Global General Insurance Market Overview:
General insurance is a type of insurance that covers wide range of insurance policies to protect against risks or liabilities other than life. Growth of general insurance is driven by various factors such as rising awareness, economic growth and urbanization. Further, government of various countries have mandated insurance for vehicles to protect against accidents and risks. Shift towards the personalized solutions and integration of digital technologies to streamline operations and enhance customer experience in expected to fuel growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Emerging Trend of Usage Based Insurance Policies Among Car Owners and Use of Digital Technologies TO Automate Operations and Improve Customer Experience
Market Growth Drivers:
Rising Awareness About Insurance Benefit and Increasing Investment To Protect Assets and Family and Increasing Healthcare Costs is Driving Demand for Health Insurance
Challenges:
High Insurance Premium and Less Benefits Provided By Some Insurers
Restraints:
Growing Concern About Cybersecurity and Data Breaches as Insurance Industry Has Sensitive Information
Opportunities:
Strict Regulations By Government Towards the Some Types of Insurance Such as Motor or Vehicle Insurance
Competitive Landscape:
Global general insurance market is fragmented with the availability of large number of insurers. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to expand their presence in the market. The key players are targeting the innovations of the Solutions with better quality, better technical characteristics. The key players are probable to keep a stronghold on the market over the anticipated period.
Some of the key players profiled in the report are Liberty Mutual Insurance Company (United States), Berkshire Hathaway (United States), State Farm Insurance (United States), Allstate (United States), Progressive Corporation (United States), American International Group, Inc. (United States), Nationwide Mutual Insurance Company (United States), Aviva plc (United Kingdom), The Travelers Companies, Inc. (United States), Allianz (Germany), Chubb Limited (Switzerland), Axa S.A. (France), Munich Re Group (Germany), Assicurazioni Generali (Italy), The Hartford (United States), Hiscox (Bermuda), Tokio Marine Holdings, Inc (Japan) and Zurich (Switzerland). Analyst at AMA Research see United States & European Players to retain maximum share of Global General Insurance market by 2030. Considering Market by Sales Channel, the sub-segment i.e. Direct & Digital will boost the General Insurance market. Considering Market by End User, the sub-segment i.e. Personal/Households will boost the General Insurance market.
Latest Market Insights:
In November 2023, Zurich Insurance signed an agreement with Kotak Mahindra General Insurance Company Limited to acquire 51% stake to provide innovative solutions, meet customers’ need and help both companies to grow rapidly in non-life insurance market. Kotak Mahindra has expertise in Indian financial services and Zurich has leading capabilities in retail and commercial insurance market.
What Can be Explored with the General Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global General Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in General Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global General Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in General Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Insurance Providers, Fintech Companies, Brokers & Agents, Venture Capitalists and Private Equity Firms and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.