Global Business Insurance Market Overview:
Business insurance coverage protects the businesses from losses due to events which may occur during the normal course of business. There are many types of insurance for businesses which include coverage for legal liability, property damage, and employee-related risks. The market of business insurance is increasing due to the growing technological advancement in every field also growing stringent government rules and regulations due to rising property threat is further driving the overall market. While there are some aspects which are hindering the market due to tricky terms and conditions there can be negative perception related to it.
- Increased adoption of cloud-based technologies
- Increasing stringency of government regulations and growing personal property threats
- Collaboration between traditional insurance and InsurTech firms will give rise to newer models and revenue streams, higher profitability and reduced operational costs
- AI & Automation for faster claims
- Additional expenses from the from a business point of view
- Limited Scope with regards to the number of things business cover
- Rapid economic developments, globalization, digitalization, and the increased adoption of insurance policies are expected to drive the business insurance market
- Tricky terms and conditions
- Potential crime incidents
Some of the key players profiled in the report are Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance (Japan), Aegon (Netherlands), MetLife (United States), Swiss Reinsurance (Switzerland), CNP Assurances ( France), Meiji Yasuda Life Insurance Company (Japan), Standard Life Assurance (United Kingdom) and WanaArtha Life (Indonesia). Additionally, following companies can also be profiled that are part of our coverage like Asian Life Insurance Company (India), AIA Group Limited (China), China Life Insurance Company Limited (China), China Ping An Life Insurance Company Limited (China) and ACE Group (Vietnam). Analyst at AdvanceMarketAnalytics see Japanese and United States Players to retain maximum share of Global Business Insurance market by 2024. Considering Market by Coverage Area, the sub-segment i.e. Small Coverage will boost the Business Insurance market.
Allianz expanded African footprint with the acquisition of Ensure Insurance in Nigeria
Axa announced that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group Ltd and Nippon Life Insurance completes 49% acquisition in Reliance Nippon Life
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 Business 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 Business 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 Business Insurance service Vendors, Business Insurance Association, Regulatory Bodies, End Users, Government Bodies, Consulting firms and Emerging Companies.
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.