What is Compulsory Insurance -?
Compulsory insurance is a type of insurance an individual or business is legally required to buy. It is mandatory for individuals as well as businesses that want to engage in certain financially risky activities like operating an automobile or a business with employees. Compulsory insurance is supposed to protect victims against the costs of recovering from an accident. Its requirements are not always easy to enforce.
The market study is broken down by Type (Automobile Liability Insurance, Motorcycle Insurance, Premiums, Workers' Compensation, Professional Liability Insurance and Others), by Application (Individuals and Businesses) and major geographies with country level break-up.
Global Compulsory Insurance - is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ping an Insurance (China), Allianz SE (Germany), AXA SA (France), Prudential Financial Inc (United States), MetLife (United States), Nippon Life Insurance Company (Japan), Manulife Financial Corporation (Canada), China Life Insurance Company Limited (China), Generali Group (Italy) and Aviva plc. (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Munich Re (Germany), AIA Group Limited (China), Zurich Insurance Group (Switzerland) and Life Insurance Corporation of India (India).
AdvanceMarketAnalytics has segmented the market of Global Compulsory Insurance - market by Type, Application and Region.
On the basis of geography, the market of Compulsory Insurance - has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channels, the sub-segment i.e. Agents will boost the Compulsory Insurance - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Universal Health Care will boost the Compulsory Insurance - market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On 28th July 2021, Ping an Insurance has launched the first batch of digital RMB insurance policies. The new launch offers discounts for policyholders who purchase the policies with digital RMB wallets. The policy provides protection for medical staff, offers policyholders a digital wallet experience, and offers digital RMB premium settlement.
As per the Law on Compulsory Insurance, “The provisions of the Law on Insurance shall apply to the relationships regulated by this Law to the extent that this Law does not provide otherwise.”
- Growing Population across the Globe
- Surging Need of Financial Investments
- Additional Services Offers by the Insurance Companies
- Growing Demand for Insurance Policies
- Rising Health-Related and Business Risks can create Opportunities for the Compulsory Insurance Market Growth.
- Rising Frauds Activities in the Insurance Plans
- Strict Regulatory Guidelines on the Compulsory Insurance Agents
Key Target Audience
Compulsory Insurance – Providers, Compulsory Insurance – Industry Association, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):1. What all players are profiled in the study?
The standard version of the report profiles players such as Ping an Insurance (China), Allianz SE (Germany), AXA SA (France), Prudential Financial Inc (United States), MetLife (United States), Nippon Life Insurance Company (Japan), Manulife Financial Corporation (Canada), China Life Insurance Company Limited (China), Generali Group (Italy) and Aviva plc. (United Kingdom) etc.2. Can we have customized study for Compulsory Insurance - Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.3. What would be the Market Size of Compulsory Insurance - Market by 2026?
Analysts at AMA estimates Compulsory Insurance - Market to reach USD Million by 2026.