The insurance industry comprises
all establishments engaged in insurance and related activities such as
underwriting (assuming the risk and assigning premiums) policies, brokerage and
reinsurance. The insurance industry is categorized on the basis of the business
model of the firms present in the industry. Some firms might come under
multiple categories. Contributions and premiums are set on the basis of
actuarial calculations of probable payouts based on risk factors from
experience tables and expected investment returns on reserves.
The insurance market in this
report is segmented into insurance providers, insurance brokers and agents and
reinsurance providers.
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The global insurance market has been
growing in the past years with a CAGR of almost 4%. 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 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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report at:
UBI, which allows insurance
providers to vary premiums depending on the behavior of consumers, is gaining
traction amongst auto insurers. In particular it is used in vehicle insurance
based on the vehicle usage and driving behavior of drivers. The popularity of
UBI is driven by the increased use of smartphones with features such as global
positioning system (GPS), accelerometers and g-force tracking, which can be
used to substitute telematics devices with mobile apps. Under UBI, auto
insurers are offering pay as you drive (PAYD) and pay how you drive (PHYD)
services. While PAYD insurance premium is calculated based on the distance
covered by a vehicle, PHYD insurance premium is calculated based on the driving
behavior of insured consumers. UBI is rapidly growing in regions such as
Europe, Asia and America. According to a report by EY, global market
penetration of UBI services is expected to increase from about 1% in 2015 to
15% by 2020.
Companies included in the report
are Unitedhealth Group, AXA, Munich Re, Allianz, and Generali.
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