Global Non-Life Insurance Market Overview:
Non-life insurance is done for a physical property like buildings, machinery, equipment etc against the losses due to theft or fire, earthquake or any other natural calamities. It is for short term period usually for one year and the full premium is to be paid on renewal and in this case losses are only reimbursed at the time of uncertainty. The introduction of AI and data science in the insurance industry is improving the customer experiences which is boosting the non-life insurance market.
- Increasing Need for Financial Safety in case of Bigger Uncertainty
- Growing Health and Property related Casualties
- Rising Internet Penetration has Increased Awareness about Insurance Products
- Heavy Investment in Data Science for managing Consumer Data
- Limited Financial Coverage might Hinder the Market Growth
- Sudden Increments in Premium
- Enhancing Privacy and Security through advancing Technology
- Introduction of Artificial Intelligence and IoT for Improving Customer Relations
- Inflation in a Developed Economy might slow down the Market
- New Entrants from different Sectors
Some of the key players profiled in the report are Bupa Global (United States), United Health Group (United States), American International Group (AIG) (United States), Allianz SE (Germany), AXA (France), Kaiser Foundation Group (United States), Assicurazioni Generali (Italy), Berkshire Hathaway (United States), Anthem Inc. (United States) and Ping An (China). Additionally, following companies can also be profiled that are part of our coverage like MetLife (United States). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Non-Life Insurance market by 2024. Considering Market by Distribution Channels, the sub-segment i.e. Individual Agents will boost the Non-Life Insurance market.
On 29th 2019, Allianz announced that it acquired Finanzen.de which is the leading European B2B online a leading European B2B online insurance and financial service market. According to Ivan de la Sota, member of the Board of Management and Chief Business Transformation Officer of Allianz SE this acquisition will help them increase their access to potential customers an strengthen their sales networks.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be provided prior to purchase
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Non-Life Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Non-Life Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Non-life Insurance Providers, Industry Associations, Insurance Agencies, Financial Institutes and Venture Capital, Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.