Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured. Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party. Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. The most important categories are auto insurance, gap insurance, health insurance, income protection insurance, casualty insurance, life insurance, burial insurance, property insurance, liability, credit, etc. Travelers Companies is the Insurance market share Company leader with 6% share. You can find Insurance Market Size, Insurance Market Share, and other trends and statistics below and you can get help with additional Insurance industry market research here.
Growth in the insurance market is driven by the development of a healthy economic environment, improvements in insurance regulations, product innovation, and a leveraging of multiple distribution channels. The healthy economic environment has had a positive effect on insurance premium growth. In addition, in an attempt to encourage healthy competition, certain markets have reduced state involvement and taken insurance-enabling regulatory measures. Product innovation has also driven fast-paced growth in certain insurance segments, including microinsurance and takaful. Due to the maturity of the market in industrialized countries, non-life insurance premiums in emerging markets are foreseen to grow more than twice as fast as in industrialized countries. Life premiums are also expected to outpace those in industrialized countries. The global insurance market is experiencing a transformation to ‘digital-first’ business models. With an increasing focus on personalized premiums and usage-based coverage, insurers are leveraging the Internet of Things, advanced analytics and machine learning to develop more granular individual risk profiles. Collaboration between traditional insurance and InsurTech firms will give rise to newer models and revenue streams, higher profitability, and reduced operational costs.
Insurance is a Mature market composed of many competitors. Travelers Companies market share was 5.5% of the Insurance market in 2018. The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland, Singapore, China, Canada, and Brazil. Travelers, through its subsidiaries and approximately 14,000 independent agents and brokers, provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals. The company offers insurance through three segments: Personal Insurance, Business Insurance, Bond, and Specialty Insurance. Chubb market share was 5.5% of the Insurance market in 2018. Chubb is the world’s largest publicly traded P&C insurance company and a leading commercial lines insurer in the U.S. Chubb has operations in 54 countries and territories and provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance. Chubb has more than $173 billion in assets and reported $40 billion of gross premiums written in 2019. Chubb maintains executive offices in Zurich, New York, London, Paris, and other locations, and employs approximately 33,000 people worldwide. Liberty Mutual market share was 5% of the Insurance market in 2018. Liberty Mutual through its subsidiaries and affiliated companies offers a wide range of property and casualty insurance products and services to individuals and businesses alike. Liberty Mutual employs nearly 50,000 people in over 800 offices throughout the world. The Company conducts substantially all of its business through two business units: Global Retail Markets and Global Risk Solutions, with each operating independently of the other in certain areas such as sales, underwriting, and claims, but, as appropriate, collaborating in other areas such as actuarial and financial. American International Group (AIG) market share was 4% of the Insurance market in 2018. AIG has operations in more than 80 countries and jurisdiction, with 49,600 people employed all over the world. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. Prudential market share is not in the top 10 among all insurance categories, although it is one of the largest companies in the Life insurance market all over the world, and the largest in the US in terms of assets as of 2019.
T4's research team can help you learn more about the Insurance industry with market analysis, competitive analysis, commercial Due Diligence, and other market research needs. This includes deeper analysis on competitors in the Insurance market, including: Axa, Allianz, Prudential, Nippon Life, MetLife, Berkshire Hathaway, Legal & General, Japan Post Insurance, Ping An Insurance, Aviva; research into related topics such as Property & Casualty, Banking, Investments, Autonomous Vehicle Insurance, Cyber Insurance, IoT Insurance, Banking & Insurance Management Systems; or additional support in the Banking & Insurance, Healthcare, Automotive, Pharma & Life Sciences, Industrials, Cybersecurity Sectors or others. Find more information about T4's services here.Schedule a Demo