New York, May 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Insurance, Reinsurance And Insurance Brokerage Global Market Report 2022” – https://www.reportlinker.com/p06277920/?utm_source=GNW
pA and Japan Post Group.
The global insurance, reinsurance and insurance brokerage market is expected to grow from $6,254.86 billion in 2021 to $6,905.65 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The market is expected to reach $9,762.37 billion in 2026 at a compound annual growth rate (CAGR) of 9%.
The insurance, reinsurance and insurance brokerage market consists of the sale of insurance by entities (organizations, sole proprietorships and partnerships) that are engaged in the provision of insurance and related activities such as underwriting (assuming risk and allocating premiums), insurance brokerage, and reinsurance. The insurance industry is categorized based on the business model of the companies present in the industry.
Some insurance companies may offer other financial or other services. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors in the experience tables and expected returns from investments on reserves.
Market value is based on premiums paid by policyholders, both commercial and personal, as well as fees or commissions paid to brokers.
The main types of insurance, reinsurance and insurance brokerage are insurance, insurance brokers and agents, reinsurance. Insurance refers to life, health or other insurance that is purchased to protect against an emergency.
The different modes involved are online and offline modes that are used by businesses and individual end users.
North America was the largest region in the insurance, reinsurance and insurance brokerage market in 2021. Asia-Pacific was the second largest region in the insurance, reinsurance market and insurance brokerage.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rapid growth in internet penetration and increased risks associated with using the internet for critical transactions are driving the demand for cyber insurance. Cyber insurance covers Internet-related risks and risks related to information technology infrastructure.
It also covers property theft, business interruption, loss of software and data, cyber extortion, network outage liability, cyber crime and damage to physical property. For example, in 2021, according to the National Health Authority of India, an Indian government agency, there were 1.18 billion mobile connections, 600 million smartphones and 700 million internet users in India, increasing by 25 million each quarter. Hence, the rapid growth in internet penetration and increased risks associated with internet usage are driving the insurance, reinsurance and insurance brokerage market.
Peer-to-peer insurance is gradually gaining importance in emerging and developed markets, due to the reduction in the cost of premiums in emerging countries as a result of improved internet penetration in these regions. Peer-to-peer insurance is based on pooling insurance premiums from participating individuals which can be used to offset uncertain future losses and split the remaining amount among participants.
It aims to reduce premiums and overhead compared to traditional insurers, reduce inefficiencies and increase business transparency.
The countries covered by the insurance, reinsurance and insurance brokerage market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia , Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand , Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States United, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06277920/?utm_source=GNW
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