Industry Background:
Personal insurance covers a variety of situations where people may be legally responsible to pay for something that happened to someone else on property they own or in some situations, on property that they don’t own. The insurance includes medical bills, legal expenses resulting from lawsuits, bodily injury and property damage.
This growth is primarily driven by Additional Services Offers by the Insurance Companies and Growing Demand for Insurance Policies.
Globally, a noticeable market trend is evident Growing Population across the Globe
. Major Players, such as The Personal (Canada), UnitedHealth Group Incorporated (United States), Ping An Ins (Group) Co of China Ltd. (China), AXA S.A. (France), China Life Insurance (Group) Company (China), Kaiser Foundation Group of Health Plans (United States), Anthem, Inc. (United States), Allianz SE (Germany), People's Ins Co (Group) of China Ltd. (China), Assicurazioni Generali S.p.A. (Italy) and Centene Corporation (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 4th January 2022, Zurich Insurance Group has acquired Special Insurance Services, Inc. The acquisition expands Zurich’s ability to deliver supplemental health insurance products and services, particularly gap medical, which are increasingly part of employer benefit packages.
On 28th July 2021, Ping an Insurance has launched the first batch of digital RMB insurance policies. The new launch offers discounts for policyholders who purchase the policies with digital RMB wallets. The policy provides protection for medical staff, offers policyholders a digital wallet experience, and offers digital RMB premium settlement.
Regulatory Insights:
As per the Law on Personal Insurance, “The provisions of the Law on Insurance shall apply to the relationships regulated by this Law to the extent that this Law does not provide otherwise.” and “An insurance company must be licensed before it can do business. This too is regulated by the states. Insurance companies that are licensed and authorized to do business in a particular state are known as “admitted” insurers and are said to be “domiciled” in the state that issued the primary license; they are “domestic” in that state. Once licensed in one state, they may seek licenses in other states as a “foreign” insurer. Insurers incorporated in a foreign country are called “alien” insurers in the U.S. jurisdictions in which they are licensed.”
Market Drivers
- Additional Services Offers by the Insurance Companies
- Growing Demand for Insurance Policies
Market Trend
- Growing Population across the Globe
- Surging Need of Financial Investments
Restraints
- Rising Frauds Activities in the Insurance Plans
Opportunities
Rising Health-Related and Business Risks can create Opportunities for the Personal Insurance Market Growth
Challenges
Strict Regulatory Guidelines on the Personal Insurance Agents
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Personal Insurance - Study Sheds Light on
The Personal Insurance - Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Personal Insurance - industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Personal Insurance - industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.