AI), machine learning, and predictive analytics have all helped the insurance industry achieve operational efficiency through digital transformation. Claims can now be processed instantly through the convenience of a mobile app, which has helped insurers reduce “policy writing” time. Usage-based, on-demand and all-in-one lifestyle insurance products will become more relevant in the digital economy. Customers will prefer personalized insurance coverage to current universal options. Thus, the increasing digitization of insurance is expected to propel the general insurance market.

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GENERAL INSURANCE INDUSTRY SHARE

Depending on the type, health insurance should be the most lucrative. Rising healthcare costs are expected to contribute to the growth of the market. Based on the region, North America should be the most lucrative region.

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Key players:

  • Allianz
  • AXA
  • Generali
  • Ping An Insurance
  • Life insurance in China
  • PLC Prudential
  • Munich Re
  • Zurich Insurance
  • Japanese life insurance
  • Japan Post Holdings
  • Berkshire Hathaway
  • Metlife
  • Manulife Financial
  • CPIC
  • Chubb
  • AIG
  • Aviva
  • Allstate
  • Swiss RE
  • Prudential Financial
  • Travelers
  • AIA
  • Aflac
  • Legal and general.

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SIMILAR REPORTS:

– In 2020, the turnover of the global property insurance market is $1613 billion; at a CAGR of 6.2% during the forecast period from 2021 to 2027. In addition, United States represents approximately 40.48% of market share, which is US$653 billion.

– The global Insurtech market size is expected to reach $11940 million by 2027, $1462.3 million in 2020, at a CAGR of 34.4% over the forecast period 2021-2027.

– The global health insurance market size is expected to reach $138,340 million by 2028, $27,890 million in 2021, at a CAGR of 25.4% over the period 2022-2028.

– The global usage-based insurance market size has been valued at $28.7 billion in 2019, and should reach $149.2 billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027.

– The global cyber insurance market size has been valued at $4,852.19 million in 2018 and should reach $28,602.10 million by 2026, growing at a CAGR of 24.9% from 2019 to 2026.

– The Global Critical Illness Insurance Market Size is Expected to Reach $107,910 million by 2027, $40080 million in 2020, at a CAGR of 15.2% over the period 2021-2027.

– Global insurance analytics market size has been valued at $7.91 billion in 2019, and should reach $22.45 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027.

– The global insurance telematics market size is expected to reach $3556 million by 2027, $1574.2 million in 2020, at a CAGR of 11.9% over the period 2021-2027.

– The North America travel insurance market is expected to reach $8,165 million by 2022, growing at a CAGR of 8.8% from 2016 to 2022.

– The global credit insurance market size is expected to reach 14200 million dollars by 2028, $12260 million in 2021, at a CAGR of 2.1% over the period 2022-2028.

– The size of the global bancassurance market is expected to reach $2291.7 million by 2027, 2008.8 million in 2020, at a compound annual growth rate (CAGR) of 1.9% over the period 2021-2027.

– The global reinsurance market size is expected to reach $315,360 million by 2028, 279860 million USD in 2021, at a CAGR of 1.7% over the period 2022-2028.

– The global home insurance market size is expected to reach $4135 million by 2028, $3894.3 million in 2021, at a CAGR of 0.9% over the period 2022-2028.

– Global Internet of Things (IoT) Insurance Market Size, Status and Forecast 2021-2027

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