The insurance providers industry comprises establishments engaged
in underwriting (assuming the risk and assigning premiums) annuities and
insurance policies. Insurance Providers invest premiums to build up a portfolio
of financial assets to be used against future claims. Direct insurance
providers are entities that are engaged in primary underwriting and assuming
the risk of annuities and insurance policies. Reinsurance providers are
companies that are engaged in assuming all or part of the risk associated with
an existing insurance policy or set of policies, originally underwritten by
another insurance carrier (direct insurance carrier).
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The global insurance providers market has
been growing in the past years with a CAGR of almost 4%. The year 2017 recorded
high growth in this market with a net market value more than 13% higher than
that of 2013, as per TBRC’s in-house consultants.
TBRC’s latest report show the historic
and future trends in the market for each year with sourced reasons to support
the growth claims.
The report also shows the
global insurance providers market to grow at a higher CAGR by 2021 as compared
to 2017, along with geographies best suited for investments with highest return
rate.
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Global insurers are in are using big
data analytics to enhance their performance. Big data is being used in claim
management, pricing, underwriting and risk selection among others. This growth
is mainly driven by increasing points of contact including social media, which
provides a bulk of data that can be transformed into insights and leveraged by
insurers to efficiently execute the settlement process. Big data consists of
high-volume, high-variety and high-velocity information, and benefits insurers
in multiple ways such as faster identification and reporting of events,
automatic claim assessment and calculation of loss reserves. According to a
recent survey by Wills Towers Watson, more than 40% of property & casualty
insurance firms are already using big data.
Companies included in the report are United
health Group, AXA, Allianz, Generali, and Ping An.
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