Press release
B2B2C Insurance Market Analysis, Trends, Growth, Research And Forecast 2033
B2B2C Insurance Market
The Business Research Company offers in-depth market insights through B2B2C Insurance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The B2B2C insurance market size has grown strongly in recent years. It will grow from $3.95 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to complexity of commercial risks, regulatory compliance requirements, globalization of business operations, industry-specific coverage needs, risk management strategies.
The B2B2C insurance market size is expected to see strong growth in the next few years. It will grow to $6.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to environmental and climate-related risks, business continuity planning, employee well-being programs, diversification of insurance products, personalization of coverage. Major trends in the forecast period include digital transformation in distribution channels, insurtech innovations, ecosystem partnerships, usage-based insurance models, integration with digital ecosystems.
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Market Segmentation:
The B2B2C insurance market covered in this report is segmented -
1) By Type: Life Insurance, Non-Life Insurance
2) By Distribution Channel: Online, Offline
3) By End Use Industry: Bank And Financial Institutions, Automotive, Utilities, Retailers, Telecom, Other End Use Industries
Major Driver - Expanding Automobile Industry Propels Growth In B2B2C Insurance Market
The expansion of the automobile industry is expected to propel the growth of the B2B2C insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design, development, production, marketing, and sale of automobiles. B2B2C insurance protects the policyholder's belongings and assets, such as automobiles, from financial losses and damage. Car insurance is like a long-term contract that covers the price of various damages that may arise because of unanticipated events. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the B2B2C insurance market.
Competitive Landscape:
Major companies operating in the B2B2C insurance market report are UnitedHealth Group Inc., Berkshire Hathaway Inc., Allianz SE, Axa S.A., Japan Post Holdings Co., BNP Paribas S.A., Prudential Financial Inc., Aditya Birla Group, Munich Re Group, Swiss Reinsurance Company Ltd., Zurich Insurance Group Ltd., Porto Seguro S.A., Tata-AIG General Insurance Co. Ltd., ICICI Lombard General Insurance Company Limited, Bolttech Management Limited, Bsurance GmbH, Edelweiss General Insurance Company Limited, BridgeNet Insurance, DriveWealth LLC, ASSICURAZIONI GENERALI S.P.A., China Life Insurance Group, Alpaca VN, Inclusivity Solutions, The Digital Insurer, Wrisk Ltd., Anorak Technologies Limited, Dream Insurance, Assurity Group Inc., Bajaj Allianz Life Insurance Co. Ltd., Afficiency
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Top Trend - B2B2C Insurance Market Embrace Cloud-Based Platforms For Enhanced Efficiency
Major companies operating in the B2B2C insurance market are increasing their focus on introducing cloud-based insurance platforms to gain a competitive edge in the market. A cloud-based insurance platform is an online system or service that leverages cloud computing infrastructure to provide a range of insurance-related functionalities, including policy management, underwriting, claims processing, and other insurance-related processes. For instance, in May 2023, Lexasure Financial Group, a UK-based insurance company, launched LexasureCloud 1.0, a cutting-edge B2B2C InsurTech platform that operates on the cloud. The platform is designed to enhance the competitiveness, growth, and profitability of insurance companies. It aims to digitize risk, helping insurance companies build out additional channels of distribution and pave the way forward for their partners in Asia with a technologically connected path.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. B2B2C Insurance Market Characteristics
3. B2B2C Insurance Market Trends And Strategies
4. B2B2C Insurance Market - Macro Economic Scenario
5. B2B2C Insurance Market Size And Growth
…..
27. B2B2C Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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