What is Cheap Insurance Market?
Cheap insurance is related to cover risks usually for a shorter period such as one year. It provides various advantages such as provides protection against the occurrence of uncertain events, financial support, co-operative method of spreading risks and others. Demand for cheap insurance has increased, due to the rising number of the consumer from APAC region such as India. For instance, according to India Brand Equity Foundation, the non-life insurance companies witnessed increase of 13.1% in their collective premium in November to more than USD 20.09 billion. Therefore, it will help to increase the market growth.
The market study is being classified, by Application (Motor Insurance {Car, Bike, Scooter, Others}, Marine Insurance, Medical Insurance and Fire Insurance) and major geographies with country level break-up.
Axa S.A. (France), Munich Reinsurance (Germany), Allianz SE (Germany), The Allstate Corporation (United States), State Farm Insurance (United States), Berkshire Hathaway (United States), Nippon Life Insurance (Japan), Assicurazioni Generali S.p.A. (Italy), American International Group, Inc. (United States) and MetLife, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Ping An Insurance (China).
The global cheap insurance market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Cheap Insurance market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Cheap Insurance market by Type, Application and Region.
On the basis of geography, the market of Cheap Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- There is a significant demand for cheap insurance, increasing awareness and a rise in population. For instance, according to India Brand Equity Foundation, Gross direct premiums of non-life insurers in India reached more than USD 13.66 billion in FY20 gross direct premiums reached USD 5.87 billion) billion. Hence, it will affect the growth of the market in the future.
Market Trend
- Introduction of various technology such as artificial intelligence, machine learning and others are some major trends of the market.
Restraints
- Growing Inflation Rate is Causing Increase in Costs & Policy Cancellations
Opportunities
- Rising Industrialization as well as Small Businesses across the World
Challenges
- It is found that, sometimes, the total amount of premium might be higher than the policy amount receivable on maturity, which cloud be challenges for market growth.
Key Target Audience
Cheap Insurance Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others