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Insurance (Providers, Brokers and Re-Insurers) Market Poised to Hit $155.63 Billion by 2029 with Accelerating Growth Trends
Insurance (Providers, Brokers and Re-Insurers)
Insurance (Providers, Brokers and Re-Insurers) Market Size Growth Forecast: What to Expect by 2025?
In recent times, the insurance market, encompassing providers, brokers, and re-insurers, has witnessed substantial growth. The prediction is that it will rise from $7751.02 billion in 2024 to an impressive $8307.01 billion in 2025, documenting a compound annual growth rate (CAGR) of 7.2%. The historic expansion is majorly due to factors such as increasing prevalence of diabetes, advancements in insulin delivery, the penchant of patients for convenience, and an aging population.
How Will the Insurance (Providers, Brokers and Re-Insurers) Market Size Evolve and Grow by 2029?
In the forthcoming years, the insurance market (comprising providers, brokers and re-insurers) is projected to experience robust growth. By 2029, it is forecasted to achieve a market size of $10832.92 billion with a Compound Annual Growth Rate (CAGR) of 6.9%. The anticipated growth within this period can be associated to factors such as the evolution of emerging markets, regulatory backing and reimbursement strategies, precision medicine, and value-driven healthcare. Key trends projected for the forecast period comprise the merging of artificial intelligence, the use of handheld and wireless ultrasound tools, 3D/4D imaging technology, and fusion imaging.
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What Drivers Are Propelling the Growth of Insurance (Providers, Brokers and Re-Insurers) Market Forward?
The worldwide payments sector is experiencing a swift surge in the acceptance of EMV technology. This rise is attributed to the superior data protection provided by EMV chip and PIN cards as opposed to conventional magnetic strip cards. EMV serves as a safety benchmark for various kinds of payment cards, such as debit, credit, charge, and prepaid cards. The chip accommodates cardholder and account information, safeguarded through a combination of hardware and software security mechanisms. For example, Thales Group, a France-based enterprise specializing in electrical systems, reported that 69.25% of all payment cards distributed worldwide in 2022 were equipped with EMV chips. The proportion of EMV card transactions grew from 77.52% in 2021 to 87.19% in 2022.
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Which Emerging Trends Are Transforming the Insurance (Providers, Brokers and Re-Insurers) Market in 2025?
Leading firms in the insurance market are employing innovation to develop new technological products such as robotic errors and omissions insurance to fortify their market stance. This specialized insurance product offers targeted professional liability protection for robotics services. An example of this is seen with Koop Technologies, an insurance tech firm based in the US, which unveiled its robotic errors and omissions Insurance Product in September 2022. This professional liability insurance is tailored for manufacturers, handlers, and service providers of robots and autonomous off-road vehicles across various sectors. The coverage is centered around automation risks and caters to the distinctive requirements of the robotics ecosystem. Additionally, it provides coverage for legal expenses if a third party alleges that a financial loss was induced by a robotics company.
What Are the Key Segments in the Insurance (Providers, Brokers and Re-Insurers) Market?
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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Who Are the Key Players Shaping the Insurance (Providers, Brokers and Re-Insurers) Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Insurance (Providers, Brokers and Re-Insurers) Market?
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.
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