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Rapid Adoption Of Emv Technology For Insurance Market: A Key Driver Powering Insurance (Providers, Brokers and Re-Insurers) Market Growth In 2025
Insurance (Providers, Brokers and Re-Insurers)
What Is the Current Insurance (Providers, Brokers and Re-Insurers) Market Size and Its Estimated Growth Rate?
The insurance (providers, brokers, and re-insurers) market has grown strongly, expanding from $7751.02 billion in 2024 to $8307.01 billion in 2025 at a CAGR of 7.2%. The growth is supported by the rising prevalence of diabetes, advancements in insulin delivery, patient demand for convenience, and an aging population.
The insurance (providers, brokers, and reinsurers) market is expected to see strong growth in the next few years. It will grow to $10832.92 billion by 2029, at a compound annual growth rate (CAGR) of 6.9%. The growth is supported by the expansion of emerging markets, regulatory support and reimbursement, the rise of personalized medicine, and the shift toward value-based healthcare. Major trends include the integration of artificial intelligence (AI), the development of handheld and wireless ultrasound devices, advancements in 3D/4D imaging, and the rise of fusion imaging.
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How Are Emerging Segments Shaping the Insurance (Providers, Brokers and Re-Insurers) Market Landscape?
The insurance (providers, brokers and re-insurers) market covered in this report is segmented -
1) By Type: Insurance Providers, Insurance Brokers And Agents, Reinsurance Providers
2) By Mode: Online, Offline
3) By End User: Corporate, Individual
Subsegments:
1) By Insurance Providers: Life Insurance, Health Insurance, Property And Casualty Insurance, Auto Insurance, Commercial Insurance, Others (Travel Insurance, Pet Insurance)
2) By Insurance Brokers and Agents: Independent Brokers, Captive Agents, Direct Brokers, Online Brokers
3) By Reinsurance Providers: Life Reinsurance, Non-life Reinsurance, Facultative Reinsurance, Treaty Reinsurance
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Which Growth Factors Are Influencing Insurance (Providers, Brokers and Re-Insurers) Market Expansion?
The global payments industry has experienced significant growth in the adoption of EMV technology due to its enhanced data security compared to traditional magnetic stripe cards. EMV, a security standard for payment cards such as debit, credit, charge, and prepaid cards, uses a chip that securely stores cardholder and account data with both hardware and software protection. For example, in August 2023, Thales Group, a France-based electrical systems manufacturer, reported that 69.25% of all issued payment cards worldwide in 2022 were EMV chip-based, and EMV card transactions rose from 77.52% in 2021 to 87.19% in 2022.
Who Are the Dominant Players Across Different Insurance (Providers, Brokers and Re-Insurers) Market Segments?
Major companies operating in the insurance (providers, brokers and re-insurers) market include UnitedHealth Group, Axa S.A., Munich Re, Allianz SE, Generali Group, Swiss Re Ltd., Hannover Reinsurance S.E., Berkshire Hathaway Assurance, Progressive Corporation, Allstate Corporation, Liberty Mutual Insurance Group, The Travelers Companies Inc., USAA, Chubb Limited, Nationwide Mutual Insurance Company, American International Group Inc., American Family Insurance Group, Erie Insurance Group, Auto-Owners Insurance Group, CNA Financial Corporation, The Hartford Financial Services Group Inc., State Auto Financial Corporation, Cincinnati Financial Corporation, Mercury General Corporation, AmTrust Financial Services Inc., AXIS Capital Holdings Limited, Taiping Reinsurance Co. Ltd., Marsh McLennan Companies Inc., Aon plc, Willis Towers Watson Holdings plc, Arthur J. Gallagher & Co., Hub International Limited, Brown & Brown Inc., Lincoln Financial Group.
What Are the Latest Developing Trends in the Insurance (Providers, Brokers and Re-Insurers) Market?
Major companies in the insurance market are introducing new technologies like robotic errors and omissions insurance to cater to the evolving robotics industry. In September 2022, Koop Technologies launched a specialized insurance product aimed at manufacturers and service providers in the robotics sector, covering risks associated with automation.
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Which Geographic Regions Are Expected to Dominate the Insurance (Providers, Brokers and Re-Insurers) Market in the Coming Years?
North America was the largest region in the insurance (providers, brokers, and re-insurers) market in 2023. Asia-Pacific was the second largest region in the global insurance (providers, brokers, and re-insurers) market. The regions covered in the insurance (providers, brokers, and re-insurers) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Insurance (Providers, Brokers and Re-Insurers) Market?
2. What is the CAGR expected in the Insurance (Providers, Brokers and Re-Insurers) Market?
3. What Are the Key Innovations Transforming the Insurance (Providers, Brokers and Re-Insurers) Industry?
4. Which Region Is Leading the Insurance (Providers, Brokers and Re-Insurers) Market?
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