UBI, which allows insurance providers to vary premiums depending on the behaviour of consumers, is gaining traction amongst auto insurers. In particular it is used in vehicle insurance based on the vehicle usage and driving behaviour 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.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL INSURANCE MARKET TO GROW TO $7 TRILLION BY 2021
Asia Pacific was the largest region in the insurance market in 2017, accounting for more than one third market share.
The chart below shows the year-on-year growth of the global insurance market during 2017-2021
According to The Business Research Company’s Consultant, Nitin Gianchandani, non-traditional companies such as Google, Amazon and Walmart are entering the insurance intermediary market to capitalize on their brand image, capital and customer base. Their primary focus is on distribution of health, property and casualty insurance products. In line with this trend, these companies are also entering into partnerships, joint ventures and alliances with other established insurance carriers to offer insurance products and services to their customers.
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UnitedHealth Group was the largest player in insurance market with revenues of $144 billion in 2016. UnitedHealth Group’ growth strategy aims at expanding its health care insurance business by acquiring companies in similar industries. In 2017, the company acquired Banmedica S.A., a Chile based private health insurance company. In 2016, the company acquired Rocky Mountain Health Plans, Colorado based health insurance company and Symphonix Health Insurance Inc., an Illinois based health insurance provider for the senior citizens.
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 pay-outs based on risk factors from experience tables and expected investment returns on reserves.
Insurance Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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