This global market research report includes a detailed segmentation of the property insurance market by end-users (personal property insurance and commercial property insurance). It outlines the market shares for regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are American International Group, Allstate Insurance, Liberty Mutual, and Berkshire Hathaway.
Technavio’s market research analysts estimate the global property insurance market to grow at a CAGR of almost 6% between 2016 and 2020. The focus towards new technologies and distribution systems is the key factor contributing to the growth of the market. Companies are focusing more on mergers and acquisitions and joint ventures, and insurers are shifting their focus from a stand-alone technological process to creating an environment for continuous technological growth. At present, EMEA dominates the global property insurance market, accounting for almost 36% of the overall market share. The use of multiple channels for distribution and communication due to intense competition is the primary driver for the property insurance market in this region.
The new market research report from Technavio presents a detailed breakdown and analysis of the property insurance segments by property.
“There is an increasing focus on data analysis and predictive modeling strategy. The increasing demand from customers for innovative solutions and telematics in the commercial property policy and commercial package offered is the primary cause for this shift. Hence, top property insurance vendors are leveraging decision data and measuring the production efficiency to set up a robust, predictive model during the forecast period,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
The personal property insurance segment dominated global property insurance market in 2015 with a market share of around 53%. Vendors are seeking brand positioning where they can capitalize on variable data sets through the use of telematics. The implementation of an internal, risk-adjusted capital framework to maintain the pricing of the products by various top property insurance vendors is expected to fuel the growth of the personal property insurance market over the next four years.
A more detailed analysis is available on the Technavio report, Global Property Insurance Market 2016-2020.
The key vendors in the global property insurance market include American International Group, Allstate Insurance, Liberty Mutual, and Berkshire Hathaway. Top suppliers in the property insurance market are opting for various operating models that include shared service centers and more centralized enterprise architecture models. This will help in the better handling of claims and thereby manage data and information. The top property insurance vendors are expected to avoid fraudulent claims with the aid of business intelligence tools during the forecast period. This will help in retaining the customer base through product integration and customization.
We can customize reports by other regions and specific segments upon request.
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