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Insurance, Reinsurance, and Brokerage Market Trends 2024-2033 | Key Players Allianz Group, Ping An Insurance, China Life Insurance Company Limited, Axa Group, Centene Corporation.
Insurance, Reinsurance, and Brokerage Market Share
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According to The Business Research Company's, The insurance, reinsurance and insurance brokerage market size has grown strongly in recent years. It will grow from $8277.04 billion in 2023 to $8898.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to impact of covid-19, reinsurance adoption for healthcare, rising healthcare costs, increase in home ownership and mortgages..
The insurance, reinsurance and insurance brokerage market size is expected to see strong growth in the next few years. It will grow to $11853.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, increasing government support, rapid urbanization, and increasing demand for insurance policies. Major trends in the forecast period include increase in chronic diseases and disabilities, growth of the middle-class in emerging markets, increasing government support, rapid urbanization, and increasing demand for insurance policies.
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Market Drivers and Trends:
The rapid growth in internet penetration and the increased risks associated with internet use for critical transactions are driving the demand for cyber insurance. Cyber insurance covers internet-based risks and risks related to information technology infrastructure. It also covers property theft, business interruption, software and data loss, cyber extortion, network failure liability, cyber-crime, and physical asset damage. For instance, in 2021, according to the National Health Authority of India, an Indian government agency, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India, which is increasing by 25 million every quarter. Therefore, the rapid growth in internet penetration and the increased risks associated with internet use drive the insurance, reinsurance, and insurance brokerage markets.
Major companies operating in the insurance, reinsurance, and insurance brokerage markets are adopting innovative technology platforms for specialty insurance to sustain their position in the market. A technology platform for specialty insurance typically encompasses a range of digital tools and solutions designed to cater to the specific needs of niche markets within the insurance industry. For instance, in August 2021, Mosaic Insurance, a US-based insurance agency, and DXC Technology, a US-based company that provides consulting and services in information technology, together launched an innovative technology platform for specialty insurance. The platform's features include support for AI underwriting, access to real-time data enabled by blockchain, and sophisticated automation. It assures a greatly enhanced customer experience, decreases the time and cost associated with processing claims, and significantly boosts the efficiency and accuracy of the underwriting process. The platform has received recognition for its ground-breaking insurtech platform, which is revolutionizing risk management and streamlining the industry.
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Major Key Players of the Market:
Ingram Barge, Kirby Inland Marine, CMA CGM Group, American Commercial Barge Line, Rhenus Group, Mckeil Marine Limited, Higman Barge Lines, Inc., American River Transportation, SCF Marine Inc., AP Moller - Maersk A/S, Air Sea Transport Inc, Cleverpod, Oceanwide Corportaion Ltd, Xenius, Ve Commercial Vehicles Limited, Toshiba, Aquamatix, Siemens, Elentec, Forwarding Germany Gmbh, Blue Water Shipping Germany Gmbh, Zim Germany Gmbh & Co Kg, Limited Liability Company Fesco Integrated Transport, Lukoil-Marinbunker, Rn-Bunker, Rosmorport, Fgup, Agrotek-Tm, Element Oil Treiding, Uralkhim-Trans, Paige Logistics Ltd, Sealion Cargo, The Ace Group Inc, Latin American Cargo - Lac, Consolidated Grain & Barge Company, Florida Progress Corporation, Acbl Holding Corporation, Ergon, Inc, American Commercial Lines, Inc., Yusen Logistics, Nippon Express, Fox Brasil, Panalpina, Maxitrans, Imexlog Logistica Aduaneira, Combined Transport Operator, Abbey Sea S.A, Acsa S.R.L., Administracion General De Puerto De Buenos Aires, Argentina Cargo S.R.L, Trident Freight, United Arab Shipping Company (Uasc), Freight Systems, Gulftainer Company Limited, Maersk, Gulf Marine Services (Gms), National Shipping Company Of Saudi Arabia (Nscsa), Safmarine Container Lines, Maritime Company For Navigation, Bollore Transport And Logistics South Africa (Pty) Ltd, Leeuwfontein Lodge (Pty) Ltd, Hoegh Autoliners (Pty) Ltd, Sturrock Grindrod Maritime (Pty) Ltd
Insurance, Reinsurance And Insurance Brokerage Market 2024 Key Insights:
• The insurance, reinsurance and insurance brokerage market size is expected to see strong growth in the next few years. It will grow to $11853.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Surging Demand For Cyber Insurance Is Addressing Internet-Related Risks In An Evolving Landscape
• Mosaic Insurance And Dxc Technology Unveil Cutting-Edge Technology Platform For Specialty Insurance
• North America was the largest region in the insurance, reinsurance, and insurance brokerage market in 2023
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