Property and causality insurance: Key market research findings
- The Americas to be the highest revenue-contributing region
- Rise in the incidences of consolidation among vendors
The market research analysts at Technavio estimate the global property and causality insurance market to grow at a CAGR of almost 6% between 2016 and 2020. The recovery in economies across the globe and the change in customer demography are the major factors responsible for the growth of this market. Factors such as growing population, expansion of industrialization, surge in global commercial and entrepreneurial operations, growth in consumer awareness regarding insurance products, and rising disposable incomes across different regions of the globe are forcing the pace of change in the insurance industry. At present, the Americas dominate the global property and causality insurance market by accounting for over 45% of the overall market value. The slow-down in commodity prices, ongoing presidential race and digitization of the interactions between customers, employees, suppliers, and partners are some of the factors that will influence the growth of the market during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The increase in customer connectivity is the latest trend gaining grounds in the global property and casualty insurance market. Customers from different segments are developing an increasing preference for click to call or click to chat options through different portals such as smartphones or tablets. As a result, vendors are making use of digital marketing platforms to keep the customer engaged and promote property and casualty insurance products,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
Big insurance firms are resorting to mergers and acquisitions to retain their market and expand their market reach in developing countries during the forecast period. Property and casualty insurance firms are expected to expand their distribution channels by working with local players in the region. For instance, in the first half of 2014, about 165 M&A transactions among insurance agents and brokers were reported worldwide.
The key vendors in the global property and casualty insurance market include Allstate, Berkshire Hathaway, Liberty Mutual, State Farm, and Travelers. This market is heavily regulated and fragmented. There is enormous competition among various vendors to be recognized as the fastest claim settling insurance company. High initial investments and fixed operational costs will restrict the entry of new players in the market.
A more detailed analysis is available on the Technavio report, Global Property and Casualty Insurance Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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